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How Do Business Development Efforts In High-Performing Law Firms Differ?
In 2020, law firms had to make a fast pivot on many levels. Business development (BD) and marketing strategies were at the forefront of that shift. Despite the inability to strengthen client relations and prospects in traditional ways via in-person meetings and events, firms recognized that it was vital for BD efforts to continue and succeed, particularly given the economic uncertainty caused by the COVID pandemic.
In fact, according to a 2020 Altman Weil survey, nearly 60% of firms are investing more in business development. Yet, according to the InterAction "2019 Law Firm Marketing & Business Development Report," fewer than half believe that their BD efforts are successful. So, what makes one firm's BD and marketing strategies succeed while others fall short — especially in the current environment?
As firms and their clients continue to navigate ongoing business challenges in 2021, BD and marketing professionals first need to understand how mature their efforts are in specific areas. Then, they can look at what the successful firms are doing differently, so they can position themselves to join those ranks.
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