While the world bears witness to seismic shifts in politics, trade and business, it’s no secret that the legal industry has also been shaken by shifts in the global market, particularly those pertaining to the rise of technology, social media and LPO providers. In fact, observers have been predicting the end of law firms as we know it for quite some time. With the recent collapse of King & Wood Mallesons – self-described as ‘the global elite firm of the next century’ – it seems that the ‘too big to fail’ mentality of previous decades has fallen on the wrong side of history. 

Integration challenges

While various legal commentators will be quick to perform metaphorical ‘autopsies’ resulting in findings of inadequate management and suspect governance, we must consider to what extent the ‘integration’ challenges of our time had an impact in its, or any firm’s downfall. When I say integration challenges, I am not strictly speaking about data and IT. In fact, I refer to such challenges as the failure of firms to fully integrate their BD and marketing teams into the full spectrum of service. 

Legal competence vs business acumen

Too often, law firm partners see business services as an appendage, a necessary evil. This can result in mistaking legal competence for business acumen – a grave danger in the legal world as evidenced by the demise of Dewey & LeBoeuf. Law firm BD and marketing specialists are rarely acknowledged as the glorious animals they are when they are at their best – business-building experts with an eye for identifying innovation and developing USPs in a crowded marketplace that is rapidly changing shape. Rather than exploiting this unique brand of legal arena expertise, law firm partners can sometimes straightjacket their BD and marketing departments without even realising it. Their teams tend to be understaffed and overextended – firefighting their way through each day. But a plan based on reactivity alone is no plan at all. Success in today’s legal market is all about the long game. 

Empower

The key is for firms to stop viewing business services as simply fulfilling a ‘support function’. Instead, firms need to start empowering their BD and marketing teams by giving them the space to be proactive and allowing them to be at the forefront of strategic decisions that build business, brand awareness, client relationships and commercial opportunities. It is time to recognise the BD and marketing department as the engine room of your firm. 

Demonstrating value

Allow your BD and marketing department to demonstrate value:

• Always start from the client perspective

• Use competitive intelligence to understand what clients truly value and then activate it

• Allow your key BD people to be stakeholders, let them partner with you in crucial client and market initiatives

• Implement a pitch pipeline with new compensation models that encourage cross-selling and benefit all parties (not just billable models)

• Leverage market research to understand how industry trends (such as pricing and commoditisation) are influencing each other and affecting your firm

• Invest in and utilise independent client feedback: seek clarity and objectivity

• Integrate an ROI tracker into your CRM (if you haven’t already)

• Invest in an internal communications programme to ensure harmonised efforts and coordinated activity

• Understand that your website as a source of information is an obsolete vehicle – instead, it should be a platform for creating topical shareable content

• Acknowledge that BD and marketing are two very different things that should be integrated efficiently but never viewed as interchangeable

• Reward proactivity and productivity

Thrive or survive

This brief list is by no means exhaustive, but it provides a starting point. Your firm is probably already doing some of these things, but the level to which the BD and marketing teams are allowed ownership in those processes may be another matter. Most firms have the talent they need within, they just have to activate it. Let’s jettison the idea of ‘business services’ and embrace the reality of ‘business enhancement’. With competition being cited as the top barrier to firm growth, firms cannot afford to be left behind. With disruption comes opportunity. Now is the time to decide if you want your firm to thrive or simply survive. 

Reign Lee is a Director with Legal Media Monitor, an international consultancy that specialises in media planning and press relations services exclusively for law firms. She provides strategic advice to clients on a wide range of issues, including brand development, market positioning, legal directory process management and content development. She has a wealth of experience working with independent and global law firms – as a BD and marketing adviser, communications specialist, and as a training director. Reign is also the Conference Director of the Law Firm Marketing Summit, the premier conference in Europe for leading marketing and BD professionals in the legal industry. This year’s Summit will be held in London on 7 November 2017.