LMA Conference Synopsis: Driving growth and profitability
The Legal Marketing Association provides guidance on marketing, business development and communications within the legal profession. This article summarizes a presentation by Betsi Roach, executive director of the LMA, on important themes that emerged at the 25th annual LMA Conference held last month, as well as recent LMA developments. This excerpt covers the first of four conference tracks: Driving growth and profitability. This is part two of a six-part article. For a link to the entire article, see below.
“One major theme of the conference was the continuing evolution of law firms from a purely marketing culture to a sales culture,” said Roach. “This involves a reallocation of personnel and resources, an emphasis on niche marketing, the creation of industry and client-focused teams, the development of sophisticated and customized proposals, and the gathering and use of competitive market intelligence.”
As part of this process, successful firms are providing business development training and coaching to help select lawyers grow their books of business. “After all, lawyers are not only the ‘product,’ but also the ones who have to close the actual ‘sale,’” said Roach.
Another session covered the strategy and tactics behind successful written and face-to-face client pitches, including pitch team composition and leadership, elements of the process (strategy, staffing, pricing, submissions and presentations), debriefing, and using what was learned to improve future effectiveness.
A session on law firm economics devoted considerable attention to the delivery of legal services less expensively in a highly competitive environment – especially through better pricing and better processes. “Increasingly, law firms across the country understand the need to operate like businesses,” said Roach. Finally, technology was discussed as a robust way to deliver premium content to high-value targets throughout the sales cycle.
For the full article: LMA Conference Synopsis and Update