Practice Management

Greenfield Belser asked CMOs at Amlaw 200 firms what they are planning for next year.  Here's a summary.  Read the full article here. 

• The top two marketing/business development projects are investing in social media (92%) and investing in client loyalty interviews (92%)
• When asked what marketers plan on doing differently, they indicated that they will "Focus on business development efforts" (15.6%) and "Client Centered business development efforts" (12.5%).  Taken together, they represent the largest category of "innovation".  "New enhanced ways of marketing" (18.8%) and "Using Social Media" (12.4%) rounded out the top four.
• 50% of law firms are looking to redesign their website.  Belser suggests that firms, "Convey what you want the visitor to do, create a dialog and position the firm as important, confident and a leader in the field."
• Surprisingly, "Alternative Billing Arrangements" were on the bottom of the "To-Do List". 
• There seems to be a paradox between the 92% who say they are investing in client loyalty interviews but only 6% say that conducting client satisfaction interviews would be "radically different" next year.   Perhaps most of the Amlaw 200 think that they already have sufficient client visit programs.

Authors Burkey Belser and Sue Allison conclude:

"Fortunately, there is life after Lehman Brothers and the panics and declines across the market over the past year. Law firm marketers are making concrete plans for reaching out and cooking up new business, even though in some cases they have to do it with one hand tied behind their backs. (Read slashed budgets, decimated staffs and gun-shy partners.) Many firms and lawyers now seem to realize that their business development and sales efforts cannot be successful without strong support from marketing. And that?s a cause for hope among true believers in marketing."  -  Greenfield Belser