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 55 roles, citing their unfamiliarity with law firm culture as an impediment. In our view, this can be overcome by hiring for key personal attributes – including a client service attitude, intellectual curiosity, and a collaborative mindset. These attributes, when combined with targeted technology skills and a solid onboarding program, are excellent predictors of success. MARTECH I NVES TM E NT PL ANS FOCUS O N TH E CLI E NT RE L ATI O NS H I P: The survey asked participants to indicate whether they were planning to make investments across a list of 18 marketing and BD-related technologies. Four of the top five technologies cited (Account-Based Marketing, Client Satisfaction Measurement, and two flavors of CRM) were focused directly on managing aspects of the relationship between law firms and their clients. In our consulting practice, we've seen many law firms struggle to get full value from their investment in CRM systems and processes. Despite this, firms continue to double down on technologies, including CRM, that help them understand their clients (and future clients). The leading vendors in the legal CRM space have all updated their platforms in the past 12 months, and several new entrants have emerged. All these vendors are adding AI and automation features – such as signature scraping – with the goal of creating a "zero data entry" experience for lawyers. With COVID triggering a shift to digital engagement, we predict an active market for legal CRM in the next 1-2 years. "With COVID triggering a shift to digital engagement, we predict an active market for legal CRM in the next 1-2 years." supporting their businesses to improve existing client relationships and generate new leads/opportunities. • A wave of new martech hires is about to break: 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 roles, citing their unfamiliarity with law firm culture as an impediment. In our view, this can be overcome by hiring for key personal attributes – including a client service attitude, intellectual curiosity, and a collaborative mindset. These attributes, when combined with targeted technology skills and a solid onboarding program, are excellent predictors of success. • Martech investment plans focus on the client relationship: The survey asked participants to indicate whether they were planning to make investments across a list of 18 marketing and BD- related technologies. Four of the top five technologies cited (Account-Based Marketing, Client Satisfaction Measurement, and two flavors of CRM) were focused directly on managing aspects of the relationship between law firms and their clients. Under 50M 50-100M 100- 200M 200- 500M 500M-1B Over 1B # Firms planning martech hires 9 11 10 21 10 8 Average # planned market hires 1.0 1.5 1.7 1.6 1.8 2.0 1.0 1.5 1.7 1.6 1.8 2.0 0.0 0.5 1.0 1.5 2.0 2.5 0 5 10 15 20 25 Planned Martech FTE hires 72 In our consulting practice, we've seen many law firms struggle to get full value from their investment in CRM systems and processes. Despite this, firms continue to double down on technologies, including CRM, that help them understand their clients (and future clients). The leading vendors in the legal CRM space have all updated their platforms in the past 12 months, and several new entrants have emerged. All these vendors are adding AI and automation features – such as signature scraping – with the goal of creating a "zero data entry" experience for lawyers. With COVID triggering a shift to digital engagement, we predict an active market for legal CRM in the next 1-2 years. • In-demand skills: The survey asked respondents for their views on demand for key marketing skills and roles in the wake of COVID-19. Unsurprisingly the results show decreasing demand for generalist skills associated with traditional law firm marketing tactics. In growing demand are specialist skills in digital marketing, data analytics and strategic BD – all of which contribute to the ability to measure the impact and return on investment in marketing/BD. SKILLS Greater Demand Less Demand Conferences (in-person) 87% Data analytics 73% Digital marketing 79% Directories and Awards 50% Pitches/Proposals 41% Product / sector marketing management 48% Research 54% Lead generation & pursuits 74% 28% 29% 32% 34% 44% 0% 10% 20% 30% 40% 50% CRM - (for Contact and Company… CRM - (for Activity Management) Content Marketing Client Satisfaction Measurement Account Based Marketing Top Five Planned Martech Investments (Two-year horizon)

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