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Educating Marketing Professionals on Key Financial Metrics and Measurements

By Stephen M. (Pete) Peterson
March 28, 2008

Today, marketing and business development professionals need to understand law firm finance and economics. Likewise, law firm chief financial officers need a better understanding and appreciation of marketing strategies. The success of your firm will depend on how well these two disciplines work together. Marketing decisions affect whether the firm will obtain new business or increase business from existing clients. Profit needs to be returned to the firm as a result of these activities. Accordingly, the test of marketing decisions ultimately comes from its financial results. This article discusses two strategic but basic tenets of law firm finance and economics 'matter profitability and return on investment (ROI) ' and how marketing and finance professionals can work together to link marketing and financial strategies.

With concerns about the current economy and dire predictions of a recession that has staying power, it is probably a good time for law firms to rethink how their marketing dollars are being invested. Yes, invested. As a believer that marketing delivers profits over time, I am also a believer that marketing can be a major misspent category in most firms. Similar businesses face the same challenge. For example, consider this statement attributed to Macy's founder, John Wanamaker, when weighing the contribution of marketing expenditures: 'Half the money I spend on advertising is wasted; the trouble is I don't know which half.'

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