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It is quite obvious - As legal markets become even more competitive over the next ten years, commercial law firms everywhere will be forced to reconsider many of their long-held assumptions and practices about marketing and business development.
Fast-changing client needs and perceptions of value, amplified by communications and knowledge technology, will make this an important switch in the legal market. Some firms will anticipate and respond effectively. Others will not.
Unfortunately, Many law firms do not value their business development and marketing executives and fail to measure return on investment on initiatives from the departments. According to new research, only 18 per cent said their marketing and business development functions are highly valued whilst 33 percent said they were 'of some value'. Actually many researches done in the past, found that marketing and BD roles at law firms were viewed as more challenging than similar jobs at other professional services firms.
Insightful session for the importance of the role of business development within law firms.