Where is law firm marketing and business development focused on improvement for 2022?
Business development and marketing leaders at the UK’s top law firms are on the move. That isn’t a reference to the rollercoaster of potential strategic pivots throughout the pandemic or the ‘great resignation’ as talent took off. It’s the fact that almost three-quarters of these leaders at Briefing firms (those with annual revenues of £18m+) say their function is now represented at board level.
And there are certainly plenty of decisions to be made as the new normal of our working life continues to settle. For example, where could additional MBD capability be deployed today for greatest benefit to the entire business? Two-thirds of leaders (66%) say it’s still the client relationship management (CRM) skillset or toolset calling – followed by the grasp on data needed to lay the best plans and learn lessons from outcomes (46%) and the bread and butter of effective lead generation (43%).
Perhaps leaders will also have the bandwidth to get some greater momentum behind addressing another of our big findings this year – although one third of them say that understanding of industry sector carries the most weight in go-to-market planning work, only a fifth are confident enough to claim that their firm has a framework or a map for managing the client’s journey right the way through it.
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Is marketing/business development represented on the board at your firm?
Almost three-quarters of leaders (73%) say the business development/marketing department is represented in the boardroom – an increase on the 56% that reported this in 2021. Is it a sign the function is increasingly recognised as central to overall strategy?
Which capabilities, if improved, do you think would deliver the biggest overall business impact at your firm?
Digital marketing and client relationship management (CRM) are clearly the deliverables where most leaders feel greatest need for additional skills within their teams of 2022 – and CRM is also the space where most say that extra capability could be wielded to most competitive advantage.
Does your firm have a framework or map for managing the client journey/experience across the firm?
Most leaders who are able to single out just one factor that carries most weight in go-to-market planning say it’s ‘sector first’ (34%). Just over one tenth say it’s the client that is dominant – however only one fifth can say that their firm has a framework or map for managing a client’s journey right through the business.