There is hope on the horizon for law firms in the future if they increase their marketing and business development, according to a new survey from Bloomberg Law and the Legal Marketing Association (LMA).
Big Law in particular has faced some intense pressure from in house counsel, ferocious competition in some areas and soft fees.
What to do?
The survey, “Are We There Yet? Revealing the Latest Trends in Legal Marketing and Business Development” can be downloaded below.
It shows a raft of changes such as fast technological changes, time issues and altered expectations that are affecting the way firms develop their business, according to Bloomberg General Manager Melanie Heller.
The survey shows that 56 percent of those surveyed expect their law firms to increase marketing and business development budgets over the next two years, with 68 percent citing “internal pressure to generate revenue” as the main catalyst for doing so.
Pressure from corporate counsel, 46 percent, and competitive law firms, 43 percent, add to their need to expand marketing and business development budgets, increase staff size, create client service teams and spend more time on attorney coaching.