We spend a lot of time working with Marketing and Business Development teams at law firms, and I can attest the knowledge of the firm and partners they work with is invaluable. Most understand the business goals, and the social / cultural structure of the firm in depth to help leverage growth. The tools firms invest in and the specialized and dedicated people firms hire will impact revenue. The question is; will firms listen to these key individuals, their marketing teams to support their peers and investments?
The end of one year and the beginning of another presents an opportunity to move forward with renewed purpose and direction. Staying ahead of the evolving legal landscape calls for adaptability and collaboration from every corner of your firm. A marketing and business development (M&BD) department is a prime area to invest in and leverage in an industry that is particularly hungry for competitive advantage. The modern capabilities of M&BD teams can distinguish your firm and drive realistic expectations for progress and growth in the years ahead. While many firms have established M&BD functions, most are not maximizing the value of their investment in this resource. Firms who proactively integrate M&BD professionals into business operations will save precious time when inevitable changes in the marketplace emerge.