If you were one of the 1 500+ to have attended the Legal Marketing Association Annual Conference in Atlanta last month or even if you’ve just been following the #LMA19 updates online, you’re probably feeling as inspired as we are right now. The conference was a great success; one that delivered thought-provoking topics, challenging insights and useful takeaways.
Here are our thoughts on three of the key themes that wove their way through this year’s discussions.
- Change is (still) to be expected
- The legal industry needs to follow others when it comes to data and decision making
- The client experience is critical
1. Change is (still) to be expected
Change is usually uncomfortable – and always necessary. We know that the legal industry will never be the same after the recession, and many firms are still working out what the future looks like. Technological advances, and the pace of innovation they have unlocked, are leading to increased competition as well as new opportunities to differentiate and put clients at the center of a firm’s operations.
At the same time, we’re seeing firms embracing software to meet demands for greater efficiency and lower costs as they try to stretch their margins while adding value to clients.
Those who are brave enough to continue to ride the wave of innovation have the best chance of gaining an early edge and leading the charge. Ironically, those who are too risk averse, risk being disrupted and made irrelevant.
But of course, change doesn’t happen fast in law firms. Partners still tend to resist most changes, that is according to last year’s survey report by Altman Weil. The 2018 Law Firms in Transition survey results showed that partners resist most change efforts in 69% of firms.
Firms need strong Marketing and Business Development leaders who can share their vision with partners while making a convincing, bottom-line focused case for change.
2. The legal industry needs to follow others when it comes to data and decision making
You’ve heard it said before: we’re living in the age of big data. In essence, data allows companies to understand trends, consumer behavior, campaign successes and demands, among other patterns and insights. Companies and industries across the board have done well at applying this information to their marketing strategies, sharpening their focus and maximizing their outputs.
Bearing in mind the positive impact that data-driven decision making can have, it’s hardly surprising that this was a hot #LMA19 topic. As discussed during the pre-conference workshop, law firms could benefit from using data across their marketing systems with a business-minded approach, as companies in other industries do. The results of the International Legal Technology Association’s 2018 survey show that spend on customer relationship management (CRM) and website-tracking systems are increasing among some firms. This is positive, especially if these tools are being used to turn data insights into refined marketing efforts, and to showcase reach and growth in tangible form to partners.
3. The client experience is critical
There is undoubtedly value in fostering a client service culture. In fact, Rich Bracken and Heather McCullough of Society 54 brought to light that a 2% increase in customer retention through client service and experience provides the same profits as a reduction in costs by 10%. They further discussed that increasing the satisfaction of happy clients can provide up to 9 times more revenue than putting out the fires from negative client experiences.
As legal services continue to become commoditized, it’s essential that your clients feel that their voices are heard, and that your firm understands and is ahead of trends. With technology and data insights on your side, it’s a whole lot easier to do this.
About Qorus for legal business development
Qorus is an intuitive legal content management system that is designed to accelerate the creation of pitches, proposals, capability statements and more.
Our solution enables teams to create, collaborate on and share all deal-related content – without leaving the familiar world of Microsoft Office and CRM applications, even the busiest partner can collaborate on deal matter with ease – boosting efficiency and reducing costs.
Contact us to find out why so many law firms love our solutions for legal services here. Let us help you differentiate your business by embracing new technologies and methodologies.
Listen to our proposal management webinar with Baker McKenzie and Insight. You can also download our legal solutions overview or to request more information – click here.