P2P

summer20212

Peer to Peer: ILTA's Quarterly Magazine

Issue link: http://epubs.iltanet.org/i/1397188

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I n a study conducted by RubyLaw and Calibrate Legal, we identify gaps and opportunities for firms of all sizes, maturities, and complexities. Compared to other sectors, legal—and specifically the marketing and business development domain—is lagging, as firms fail to invest in critical systems that can drive greater efficiencies and reinforce under-resourced teams. Our findings reveal a substantial gap in technological adoption between large and small firms, with glaring holes where key systems should be. In places where complementary systems should or could be paired, they are not, suggesting a lack of budget, internal support, or purchasing power. Equally, the use of pre- integrated or modular systems is under-represented, meaning that marketing and business development teams miss out on convenient synergies that can easily propel them forward. Overview Success with marketing technology depends on the tools, the purposes for which they're used, the processes for using them, and the people using them—all constrained by time and budget. Few firms operate in an ideal setting, making it challenging for most to optimize for performance. For two years, RubyLaw, a Content Lifecycle Management platform, has studied the legal marketing technology ecosystem, and we've developed a blueprint to visualize how systems come together to deliver results. This year, we have partnered with Calibrate Legal, a recruiting and consulting firm specializing in law firms, to update further and evolve the blueprint and answer the question: How are legal marketing and business development teams deploying technology to meet business objectives? We learned that, whether because of budgetary constraints, alternate strategic priorities, a lack of awareness, or a cultural unwillingness to adopt new systems, law firms are lagging in their adoption of modern marketing technology. About the Study Our study was conducted during the second quarter of 2021. We surveyed a statistically significant number of members of the legal marketing community (n>50), with respondents representing the following segments: • Revenue: Representation from firms across three revenue segments, including <$100 million (35%), $100-$500 million (41%), and $500 million-plus (24%) • Attorneys: Relatively even distribution by number of lawyers, including 1-500 (55%) and 500-plus (45%) • Ranking: Approximately 70% of respondents represented Am Law-ranked firms, with 27% in the top 50, 18% from 51-100, and 24% from 101-200. 35 I L T A N E T . O R G "Our findings reveal a substantial gap in technological adoption between large and small firms."

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