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To gauge what’s happening in today’s legal marketplace, the Legal Marketing Association and Bloomberg Law surveyed 172 business development and marketing professionals and 114 lawyers, of which more than 100 were partners, at law firms with at least six attorneys. In April, they published the results in their report: Are We There Yet? Revealing the Latest Trends in Marketing and Business Development. Law Firms are Under Pressure The study confirms what legal marketing experts have been stating over and over again in this blog. (Consider this recent post about building a law firm marketing department.) Technology, economic woes, and shifts…
It’s no secret that lawyers have a reputation for being tech laggards. And while some lawyers embrace tech-aversion as if it’s some quirky idiosyncrasy, in truth most lawyers are eager to adopt technology when the advantages are clear. The problem behind low tech adoption at law firms is that lawyers are paid to be discerning. They’re also trained to identify leverage. So when a law firm’s tech initiative doesn’t align with its lawyers’ best interests, it’s doomed from the start. I won’t pretend this dynamic doesn’t exist in other industries, but the legal sector is especially sensitive to it. Take…
If your law firm wants business from Fortune 500 companies and their international equivalent, you must know how to work effectively with procurement. That’s the word from Silvia Hodges Silverstein, PhD, Executive Director of the Buying Legal Council. While general counsel may still be the final decision makers in legal services purchases, it will be very challenging to reach that final level of consideration without procurement’s approval. “Procurement has been gaining influence in the buying of legal services in the last decade,” says Dr. Silverstein. “They expect firms to behave like prudent business partners who have their best interest top…
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Today’s sales and business development teams sport some scary stats:
- 67% of sales pros don’t hit their individual quotas
- More than half of all salespeople close at less than 40%
- Only 50% of salespeople feel like they can access key players
What’s a revenue producer to do when faced with stats like these? Let’s use sales intelligence so we can laugh our way past quota (and keep laughing all the way to the bank).