Megafirms Offering Hefty Marketing/BD Salaries
According to the May/June 2006 issue of Law Firm Inc., sales and marketing professionals are hauling down some hefty salaries at firms in the Am Law 200, the Am Law Global 100 and the NLJ 250.
The top business development and sales professionals earn upwards of $250K. Biz Dev is defined as the selling of services to specific buyers of legal service (not necessarily new clients).
Fewer CMOs and Marketing Directors, who handle marketing, defined as communication that's addressed to groups of legal service buyers, earn north of $250K. However I know of CMOs at mega firms in major metro areas earning paychecks of $400K+.
Among the mega law firms:
- Just half have a dedicated staff person for business development and sales.
- 48% of the partners receive sales training. Unfortunately, only 34% of associates received it, which is just stupid. See "New Survey: Business Development Now an Essential Skill for Law Firm Associates."
- Most business development at a mega-firm is done on a practice group level.
The information derives from ALM Research and The Brand Research Company. If you're in the running for one of these top jobs, the research can be bought for $995, which is chicken feed if you get the gig.
