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Reducing Cognitive Load and Enhancing Marketing Productivity with AI
Overview: The Increasing Load on Marketing
Marketing teams have heard so many times: do more with less — and 2024 has been no different. According to new research, in 2023 law firm marketing budgets shrank (see, Thomson Reuters, "The Oracle's Temple: The State of the Global Legal Marketing & Business Development Profession") even though revenue grew by 4.6% — and yet the demands on the marketing department actually increased.
At the same time, approximately 50% of buyers said that they are looking to replace their existing law firms (see, James Jones, Senior Fellow, Georgetown Law, presenting 2023 Thomson Reuters State of the Legal Industry at the COO CFO Forum), resulting in more pitches, more proposals, more RFPs – and more hours of work for marketing and business development teams.
Add to the mix more competitors that now include an array of mid-size law firms, boutique and specialty firms, accounting firms, new law companies and well-funded alternative legal services providers.
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