What Firms are Doing in Marketing and Sales
I was recently asked if the distinction between marketing and sales really exists among the majority of law firms. In the "old" days they were synonymous and used interchangeably.
Right now, things are in the process of changing -- law firms are mushing the two together.
At the recent LSSO conference in Reston, VA, Sue Stock Allison, Managing Director, Brand Research Company and Kate Daisley, Marketing Manager, ALM Research, presented new research entitled "Defining Business Development." They defined --
Marketing: Communication addressed to groups of legal service buyers.
Focus: Advertising. This included:
- *Firm's Web site (33%)
- *Directory listings (32%)
- *Firm brochures and related collateral (32%)
- *Advertising production (31%)
- *Advertising placement (29%)
Business Development: The selling of services to specific buyers of legal services (not necessarily new clients). Focus: Face Time. This included:
- Taking clients or prospects to meals, shows, or sporting events (31%)
- Doing proposals and presentations (23%)
- Organizational membership dues (20%)
- Sales training for firm members (15%)
Regarding budgets, they found that the average for respondents (primarily law firms in the Am Law 200, NLJ 250 and Global 100) was:
Business development: $100-$499,000
Marketing: $1-$2.99 million
Combined: $1-$2.99 million
The firms that combined marketing and business development put the focus on: General Visibility, including:
- Attendance at conferences and other events (76%)
- Sponsorships (70%)
- Public relations (70%)
- Photography (68%)
- Advertising production (67%) and placement (67%)
- Firm brochures and related collateral (66%)
- Consulting on business development (66%)
- Holiday cards (66%).
The take-home pay is definitely more for marketers on the "bus dev" side. A comparison of compensation for senior-most non-lawyer Business Development and Marketing professionals showed:
- $150-$249,000 = Average BusDev Professional
- $100-$149,000 = Average Marketing Professional
- $150-$249,000 = Average Combined Professional
The data was gathered by a Web Survey of Business Development/Marketing Directors & CMOs from the top 1,000 law firms, conducted during November 2005 to January 2006. Click the link to get a copy of 2006 Law Firm Business Development Practices Survey.
