Study: Lawyers Should Focus on CEO in Law Firm Marketing
Most business law firms devote their efforts to cultivating the General Counsel in their efforts to win corporate business. However, a new study by the British Managing Partners' Forum and Financial Times indicates that this is a mistake, and law firms should be focusing more on the CEO.
75% of CEOs are primarily responsible for selecting legal advisers, yet managing partners believe this to be in the range of 5% to 15% according to the survey. The FT and MPF organized a survey of client CEOs and 118 responded, and the results are published in the September issue of the members-only Professional Marketing magazine.
Other findings show a disconnect between clients and law firms:
- 30% of clients see relationships between "C" suites (CEO, COO, CMO, etc.) as a top attribute for a healthy client/adviser relationship, yet only 2% of law firm leaders believe this to be the case.
- 50% of clients perceive law firms to be ineffective in using digital channels.
- 60% of clients are looking for quick solutions but only 20% of firms believe this to be a top client priority.
An article by Richard Chaplin illustrated many of these points. In one case, a bank was under pressure form their CEO to get more legal services for less, get pertinent advice promptly and take a firm grip on risk issues. The bank invited its law firms to present their ideas at a meeting. The client observed a stark contrast between:
- One firm where the partner had only read the email in a taxi on the way to the meeting and, after frantic action on a Blackberry, persuaded a team member to take the project. The client was unimpressed, describing this large firm as being full of sole operators.
- Another firm where the partner shared the request internally. Two sets of touch points were analyzed: law firm to in-house team, and in-house team to CEO. The managing partner had raised the matter with the client CEO to get a better understanding of the commercial pressures. A range of innovations were put forward that resulted in increased income for the firm. The client was most impressed, telling others about this well-managed firm.
