The Future of Law Firm Marketing & Business Development. Growth in a Non-growth Economy: New Models for Success. June 15, 2010

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1 The Future of Law Firm Marketing & Business Development Growth in a Non-growth Economy: New Models for Success June 15, 2010

2 Today's Agenda The changing dynamics of corporate marketing & sales The state of law firm marketing Survey results The future of law firm marketing & bus. dev. Survey analysis Strategies & Tactics Improving business development results Future structure of law firm marketing & business development Rainmaking in a drought Action steps 2

3 Changing Dynamics Corporate Marketing & Sales Why is it relevant to law firms How other professional service industries have changed Canary in the coal mine Innovation, early adopters and best practices Harbinger for what is to come 3

4 Changing Dynamics Corporate Marketing & Sales McKinsey The evolving role of the CMO > Complexity & proliferation > CMO role has been too narrowly defined > CMOs will have to lead change & build new capabilities The downturn s new rules for marketers > What worked in the past won t work now > ROI focus > Placing bets on the wrong markets/clients > Placing bets on the wrong approaches (sales & marketing) 4

5 Changing Dynamics Corporate Marketing & Sales Fast Company The Most Dangerous Job in Business June 2007 > SpencerStuart Report Average CMO tenure 23 months > Roles expanding dramatically > More strategic than ever before > Clearer definition of position and expectations > ¾ of all marketing dept s reorganized over past 2 years > Top line growth = success Myths about law firm marketing > CMOs turn over quickly > It is about branding > Can t measure ROI > Can only influence growth 5

6 Changing Dynamics Corporate Marketing & Sales The Journal of Legal Marketing The Future of Marketing & Business Development Feb 2010 > Economic Pressure The Great Recession > Constantly changing technology > Sophistication of buyers > Analytics vs. creative > Intense focus on return on investment tangible results > Sales force effectiveness (BD Effectiveness) 6

7 The State of Law Firm Marketing Stressed & Confused Internal debate LMA Numerous open CMO positions What s out: Classic Marketing What s in: Business Development 7

8 Survey The Future of Law Firm Marketing & Bus. Dev. Hypothesis Large law firms don t appear to be in a hurry to fill vacant CMO positions. Our unofficial scorecard has 17 CMO positions at Am Law 200 firms that have remained unfilled since the first of the year or even longer. Some searches have been put on hold, while other firms have made the ultimate decision (at least for now) to go without a CMO at all Is the CMO role no longer valuable? Shouldn t a growth leader should be more important in a recession? 8

9 Survey The Future of Law Firm Marketing & Bus. Dev. Process Interviews - Anecdotal > 12 MP/Chair or COO > Recruiters > CMOs in transition* Online Survey - Empirical > Only MP/Chair/COO not CMOs > Response from 30 firms 15% of the Am Law 200 > Three Sections I. General Marketing & Business Development Overview II. The Role of the CMO III. Effectiveness & Innovation in Marketing & Business Development 9

10 Survey Results General Marketing & Bus. Dev. Overview Firms Responding n = 30 10

11 Survey Results General Marketing & Bus. Dev. Overview 11

12 Survey Results General Marketing & Bus. Dev. Overview Questions 1 & 2: 2009 Staffing and Budget Levels 2009 Staffing Levels > 7 % added staff > 33% reduced staff > 60% maintained staff 2009 Marketing & BD Budget > 0% increased budgets > 74% decreased budgets > 26% maintained 12

13 Survey Results General Marketing & Bus. Dev. Overview Questions 3 & 4: 2010 Staffing and Budget Levels 2010 Proposed Staffing Levels > 20% adding staff > 7% reducing staff > 73% maintaining staff 2010 Proposed Marketing & BD Budget > 46% increasing budgets > 8% decreasing budgets > 46% maintaining 13

14 Survey Results General Marketing & Bus. Dev. Overview Questions 5: During the next 18 months you are planning to place significant pressure on your marketing/bd organization to focus on these priorities: Weighted Ave. 1. Improve lawyer s BD effectiveness Drive revenue growth Develop or improve client satisfaction programs Measure/track and prove a return on marketing/bd Develop or improve market/competitive intelligence capability Improve RFP process Develop a strategic growth plan Develop a web 2.0 & social media strategy Improve marketing collateral Rebrand the firm / redesign web site

15 Survey Results The Role of the CMO Question 1: Are the skills of a traditional CMO still of value? [e.g. communications, branding, events, PR, creative design, advertising] 80% 20% 15

16 Survey Results The Role of the CMO Optional: If you answered no, are you aware of individuals who have the type of skills needed? These skills are not needed in-house. If we need help for this we can hire an outside consultant on a project basis. Marketing directors can keep things operating without a CMO We can outsource or bring in consultants for the times we need branding, marcom work Still valuable but less of the focus CMO has responsibility for the organization that does this but personal skills are different and at higher level including leadership of function; strategy, etc 16

17 Survey Results The Role of the CMO Question 2: In 2010 and beyond, do you feel the skill set of law firm CMOs must change in order to deliver value? 93% 7% 17

18 Survey Results The Role of the CMO Questions 3: If you answered yes to #2, what skills will be needed from a CMO? 18

19 Survey Results The Role of the CMO Question 4: Do you feel there is a large gap between what your firm and partners need and what your CMO delivers? 53% 47% 19

20 Survey Results The Role of the CMO Question 5: Can firms operate effectively without a CMO? 20% 80% 20

21 Survey Results The Role of the CMO Question 6: How satisfied are you with the value your CMO delivers? Ave. = 3.6% 1 = Extremely Dissatisfied 0 0% 2 = Very Dissatisfied 6 20% 3 = Dissatisfied 7 23% 4 = Satisfied 11 36% 5 = Very Satisfied 6 20% 6 = Extremely Satisfied 0 0% 21

22 Survey Results The Role of the CMO Optional: What can a CMO do to provide more value? Paying top dollar for marketing and branding is likely a thing of the past. If we could find a BD leader who can deliver we would see value in that role As the business continues to involve, a CMO must evolve. Educating lawyers on how to use alternative fees as a marketing advantage, on evolutions in social media and how to use competitive intelligence are skill sets that largely didn't exist 5 years ago. The CMO, more than any other C level executive must drive change Have strong business sense, be visionary, inspiring, good people skills, great at sales/bd, focused on client service Help client and industry teams and particular geographic offices develop realistic priorities for a more comprehensive approach to client development as opposed to simply responding to operational ad hoc requests based on opportunities that come along from time to time or otherwise fall into our laps 22

23 Survey Results Effectiveness & Innovation in Mkting/BD Question 1: Are there law firms that are especially effective or innovative in executing their marketing & business development efforts? 67% 33% 23

24 Survey Results Effectiveness & Innovation in Mkting/BD Question 2: Are there marketing and business development techniques that are used by non-law firms that you admire and think could be implemented in a law firm? [e.g. dedicated BD professionals, sales pipeline management, inside sales support 67% 33% 24

25 Survey Results Effectiveness & Innovation in Mkting/BD Optional: What are some techniques you think law firms should adopt? The accounting firms are well beyond law firms in brand management, project management and technology. We have much to learn from them Most of the big ideas are already on the table. At this point execution and prioritization is more important than innovation Dedicated BD professionals Sales management The techniques from other professional service firms can be brought to bear in mapping out the approach that firms can take, but I doubt they can replace the relationship building that the partners themselves need to engage in. Individuals who would handle prepping attorneys for strategic marketing/bd focused initiatives Accenture, McKinsey and Goldman Sachs are best in class models for law firms to emulate. All dedicated to developing personnel coupled with teams and an obsessive commitment to client service as core process. 25

26 Survey Analysis The CMO Role is More Critical Than Ever but A real transformation of the function & skill set is needed Leadership and execution in strategy, sales and measurable growth Talent pool is limited Player/Coach model Firms will fill open CMO spots if talent is available CBDO/CGO new titles/new models not just semantics 26

27 Strategies & Tactics Improving Bus. Dev. Results White Paper & Blog Postings Proceed with action-based tactical initiatives Get close to key clients: targeted client satisfaction program Emulate best practices from other industries Rank & segment clients and targets Empower your rainmakers It is a zero sum game Concentrate on specific target markets Common BD language & process 27

28 Bottom up Alignment & Execution Top Down Firm Strategy Future Structure - Law Firm Marketing & Bus. Dev. Potential BD and Marketing Model FIRM STRATEGY VISION GOALS Revenue Partner/CGO CMO CBDO Marketing = Brand/Positioning/Institutional Effort Traditional Model: Large investment little accountability Offices Practices Industry Client Teams BD = Tactical Execution/Individual Effort/Firm s Sales Force New Model/Growth Architecture: True ROI and measurable results Partner Partner Partner Partner Partner Partner INDIVIDUAL PARTNER S EFFORTS SUPPORTING FIRM STRATEGY 28

29 Growth Profit Market Share Growth Architecture TM Strategy CLIENTS Strategic Imperative Focus on Providing Client Value Client aligned Strategy, Business Development and Marketing Supporting Tactics Marketing BD T T T T T T T T T T T T T T T People Process Growth Portfolio 1. Client Retention & Wallet Share Expansion 2. Market Share maximization 3. Growth Positioning 4. Neighboring-Market penetration 5. Next Generation Business Execution Framework People Process Technology Technology & Systems Growth Risk Profile Market Risk & Execution Risk Risk/Cost Analysis 29

30 Rainmaking in a Drought Gain more from less activity vs. results Never, never, never give up (and never lose your sense of humor) Clarify your value proposition (ask your best clients) Focus on existing/dormant clients (learn their language) Don t sell seek to understand and add value To be more natural, prepare like crazy Fail fast Become the differentiator Commit to consistent activity Start small Indirect strategies 30

31 Recommendations Action Steps Managing Partner > Marketing & BD maturity assessment > Marketing organization evaluation ROI analysis > Organizational design and talent assessment framework > Benchmarking & diagnostics CMOs > Benchmarking & assessments: Best practice comparison > Resource allocation analysis > Roadmap to accelerate the transition to BD > BD effectiveness audit > Architect BD coaching programs > Sales process design 31

32 Contact Information Additional Material Doug Johnson Blog: Publications & White Papers: See web site under Ideas and Publications section Linked in: Twitter: 32

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