Trends from the LMA and Bloomberg Law Survey
By: LMA International
In the face of a changing legal landscape, marketers and business development professionals are playing a critical role in reshaping the business model for their firms. Navigating the increasing influence of technology, fluctuating economic factors and changes in buyer behavior, these professionals face a distinct set of challenges.
Earlier this year, the Legal Marketing Association and Bloomberg Law® came together on a joint survey that uncovered some critical trends that are shaping the new legal marketer. Overall, this research discovered that roughly 67 percent of attorneys and marketing and business development professionals say their firm is increasing emphasis on business development and marketing.
Sixty-eight percent of respondents cite increased internal pressure to generate revenue as a catalyst for the amplified focus on business development and marketing. It’s a powerful driver, as the roles and responsibilities of marketing and business development professionals in law firms are reported to be broadening to include management of social media and firm strategic planning.
As roles change, these professionals require more advanced technology to cover everything that needs to be addressed. For instance, 96 percent of firms today utilize client relationship management software, and 29 percent say that they need the tool in order to succeed. It is part of an evolving technology landscape that will continue to define the success of marketing and business development professionals.
Looking forward, these professionals will continue to play a more prevalent role in the C-suite: Four in 10 surveyed are working in firms with a chief marketing officer, and two in 10 work in a firm with a chief business development officer. Overall, this speaks to the changing nature of the role in general, both now and in the years to come.
In this infographic, we further examine the catalysts for this trend, the changing nature of the relationships between attorneys and marketing and business-development professionals over the past two years, and the tools needed to continue growth.