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Marketing teams have heard so many times: do more with less — and 2024 is no different. According to new research, in 2023 law firm marketing budgets shrank (see, Thomson Reuters: The Oracle's Temple: The State of the Global Legal Marketing & Business Development Profession) even though revenue grew by 4.6% (see, Thomson Reuters Q3 Report) — and yet the demands on the marketing department actually increased. (Shocking, I know.)
At the same time approximately 50% of buyers said that they are looking to replace their existing law firms (see, 2023 Thomson Reuters State of the Legal Industry), resulting in more pitches, more proposals, more RFPs — and more hours of work for marketing and business development teams.
Add to the mix more competitors that now include an array of midsize law firms, boutique and specialty firms, accounting firms, new law companies and well-funded alternative legal services providers. All this means more pressure on the marketing department to differentiate their firm's brand and enable strategic, effective business development programs — but with less budget and staff.
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