ARLINGTON, Va., April 12, 2016 /PRNewswire-USNewswire/ -- Driven by a changing marketplace, 56 percent of those surveyed anticipate their law firms will increase their investment in marketing and business development over the next two years, according to a new joint survey of attorneys and marketing professionals conducted by Bloomberg Law and the Legal Marketing Association (LMA). In fact, more than two-thirds of those surveyed said their firms are placing greater emphasis on marketing and business development, while only six percent felt that was not the case. The full study, titled "Are We There Yet? Revealing the Latest Trends in Legal Marketing and Business Development" can be found here: http://on.bna.com/10xbwE.
"Today's economic challenges, shifts in buyer behaviors, constraints on time, and rapid technological change are motivating law firms to reconsider the way they develop new business," said Melanie Heller, Vice President and General Manager of Bloomberg Law. "Combined with ever-present internal pressures to increase revenue, these factors are driving the evolution of law firm marketing and business development."
The roles of internal marketing staff are also changing, with many serving a greater strategic function in the firm. For example, the survey found that marketers are focusing more on competitive intelligence, while business development professionals are engaging more directly with prospects and even forming and managing client teams.
"Marketing and business development professionals are increasingly taking on new responsibilities and expanded roles," said LMA Executive Director Betsi Roach, MIM, CAE. "The strategic importance of their work also means marketers' influence within their firms is on the rise."
That increased influence may also be strengthening the working relationships between attorneys and marketers. The survey found that 88 percent of lawyers and 99 percent of marketers indicate that their relationship has remained relatively positive or improved over the past two years. Respondents cited a number of reasons for this, most notably the building of credibility and trust, more one-on-one time, and better understanding from marketers of attorneys and their needs.
While their relationships may be getting better, both attorneys and marketers report dissatisfaction with how well technology is utilized for marketing and business development in their firms. The complexity of Client Relationship Management and lead generation tools, lack of effective integration, and inadequate training were the most common reasons respondents gave for not making the most out of existing technology.
Bloomberg Law's Business Development Center, launched in 2012, features a collection of integrated business, legal, and financial tools and customizable news and dockets monitors, to help law firms grow business. The Business Development Center brings together the tools and resources that help attorneys identify and target new business opportunities and stay current on the specific issues that impact their clients. All Bloomberg Law users have access to the Business Development Center as part of their subscription.
The resources and tools within the Bloomberg Law Business Development Center include: customizable news monitors to stay on top of the latest industry activity that matters most; the "Company Screener" to research companies and generate leads based on financial and demographic criteria; a multitude of resources, including extensive company profiles, to gain insight into the business of clients, competitors, and adversaries, as well as "Representation Analytics," which allows users to see the top law firms representing a particular company — and the top companies a particular law firm represents — in federal litigation.
"An effective growth strategy requires a relentless focus on the needs of clients and the changes within their industries," said Andrew Smulian, Chairman and CEO of Akerman LLP. "Data-driven technology solutions that help lawyers provide even greater value to clients while surfacing new opportunities are essential."
Bloomberg Law is presenting the full results of this survey, which polled over 200 law firm business development and marketing professionals and attorneys, at the LMA Annual Conference on April 11-13 in Austin, Texas. Copies of the survey and more information on the Bloomberg Law Business Development Center will be available at Booth #35.
For more information on Bloomberg Law's Business Development Center and to request a free trial, please visit: http://on.bna.com/10xcp6.
About Bloomberg Law
Bloomberg Law is an all-in-one technology platform that helps law firms grow their top line revenue, provide world-class counsel by getting the right answer fast and efficiently, and maintain and increase their profitability. This is done through a combination of proprietary market data, trusted content and legal analysis, and innovative technology—together enabling and accelerating client growth, client excellence, and client profitability.
About Bloomberg BNA
Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance. Bloomberg BNA's authoritative coverage spans a full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety.
About the Legal Marketing Association
Founded in 1985, the Legal Marketing Association (LMA) is the universal voice of the legal marketing and business development profession, a community that brings together CMOs to entry-level specialists from firms of all sizes, consultants and vendors, lawyers, marketers from other professions and marketing students to share their collective knowledge. LMA has 19 chapters and 26 city groups across the U.S. and Canada, and its more than 4,000 members hail from 48 U.S. states and 23 countries. More than 90 percent of the largest 200 U.S. law firms employ an LMA member. Members at every stage in their career development benefit from participating in LMA's array of programs and services.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/joint-bloomberg-law-legal-marketing-association-survey-shows-law-firms-increasing-investment-in-marketing-and-business-development-300249612.html
SOURCE Bloomberg BNA; Legal Marketing Association