MARKETING AND BUSINESS DEVELOPMENT
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We continue to see the downward trend in legal spend by
corporate counsel. They are keeping more work in-house, using
alternative service providers for transactional or repeatable work, and
decreasing the number of firms they work with. Some are also utilizing
smaller firms that can provide the same quality of legal advice with
beer rates and service (see the "2017 Report on the State of the Legal
Market" from Georgetown Law).
For years, general counsel and corporate counsel departments
have been saying that law firms must improve and provide a beer
experience. But year aer year, they are dissatisfied. They've finally
realized they have buying power and are in the driver's seat. Law firms
are realizing they need to sit up and listen or lose business (and many
can't change fast enough).
The largest law firms have been paying aention. According to BTI
Consulting, the Am Law 30 is spending more of their marketing budgets
on client-specific activities and initiatives. In fact, some are spending
50 to 60 percent of their budgets on these types of activities. These
same firms are also spending much more on salaries, hiring specialists
and roles such as chief client officer, chief strategy officer, or pricing
and client intelligence specialists. It's no wonder they are pulling ahead.
The changes in market drivers and the need to focus on the client
experience have led to six key trends in legal marketing.
Microsites and Targeted Content
Many firms are looking to develop websites and content that offer
a more personalized and relevant digital experience. Rather than
creating one message for everyone, firms are taking a page out
of the B2C playbook and driving clients or prospects to content
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by Toni Minick of LexisNexis InterAction
Taking Care of the Business:
Six Trends in Legal Marketing
Taking Care of the Business: Six Trends in Legal Marketing
