A new survey from LexisNexis seems to find an ever-tightening level of competition in the legal industry. Law firm global strategy and economics writer, Dan Packel recently published an article on Law.com, describing the results of the LexisNexis survey.
According to Packel, the 2018 Law Firm Marketing and Business Development survey was taken by 81 legal marketing and development leaders at firms in the U.S and Europe.
Packel reports professionals have adjusted to a “new normal” after several tough years. The survey results indicate strategies to win new business have changed considerably in the last two years, deepening the importance of staying on the “cutting edge and focusing on firm growth.”
Packel writes marketing and business leaders report a disconnect between marketing and normal firm operations. Nearly half the people surveyed say their biggest challenge in winning new business was getting lawyers to participate in marketing efforts.
Meghan Frank, head of Marketing for LexisNexis, says their analytics shows marketing and business development mean more than ever before.
Frank says LexisNexis has found that law firms are on board with business development, but they don’t always know what it means. She continues that some firms lack an established process, and sales is a “dirty word.” Frank says the challenge is establishing a process across the firm and also tracking and managing the firm’s activities.
To read more about the 2018 survey, click here.
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