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Profitability and the Legal Marketing Professional
Increasingly, legal marketing professionals are being looked upon to assist their firms in improving profitability. The demand that legal marketing professionals assist the attorneys in their respective law firms with soliciting new business or responding to proposal requests is not new, although the number and complexity of the pursuits and dollar value of the RFPs is surely greater than ever before. What is new is that the results of these pursuits are far more critical to the success of the law firm than they ever were in the past.
The reasons for this sea change in looking at the value of marketing efforts are many and include fallout from the continuing economic slowdown that began in 2008, increased competition for high'value-added (and more profitable) legal work and the demands of corporate counsel for increased efficiency, reduced rates and levels of service in the delivery of their legal products and business solutions. Whatever the reason, the demands are there and legal marketing professionals must respond.
At a conference in Washington, I had the opportunity to speak with many legal marketing professionals and found a wide range of understanding among them as to how law firms measured client and attorney profitability and how the marketing function could impact a firm's profitability. There was also a good deal of confusion over how law firms measure, utilize internally, and report their “profitability.”
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