CMOs Find New Life with Future Rainmakers

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It’s rewarding, helps the firm, and helps them—the trifecta of engagement and satisfaction. 26% of CMOs tell us spotting and nurturing future rainmakers is their strongest skill. Not only does this skill help fuel the stream of future rainmakers—CMOs find this one of the most gratifying aspects of their role.

Rising rainmakers relish their CMO’s counsel and regularly seek them out. They want coaching on client meetings, networking, converting their ideas on helping clients into action, and pitching new work. They also want meaningful counsel on RFPs and often want to abandon the standard approach.

These advice-seeking partners came of age when demand was well in excess of supply. You had to steal or find clients. They have never experienced the days when waiting for the phone to ring was a viable strategy. These attorneys are hungry, want to get it right, know they have to build their skills and strategies to develop clients—and, are smart enough to seek out help.

Don’t Wait for Them to Come to You

CMOs tell BTI they are on the lookout for their firms’ rising business development stars. You don’t have to wait for the up-and-comers to seek you out. You likely know who they are and can find them easily.

Start a conversation with the attorneys you already know. Budget time every week for attorney coaching and conversations. Set a goal of meeting at least one new up-and-comer a month. Try casual approaches in more informal settings. Like all individuals, different attorneys will respond to different approaches.

We also recommend setting up a separate time code for this value-rich activity. Tracking time enables you to quantify your investment and attach it to specific wins.

Enduring Benefits

The most obvious benefit is helping attorneys develop more business. But there is so much more to this picture. Your impacts include:

  • Bringing business development into the culture of the firm

  • Influencing peer attorneys to follow the lead of the BD-inclined attorneys

  • Creating future mentors for more junior attorneys

  • Adding more tangible benefit to the Marketing and BD function

  • Making yourself part of the business development dialogue in the firm

  • Creating a constituency of support for the Marketing and BD team

  • Giving you a stronger, clearer voice

CMOs are making a profound impact on their firms—and making friends for life. They find this time serves as an escape from the day-to-day firefighting, recharges the batteries—and stimulates new thinking and ideas they can use across the firm. Everyone benefits. There is no downside.

Maybe it’s time to add talent scout to the job description.

Enjoy.

MBR

Clients Unleash New Wave of Outside Counsel Spending in at Least 7 Practices

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Put away your umbrellas. Get out your buckets. It’s raining new complex business on outside counsel.

Top legal decision makers tell us they see no relief in the deluge of uncertainty and complex work—even if the US reaches a trade agreement and Brexit gets settled. The world has become more complicated and uncertain. This means more spending on outside counsel and translates into 2 major opportunities:

  1. Higher-rate matters generated by new complex work

  2. Substantially bigger matters than in in the past—for all size firms

The brand new BTI Practice Outlook 2020 details these spending increases for 15 practices and 18 industries. Based on more than 350 interviews with top legal decision makers, we outline the spending for each practice area and provide practical recommendations to get the business now. You can use this research to pinpoint the best opportunities for your firm and practice.

The report includes our highly sought after BTI Practice/Industry Hotspots—the only place to see a roadmap of the high-rate opportunities and pressure points cross referenced by industry and practice. Here are some of the spending highlights:

  1. Cybersecurity is the fastest growing segment in law at 8.6% annually

  2.  Litigation is growing at 7.1%

  3.  Pharma and High Tech expect biggest increases in 6 major practices

  4.  Energy companies are set to spend more on outside counsel than they have in years

  5.  Outside counsel spending is growing for the 3rd straight year

  6.  Clients expect to spend $8.9 billion on new complex work—putting rate pressure on
    less-complex work

  7.  The largest practices with the least sensitive rates are growing faster than other practices

  8.  7 industries expect large increases in premium litigation spending

  9. Clients are expecting premium rates in 11 of 18 practices

These new opportunities are open to firms of all sizes—if you can prove your skill in dealing with complexity and can present a unified, scalable team. Small and midsize firms can and do show strong teams—and clients say nearly 50% of law firms don’t collaborate at all—so they are out of the running. Your team approach sets you apart.

You can immediately learn how tap into these opportunities with the BTI Practice Outlook 2020. Join the more than 100 law firms using this report as their roadmap to new business.

Best in the market ahead.

MBR

Score One for Law Firms Over ALSPs

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It takes savings of at least 24% to get an executive to even entertain switching providers. You can offer these savings in time or money—but if it doesn’t meet the 24% threshold, you are toast.

How ALSPs Negate Their Own Savings

ALSPs offer raw savings but are getting killed in the client experience. Top legal decision makers report ALSPs are difficult to deal with, deliver a clunky experience, and haven’t embraced client service. And, it’s all about the experience. Any breakdown in client experience costs top legal decision makers their most expensive resource—their time—immediately negating all those cost savings.

Law Firms Beat Out ALSPs in Client Experience

Top legal decision makers, at least the 40% or so who report experience with an ALSP, rank their user experience a 7.2—a good solid C+. These same decision makers say a good primary law firm is ranked an 8.7, while an average law firm earns an 8.2—both well above any ALSP. Only 11% rate their ALSP experience a 10 out of 10, while 50% rate their experience at 7 or below.

The minimum acceptable client experience in the legal world is 8.1. The math isn’t quite working in favor of ALSPs—yet. It’s difficult for clients to see the benefits in the absence of a smooth experience. The clunky ride cloaks everything the ALSP does. Clients tell us the major issues making the client experience rough include:

  • Lack of a single point of contact

  • No clear project leader

  • Continuing stream of change orders

  • Lack of updates and status reports

  • Staff turnover

  • Different interpretations of due dates and deadlines

But the Game Is Still in the Early Stages

ALSPs have been busy perfecting their processes and technology. They realize their market breakthroughs will come from a combination of savvy market development and a good, if not superior, client experience.

The message to law firms is clear: You can only keep the ALSPs at bay if you have the edge in the client experience—or develop your offerings. At some point in every B2B market, client experience rules. We recommend starting the continuous improvement process now—while you still have a substantial lead.

MBR

9 Trends Changing the Litigation Market

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Clients are completely reassessing how they hire law firms and their strategy for moving forward. This reboot can be your best friend—but only if you make the trends work for you. Here are the most important 9:

  1. Litigation spending on outside counsel is up 6% since 2018—in-house departments are not designed for the volatile nature of the workload and risk

  2. Clients expect spending per matter to go up—although they expect the tide of matters to slow, the number of high-risk matters is driving spending per matter up

  3. Clients continue to add new law firms to their rosters in hopes of finding what they want—they have new expectations based on substantial changes in their caseloads

  4. Companies with bet-the-company work virtually double—the financial exposures are creating a new category of bet-the-company work

  5. 5 out of the 6 major litigation segments will see new spending—clients see few sources of spending reprieve

  6. Clients expect to settle 25% more cases than they settled in the last 2 years—the bright note for clients: they are becoming more skilled in settling the surge of new complex matters

  7. Class Action rates are likely to rival bet-the-company rates—the risks in class actions are growing faster than almost any other segment

  8. High Tech companies are bracing for the biggest increases in high-risk and bet-the-company litigation—they expect increases in IP Litigation spending, major supply chain issues, and intense public and government scrutiny

  9. Commercial Litigation is expected to surge in 6 industries—while the litigation pressure is largely across the board, 6 of the largest-spending industries will see the biggest increases

The outside counsel spending increases far outpace increases in clients’ total budgets. This means one thing—any work not in the high-risk category is going to get squeezed. Bring out your best AFAs for the rate-sensitive work. Knowing the nature and scope of the work is the key to pricing and pitching—an advantage for existing law firms. If you are working with a new prospective client, an initial planning session will tell you what you need to know—and differentiate you from most other law firms.

Clients are searching for the right law firms right now. Join the more than 100 law firms already using BTI Litigation Outlook 2020: Changes, Trends and Opportunities for Law Firms and see for yourself how and why clients are hiring for the best litigation opportunities to come along in years.

MBR

Law Firms Leading in 5 Areas of Litigation—and the Market Drivers

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Litigation spending is in its 3rd year of an upward march. Corporate counsel are spending more on outside counsel. Much more. And a big portion is earmarked for new, complex, high-risk matters—meaning these are real opportunities to get your foot in the door. The Powerhouse and Standout law firms in the links below are the firms corporate counsel tell us they are turning to for their most pressing litigation needs in 2020.

Complex Commercial Litigation Outlook: The Powerhouse and Standout Firms

One of the fastest growing practices in 2020. Clients anticipate spending more in spite of an expected slowdown in matters. Clients are seeking firms who understand complexity and how it can grow.

Class Actions Outlook: The Powerhouse and Standout Firms

Clients expect big increases in spending and even bigger increases in uncertainty. They are getting pickier about who they want defending them.

IP Litigation Outlook: The Powerhouse and Standout Firms

Clients expect bigger, more complex matters to dominate their case load in 2020. Top legal decision makers expect more focus on technical issues than in the past.

The Product Liability Outlook: The Powerhouse and Standout Firms

Spending is up, pricing is getting stronger, and the number of companies facing product liability is down. The claims are getting bigger as plaintiffs focus on more complex products. Clients want firms who can size up the exposure and create a fee accordingly.

Labor and Employment Litigation: The Powerhouse and Standout Firms

Clients are enjoying a continuing stream of innovation on all fronts including work process, staffing, pricing, and technology. And each change is bringing more value. Despite this, clients expect to spend more.

Learn exactly when, where, and how you can immediately gain new business from one of the best litigation opportunities to come along in years. Clients face more new cases, more complex cases, and are searching for the right law firms. Join the more than 100 law firms using BTI Litigation Outlook 2020: Changes, Trends and Opportunities for Law Firms to their immediate advantage, available now.

23 Best of the Best Law Firms in Class Actions

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Class Actions show big increases in spending and bigger increases in uncertainty. Plaintiff attorneys are becoming ever more aggressive while defendants are spending more to mount their defenses. Clients are getting pickier about who they want defending them—based more and more on their understanding of the hidden risks which are becoming a part of every large Class Action. Join us in congratulating the Powerhouses and Standouts: 

Powerhouses                                                                                Standouts

Jones Day Arnold & Porter
Littler Barnes & Thornburg
Mayer Brown Benesch
Morgan Lewis Carlton Fields
Dechert
Dentons
DLA Piper
Faegre Baker Daniels
Gibson Dunn
Hogan Lovells
Kirkland & Ellis
Latham & Watkins
McGuireWoods
Ogletree Deakins
O’Melveny
Reed Smith
Sheppard Mullin
Sidley
Winston & Strawn

Learn more about the firms clients singled out for Class Action prowess in the newly released BTI Litigation Outlook 2020.

Best of the Best Law Firms in Complex Commercial Litigation

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Complex Commercial Litigation is projected to be one of the fastest growing practices in 2020. Clients anticipate spending more in spite of an expected slowdown in matters—resulting in more spending per matter. Increased uncertainty in financial exposure, chances of pile-on litigation, disrupted supply chains, and growing public outcry over product liability are driving the trends. Join me in congratulating the firms clients see as Powerhouses and Leaders:                                                                           

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Learn more about the firms clients singled out for Complex Commercial Litigation prowess in the newly released BTI Litigation Outlook 2020.

15 Best of the Best Law Firms in Employment Litigation 

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Clients are enjoying a continuing stream of innovation on all fronts including work process, staffing, pricing, and technology. And each change is bringing lower pricing and more value. Despite this, clients expect to spend more as the exposure to potential damages becomes less certain and much bigger. The Powerhouses and Standouts include many of the most innovate firms:

Powerhouses                                                                                Standouts

Jackson Lewis                                                                               Drinker Biddle
Littler                                                                                              Epstein Becker Green
Ogletree Deakins                                                                         Fisher Phillips
Seyfarth Shaw                                                                              Holland & Hart
                                                                                                      Husch Blackwell
                                                                                                      Jones Walker
                                                                                                      Morgan Lewis
                                                                                                      Paul Hastings
                                                                                                     Porter Wright
                                                                                                      Sheppard Mullin
                                                                                                      Warner Norcross + Judd

Learn more about the firms clients singled out for Employment Litigation prowess in the newly released BTI Litigation Outlook 2020.

15 Best of the Best Law Firms in IP Litigation

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Clients expect bigger, more complex matters to dominate their case load in 2020. The bulk of the matters and spending are clustered at the larger companies. Join me in congratulating the Powerhouses and Standouts in IP Litigation:

Powerhouses                                                                              Standouts

Fish & Richardson Barnes & Thornburg
Morgan Lewis Cooley
Quinn Emanuel Urquhart & Sullivan Covington
DLA Piper
Finnegan
Kilpatrick Townsend
King & Spalding
Mayer Brown
Morrison & Foerster
Patterson Belknap
WilmerHale
Wilson Sonsini Goodrich & Rosati

Learn more about the firms clients singled out for IP Litigation prowess in the newly released BTI Litigation Outlook 2020.

16 Best of the Best Law Firms in Product Liability

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Spending is up, pricing is getting stronger, and the number of companies facing product liability is down. This translates into more spending per matter and a bigger risk of loss for clients. Product liability is one of the most competitive segments of litigation—meaning clients have their pick of the litter in law firms. Please congratulate the Powerhouses and Standouts:

Powerhouses                                                                               Standouts

Dentons                                           Arnold & Porter                                            
Shook, Hardy & Bacon                                                              Barnes & Thornburg
Dykema
Faegre Baker Daniels
Greenberg Traurig
Jones Day
Mayer Brown
Morgan Lewis
Norton Rose Fulbright
Orrick
Seyfarth Shaw
Tucker Ellis
Ulmer
Wheeler Trigg O’Donnell

Learn more about the firms clients singled out for Product Liability Litigation prowess in the newly released BTI Litigation Outlook 2020.

Clients Name the 33 Most Feared Firms in Litigation

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Humans are born with 2 fears: the fear of falling and the fear of loud noises. All other fears are learned. You can agree with this or not. But one thing is true. Top legal decision makers learned to fear a select group of law firms—and don’t want to see them on the other side of the table.

Specifically, GCs point to 33 firms they don’t want to encounter. The top reasons:

Killer Instinct

With equal parts tenacity, sheer will, smarts, and intuition—combined with confidence, savvy, conviction, and the nerve to go for the jugular—these cutting-edge law firms bring the killer instinct clients want right now.

Thrive on Complexity

Uncertainty is at an all-time high. Clients face a surge in complex litigation as matters get bigger and focus on untested and thorny issues. Some firms offer options. The most feared firms offer clear direction—with conviction—and dive into the fray. They win—and simplify life for clients.  

The Bench Is as Good as the Starters

Clients want strong, smart, and scalable teams. Clients know any seemingly benign matter can get out of hand—quickly. The most feared firms uniformly bring in high-level, top performers who can swiftly scale and operate as a team.

Read the Tea Leaves

The BTI Fearsome Foursome spot trends and patterns with less information than most. They rely on their experience, their peers, and their keen ability to integrate seemingly disparate facts and events.

There is more to being Fearsome—but this year, these 4 reasons above prevail.

Of the 33 law firms feared in litigation, 4 stand out as the absolute most feared:

The BTI Fearsome Foursome

Kirkland & Ellis
Latham & Watkins
Quinn Emanuel Urquhart & Sullivan
Skadden

Quinn Emanuel is ranked first among The BTI Fearsome Foursome 2020. We note Kirkland and Quinn are the only firms included in the BTI Fearsome Foursome all 10 years BTI has published the report.

10 firms are right behind the Fearsome Foursome—ready to take them on. Please join me in congratulating:

The BTI Awesome Opponents

Boies Schiller Flexner                                                  Morgan Lewis
Fish & Richardson                                                        Morrison & Foerster
Gibson Dunn                                                                Wachtell, Lipton, Rosen & Katz
Jones Day                                                                    Wheeler Trigg O’Donnell
McKool Smith                                                               Williams & Connolly

19 firms are part of the Fearsome Foursome Honor Roll:

Bartlit Beck                                                Ice Miller
Choate, Hall & Stewart                                                Manko, Gold, Katcher & Fox
Covington                                                     Much
Cravath, Swaine & Moore                                           Norton Rose Fulbright
Crowell & Moring                                                        Reed Smith                                             
Davis Polk                                                     Robbins Geller Rudman & Dowd
Dechert                                                             Susman Godfrey
Dentons                                                              Weil
Duane Morris                                                             WilmerHale                                                 
Hogan Lovells

Being Fearsome is a big differentiator—especially in the face of record uncertainty. The more Fearsome your firm, the more you stand out to clients and to the other side. The Fearsome firms have nothing to fear.

Learn more about how your firm can take advantage of new client expectations and spending changes for 2020—and what your firm can do to put these trends to work for your immediate benefit:

  • Changes in client expectations causing them to consider fewer law firms than last year

  • When and where spending is going up in 17 industries—and where it’s headed down

  • New hiring requirements

  • 7 tactics to land new business in 7 areas of litigation

  • And so much more…

in the new BTI Litigation Outlook 2020: Changes, Trends and Opportunities for Law Firms. Available now.

MBR

CMOs Placing Their Bets for 2020

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Every CMO is forced to make a choice.

You have tons of responsibility across a broad spectrum of strategies and tactics from which to select. But, the most successful CMOs pick at least one initiative where they go all in. This initiative is where the fire burns—where the passion lies. It’s the signature dish in the marketing leader menu. This bold bet is where will you make the most impact.

BTI research found 6 initiatives getting the most energy:

1.      Learning digital marketing. These CMOs want to get ahead of the digital marketing curve and move out of the
beginner stages. They are ultimately looking for new ways to connect with clients and prospects to create a
steady stream of inbound leads.

2.     Focusing on business development. Look for more training, client teams, and reporting in BD to increase skill
levels and generate more business.

3.     Getting client feedback. More than just a want, these CMOs are going all in—making the unrelenting
argument for client feedback—knowing it is the most potent business development tool of all.

4.     Adding technology. Looking for ways to use technology to boost productivity, increase support levels for
partners, and generate better output—all to drive higher win rates.

5.     Increasing client focus. Law firms have so many ways to add client-centricity to their work. These CMOs want
to make it a way of life. For example, ask every client when they want their updates as a standard part of
client intake. You will immediately increase client service and confidence—before you start billing.

6.     Shaping firm strategy. The strategy is underway and these CMOs are going make their voices heard loud and
clear. They are going to bring market perspective, client perspective, and the voice of the client. They will
bring their thoughts and grab a chair at the table.

These are the most popular bets. CMOs believe they will have the most impact. Each of these bets take more than a short-term view—meaning CMOs are being more strategic. You can argue some initiatives are more impactful than others—but this can change quickly once you place the initiative in the context of a specific firm. All are low risk with potential high returns.

About 80% of all CMOs are focused on the 6 initiatives above. The remaining group plans to bet on the following initiatives: establishing key performance indicators, developing pricing strategies, reorganizing to better serve the partners, and hiring more staff.

Successful CMOs make big bets. Your bets provide a voice, authority, drive the mission, and tell everyone what you are all about. Big bets not only get more attention than small bets—they garner more respect. And, bring success. So, the odds are with you.

MBR

GCs Name 15 Peak Performing Law Firms

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Client-facing activities are not equal in their impact nor influence. But they all play a critical role in law firm performance. Some are vastly more important than others—and to a large extent—even their importance changes over time. But all these client-facing activities turn into client service. And, client service stands squarely at the very top of the heap.

Client service drives new business, client retention, and higher rates. It also drives inbound referrals and almost every aspect of the client experience. Your brand comes next, determining your firm’s hirability, the rates clients are willing to pay, and the imprint your firm leaves with clients and potential clients.

Finally, success demands law firms translate this performance into the strongest and biggest client relationships. And we mean seriously strong—where you are both a core firm and your clients recommend you to their peers in an unprompted manner.

We measure all these factors—and more—based solely on independent client feedback with legal decision makers at the world’s leading organizations. No law firm can submit names, self-nominate, or provide a referral. We publish these results in our in-depth reports each year. Our most recent reports include:

BTI Client Service A-Team 2019: Survey of Law Firm Client Service Performance

For the past 19 years, BTI has published the definitive ranking of client service excellence for the corporate law firm market. We rank client service performance based on unprompted input from legal decision makers—based on the 17 activities driving elite client service. The BTI Client Service A-Team is the gold standard (used by law firms and corporate counsel alike) to assess how law firms honestly stack up in client service delivery.

BTI Client Service All-Stars for Law Firms 2019

The BTI Client Service All-Stars is BTI’s definitive annual guide to the attorneys delivering the absolute best client service. BTI went straight to the source—the client, the decision makers for legal services—to find out exactly which attorneys are truly influencing and changing the legal industry. The 335 attorneys in this report are the individuals clients tell us are absolutely best. No attorney can self-submit, pay, or nominate their way in—only clients say who is best, with no prompting or suggestions.

BTI Brand Elite 2019: Client Perceptions of the Best-Branded Law Firms

Experience is the most influential factor in law firm branding. This can be direct, indirect, or even tangential. But the experience matters most. Top legal decision makers tell us 9 specific experiences leave the biggest imprint and have the most impact. BTI Brand Elite ranks the 408 law firms with the best brand standing among GCs and legal decision makers.

BTI Industry Power Rankings 2019: The Law Firms with the Best Client Relationships in 18 Industries

More than 650 top legal decision makers at the world’s leading organizations rank more than 300 law firms in 18 industries based on the strength of their client relationships. These are the law firms clients name as their core, go-to firms, the firms they recommend most to their peers, and those prized firms who lay claim to both.

BTI Legal Innovation and Technology Outlook 2019: Clients Rank Their Needs and Law Firm Performance

Top legal decision makers delineate exactly how clients perceive 338 law firms, and which 52 are the absolute best in the eyes of clients—The BTI Innovation Champions. Equally as important, the BTI Legal Innovation and Technology Outlook 2019 reveals 27 specific client needs and priorities relevant to innovation and ranks the law firms raising the bar across legal practice, client service, and technology.

The BTI Peak Performers

We went searching to find the top-performing law firms in each of the client-facing activities across all of BTI’s published research. Only 15 law firms meet this brutal test by earning a place in the elite group in each of the above reports. Jones Day lands in the number 1 spot.

These firms are the BTI Peak Performers 2019 (listed in alphabetical order):

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This culminates BTI’s 19th report year. The next report you see will be BTI Litigation Outlook 2020: Trends, Changes, and Opportunities for Law Firms. This is the first look at 2020 and the projections for next year are not what you’d expect. Look for this market-leading report in early September.

Our congratulations to the BTI Peak Performing Law Firms of 2019 as we begin to look to the market ahead.

MBR

The 89 Law Firms GCs Recommend Most

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Client recommendations sit at the epicenter of law firm hiring and recurring business. Virtually every top legal decision maker looks to peer recommendations when first thinking of hiring a new law firm. Fully 57% of these decision makers will hire the first firm recommended—even if this firm is recommended just once—hence the power of the unprompted recommendation.

The peer-to-peer recommendation is serious business. Every recommendation is a personal statement about the type of provider—the commitment, service, quality, and demeanor—you are willing to entrust to a peer—from whom they would expect the same.

Superior client service is consistently the leading driver of law firm recommendations by General Counsel. Superior service accounts for nearly 5 times more recommendations (70%) than any other single factor.

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Overall, top legal decision makers recommend 89 law firms. They are:

The 10 Law Firms Standout as Receiving the Most Recommendations

27 Law Firms Standout as Highly Recommended

You can see all the law firms clients recommend and why in The BTI Most Recommended Law Firms 2019: The Firms Top Legal Decision Makers Recommend Above All Others. You can download a copy of the report here.

Congratulations to these high-performing firms.

MBR

½ of Law Firms Woefully Behind in Marketing Tech

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Technology provides a clear advantage. You can see more of what matters and target your resources with precision. All CMOs dream of technology prowess. BTI research reveals just over half of CMOs dream of the basics—foundational tools to drive BD. AI and advanced analytics will have to wait until CMOs get what they need now, including:

1.      An Experience Database

27% of law firm marketing leaders dream of an experience database. These CMOs want to know what the firm has done (and when) so they can pitch clients with relevant and detailed experience. They want a summary of the work, the impact, the industry, the practice, the attorneys—and the outcome. All this is to support the proposal and BD effort and build systematic, easy-to-access knowledge. Some forward-thinking CMOs dream of linking this data to winning proposals to pinpoint experiences resonating most with legal decision makers. Lofty, but a future enhancement.

2.      CRM

As we discussed 3 weeks ago, client relationships are the lifeblood of any law firm. 25.5% of CMOs say the ability to map and learn about these relationships is their top technology need. They want to track down the firm relationships so they can pitch a team who knows the client and can garner institutional knowledge. CRM is also one of the few tools enabling CMOs to use past activity to inform the future.

The 2 building blocks of marketing infrastructure above make up over 52.5% of 169 CMOs’ wish lists across law firms. Ideally, firms looking for CRM will use systems with a self-populating feature.  

The CMOs who already have the experience database and CRM in place have a completely different point of view. This lucky group is wishing for a wide variety of technology, performance, and productivity boosters including:

BD Tracking and Analytics

Revenue-driving CMOs want to know a lot more about BD. Most firms only track BD hours in aggregate across the firm. Some high-performing firms track BD efforts with both existing and new clients. But 9% of law firm marketing leaders want to track how much time partners are spending on specific pitches. They want to know what is paying off. And, they are trying to spot the high performers early on.

Web Analytics

Some CMOs want to track their website’s performance, lead generation, and content usage. They want to use digital analytics to inform their campaigns and drive more focused content. They also want to know: where is the traffic coming from? How often do clients and prospective clients visit? Where do they go and who are they? These are just a few things these digitally minded CMOs wish for.

Tech Integration

Most organizations struggle with this. How to make the technology work in unison—one interface, one platform, one intelligent set of high-performance data.

Data Analytics, AI, and Everything Else

Only 5% of CMOs are looking for data analytics and AI, while 8% are looking for competitive intelligence tools. A small number are looking for project management and proposal software.

Thanks, But No Thanks

The biggest surprise is 12% of law firm marketing leaders say their tech wish list is blank. They are fine with what they have.

Technology Troubles? Don’t Be Worried—Yet

The great thing about technology at this stage is firms who still need the basics are not out of the game yet. You can easily leapfrog those in front of you with a clever strategy and the right technology. But, waiting too long will put you too far behind to catch up. Better to find a way to act now—while you can still jump out in front.

MBR