Digital White Papers

I L T A W H I T E P A P E R | K N O W L E D G E M A N A G E M E N T & M A R K E T I N G T E C H N O L O G Y 54 Shared Services centers bring together expertise and resources in a specific discipline to increase value and performance. For example, many firms are pooling their RFP and pitch talent and technology into a centralized proposal function that operates across geographies and practice areas. Such efforts are proving successful, leading to increased win rates and definitive revenue impact, as well as brand and messaging consistency and production efficiencies. I NVES TM E NT I N TECH N O LOGY, PROCESS ES AN D AUTO MATI O N : The Calibrate/Totum survey revealed that law firms are showing a greater willingness to invest in digital marketing technology, data analytics and, as one respondent stated, "more precise marketing resulting from better analysis." In fact, 84% of the surveyed firms plan to increase their budgets for digital marketing as a direct response to COVID-19. This result was broadly consistent across all sizes of firms, in both North America and the UK. Where will those budget increases come from? If the survey responses are any indication, they will be funded by shifting funds away from some time-honored MBD tactics. Sponsorship marketing is one of those shibboleths: 82% of the surveyed firms say they plan to reduce their sponsorship marketing budgets as a result of Covid-19. And as expected, in-person events are in the cross-hairs: 46 of the 127 surveyed firms state that they plan to discontinue half or more of their in-person events. The verdict: If digital marketing and technology weren't already mainstream in MBD, they are now. And with the right technology tools in place, MBD teams can be even more effective in supporting their businesses to improve existing client relationships and generate new leads/opportunities. A WAVE O F N EW MARTECH H I RES IS ABO UT TO B REAK: In addition to increasing their digital marketing budgets, firms are gearing up to acquire new marketing technology skills – 84% of the responding firms plan to increase the size of their marketing technology teams over the next 1-2 years. In total 72 net new martech hires are planned. To fill these positions, firms will need to look outside the traditional recruiting pool. Quite simply, there are not enough candidates with a combination of advanced martech skills and law firm experience to go around. However, there is a plentiful supply of highly-qualified marketing technology professionals outside our industry, whose skills and experience can provide an excellent fit for law firms roles. Some firms report poor experiences with hiring non-legal candidates for marketing/BD : Shared Services centers bring together expertise and resources in a specific discipline to increase value and performance. For example, many firms are pooling their RFP and pitch talent and technology into a centralized proposal function that operates across geographies and practice areas. Such efforts are proving successful, leading to increased win rates and definitive revenue impact, as well as brand and messaging consistency and production efficiencies. • Investment in technology, processes and automation: The Calibrate/Totum survey revealed that law firms are showing a greater willingness to invest in digital marketing technology, data analytics and, as one respondent stated, "more precise marketing resulting from better analysis." In fact, 84% of the surveyed firms plan to increase their budgets for digital marketing as a direct response to COVID-19. This result was broadly consistent across all sizes of firms, in both North America and the UK. Where will those budget increases come from? If the survey responses are any indication, they will be funded by shifting funds away from some time-honored MBD tactics. Design/Creative Pitches and Proposals Research/Competitive Intelligence Directories and Awards Marketing Generalists Marketing Analytics 75% 100% 78% 84% 83% 81% 0% 50% 100% 150% Under 50M 50-100M 100-200M 200-500M 500M-1B Over 1B % of Firms who expect to increase spending on digital marketing

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