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Weekly Trendspotting - A Cautionary Tale: Law Firms & RFPs

Posted by LMA International on Feb 19, 2016 12:00:00 PM

The 3 Red Flags of More Law Firm RFPs | Business of Law Blog

The Common Themes of Too Many Law Firm RFPs

The Legal Marketing Association pulls the most buzzworthy trends in marketing to inspire its members. Continue reading for the biggest stories from the week of February 15, including a cautionary tale for professionals in law firm business development.


1. The 3 Red Flags of More Law Firm RFPs

The volume of law firm RFPs are at a 15-year high according to market research firm BTI Consulting. “56% of corporate counsel issued RFPs for law firms in 2015, up from 45% in 2014,” wrote Michael B. Rynowecer noting the majority of clients have turned to RFPs for law firm hiring. At face value, this could sound like an indication the legal business is picking up, but there’s a cautionary tale for professionals in law firm business development (BD). Read more on The Business of Law Blog.

2. How to Convey a Unified Brand Message After a Merger or Acquisition

Growing a firm by merging with or acquiring another firm is not a unique strategy in the accounting and financial services arena. In fact, consolidation of the industry continues to occur as the pace of M&A activity remains high. As new firms emerge, they must establish a unified identity and brand message to differentiate from both competitors and earlier iterations of themselves. Read more from Legal Marketing Reader.

3. State of Law Firm Marketing and Business Development Today - Addressing Ongoing Challenges with Steven Petrie of Faegre Baker Daniels LLP

Read this interview with Steven R. Petrie, Chief Strategy Officer at Faegre Baker Daniels LLP, how law firm marketing and business development departments are responding to ongoing challenges in the legal industry. Read more from The National Law Review.

4. Get New Business with Inbound Lead Magnets

In this article, we’re going to delve deeper into the lead funnel and introduce a regime of powerful tools called lead magnets. If you have created an accurate incarnation of your perfect client in the shape of a persona and crafted content that seeks to solve a problem for them, then you have successfully commenced an inbound approach to marketing. The next step is to find out who this potential client is and start to build an engagement process with them. Read more on Lawmarketing.com.

5. 10 Ways to Get More Eyeballs on Your Blog

Getting a sustainable source of traffic for your blog is a challenge for every blogger, and takes a concerted effort over time to build an audience. Market research tells us that there are some very effective tactics you can use on your website and blog — as well as in your e-newsletter — to get more subscribers for your blog. Read more from The Rainmaker Blog.

Check back for more industry trends from around the Web!

Topics: Trendspotting

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