By Stephanie Dorssom, Digital Marketing Manager, Husch Blackwell LLP
The corporate legal world is highly competitive. With thousands of law firms competing for the work from a lot of the same organizations, law firms should not be complacent. In this day and age, firms are touting innovative solutions and products to meet the needs of clients in an effort to offer differentiating factors that could possibly give them a competitive edge. From the Internet of Things (IoT) to blockchain, bots, design thinking and AI, these innovative buzzwords are now commonplace in the legal industry — but will they impact how clients purchase legal services? Furthermore, what is marketing’s role in the innovation process?
In a 2018 joint survey report from the Legal Marketing Association and Bloomberg Law®, 62% of respondents said their firm is increasing its focus on marketing and business development. Additionally, 63% said they expect their firm to increase its marketing/business development budget over the next two years.