CMOs Should Ask Tough Questions Before Taking a Job Offer
The average job tenure of a chief marketing officer at an Am law 200 law firm is a brief 4 years. (Click on the graphic to see it full-size.) For smaller firms, the average tenure is worse -- only 18-24 months, according to an article by Julie D. Andrews in the September/October 2006 issue of Law Firm Inc. (Unfortunately the article is not online, so you'll have to get a hard copy by calling 212.545.6111.)
The article lists all the questions a marketer should ask when applying for a CMO job. But marketers should realize that after taking say, a $400,000 salary, the partners will ask a year later, "what did we get back for all that money?" CMOs must be able to show a return-on-investment.
This means launching initiatives that are planned from the start to be measurable. The initiative must show a profit in the first year. This means blowing past all the marcomm, public relations, advertising and other marketing initiatives that can't be measured. Focus on getting your lawyers face-to-face with clients and prospects. See "New Research: Professional Firms can Increase Revenues by Measuring Business Development Initiatives."
The common mistake CMOs make is empire-building. They'll take a high-paying job and hire 50 or more people in the department. Even if a marketer tells the firm in advance that this is what they're going to do, it's a sure way to lose your job. The streets are littered with out-of-work CMOs who used to supervise legions of staff.
And as the article points out, the most critical question is "whom will I report to?" If you report to the staff administrator or COO, don't take the job. The CMO post is a strategic position and should report to the management committee, managing partner or a permanent marketing partner. The CMO should arrive at the firm with a "seat at the table" already.
