Larry Bodine Law Marketing Blog

Study: Lawyers Should Focus on CEO in Law Firm Marketing

Richard Chaplin, PM Forum, legal marketing, law firm marketingMost 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.
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