Where We Can Go From Here
While larger market forces will likely continue to drive direction and there’s no one distinct path ahead, legal professionals should try to take advantage of what is in their control today in terms of legal marketing.
Nancy Furman Paul
At the Legal Marketing Association (LMA) Annual Conference in Austin earlier this month, I presented the findings of a joint Bloomberg Law/LMA survey, entitled “Are We There Yet?”
It may come as no surprise that we found law firms are increasing their focus on marketing and business development and that their marketing and business development budgets and staffing, in turn, are growing. Or that both internal and external pressures are fueling the change. But the survey did shed light on where things are not working as well as they could in law firms: namely, a continuing disconnect between attorneys and their business development and marketing staffs, and technology underutilization.
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After the presentation, conference attendees told me that they appreciated that their insights and concerns had been validated and quantified. These legal marketers talked about how it would really help their cause to be able to bring the hard numbers back to their firms.
Armed with this data, what might they do differently now? And, what should they do differently?
While my presentation focused on the findings and their implications, here are some thoughts on forging a path forward and bridging these gaps.
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During the technology boom in the early 2000s, I was practicing corporate law at a large law firm. A few enterprising young attorneys at my firm and I saw the opportunity to capture work from this emerging growth area of the economy and we put together a marketing brochure. We packaged together under a distinct brand the M&A, capital markets, IP and licensing work we were doing for different clients, showcasing our diverse expertise in a compelling way that aligned our message with our tech prospects and targeted their specific array of legal needs. We didn’t have any kind of formal business or marketing background, but in hindsight, our instincts were spot on. Our effort was ahead of its time in the eyes of firm management, however, who considered this upstart effort incompatible with the traditional firm image and way of doing business (i.e., do great work and the business will come).
Bottom line: Not everyone is going to “get it” or be at the same place with the same needs at the same time. Each attorney is his or her own business generator, and each one is at a different place. Seek out those who are primed and open to receive your help, who are ahead of the game, whether by design or by instinct, and who are hungry to take their careers to the next level, whether established partners or young associates. Conversely, some attorneys are not interested or open to these efforts just yet, so don’t force it on them. They’ll get there in their own time. This is one way to narrow the reported gap in responsiveness and buy-in from attorneys and help deliver the maximum benefit possible.
Meet Attorneys Where They Are
All the lawyers I talk to these days feel they should be doing more to develop business, but many are confused about what to do and how.
One partner I know confided in me that she wants to be more actively engaged in business development, but her marketing department intimidates her. When she seeks out their help with networking efforts, they try to impose a rigor to the process that to her is daunting. They ask her about frequency of email contacts, how many lunch appointments she has set up that month, her tracking of activities, and about measuring ROI. In other words, they do exactly what they should. But she feels guilty if she hasn’t followed up according to their specifications while juggling her full caseload, so she starts avoiding their calls and doesn’t seek them out further. And eventually, without any accountability, she gives up altogether.
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Bottom line: This is a potential lost opportunity to make an impact because of a one-size-fits-all approach, even if that approach reflects best practices. Even attorneys who want to engage in more business development efforts may have different levels of ability, interest, and availability. Wherever possible, meet the interested and engaged lawyers at the level that works for them. Drawing them in slowly and steadily not only wins trust and credibility, in line with the positive survey results we found, but also keeps those attorneys engaged, on the hook, in a positive feedback loop, and open to more — and more strategic — future business development activities.
Teach Them How to Fish
Our survey shows that attorneys most heavily rely on their marketing and business development staff for — and have the most positive perceptions of — their ability to research companies, prepare for client meetings, and respond to RFPs. Not surprisingly, these are more traditional business development functions. When I talk to people about the ability of today’s legal research technologies to put that kind of company intelligence directly on attorneys’ desktops, some warn that may be perceived negatively by legal marketers, librarians, and business development staff because it will threaten their existence. I disagree.
First, putting this data and technology in attorneys’ hands will free up their marketing and business development staff for more strategic activities, such as forming and managing client teams, practice and process improvement, and competitive intelligence. Second, direct access will empower attorneys to feel more in control and more positive about their business development activities. The attorneys, in turn, will be more open-minded to higher-value strategies that their business development departments bring to them down the road.
Bottom line: No marketer, librarian, or business development professional I’ve ever spoken with wants to hoard this kind of work. In fact, they tend to be the most forward-looking and tech savvy power users of technology in their firms. No one is pining for the days of switchboard operators, and everyone’s game is raised when they have access to the best intelligence and technology and can actively move the ball forward.
Looking ahead, next year we’ll benchmark where things are compared to today. I’m optimistic we’ll be able to chart progress, and undoubtedly new areas needing attention will be uncovered. While larger market forces will likely continue to drive direction and there’s no one distinct path ahead, legal professionals should try to take advantage of what is in their control today.
Nancy Furman Paul is the Commercial Product Manager, Business Solutions, for Bloomberg Law. She oversees, develops and implements business development products and strategy and has responsibility for all news and company and markets intelligence on Bloomberg Law. You can reach Nancy at [email protected] and follow her on Twitter at @NancyFurmanPaul.
