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Do More with Less and Gain Market Share
If you are finding that the attorneys in your firm are becoming more focused on client development and retention efforts, you are not alone. Firms as a whole are refocusing their marketing and business development efforts to concentrate on existing rather than new clients. In today's economy, every opportunity counts, and existing relationships are critical. The challenge is to find new ways to seize opportunities despite fewer resources and flat budgets.
In a recent market study conducted by The BTI Consulting Group, 120 legal marketing executives interviewed from AmLaw 100 and AmLaw 101-200 firms anticipated an average decrease in spending of nearly 42% in advertising and 18% in sponsorships in 2009. With the reduction in spending also comes headcount reduction. The same firms that greatly expanded marketing and business development staffing between 2002 and 2007 are finding themselves with freezes on such hires and in some cases, cuts. Ironically, despite the freeze in hiring and budgets, there is more attention on marketing and business development, creating a need to do more with less.
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