The B players outperform the A players.
They are hungrier, want to make change and are ready to fight city hall (aka management), if need be. These law firm marketing leaders are focused on blocking and tackling issues such as: client service, client feedback, basic business development skills, client teams, and an occasional industry group.
This is from the results of more than 160 law firm marketing leaders’ self-assessment of 15 key areas of performance.
B Players are Building with the Basics
The B players are much harder on themselves—offering a self-ranking of 8 out of a possible 10. But, they sport the highest 3-year growth rate of all law firms, at just over 5%. It pays to be just a bit humble and focus on the basics.
A Players are Building Strategy before the Basics
The self-ranked A players show the slowest 3-year CAGR, at a 1.2%. The self-ranked top performers are focusing on the strategic. They are emphasizing legal prowess, technology, innovation, content marketing, industry groups, and collaboration—all important. But these programs rarely show results without training in the basics. These strategic programs are highly effective in attracting clients—but don’t turn into business unless partners can turn these leads into clients—using the basics which remain the focus of the B players above.
Doing What Works – the Self-Ranked 7s
Law firm marketing leaders ranking themselves 7 and below receive less institutional support than the self-ranked 8s, 9s, and 10s. The 7s put all their energy into getting programs, tactics, or a single effort in place—but they are making forward progress—at the 3-year CAGR of 4.3%.
These 7s are like the 8s—they focus on basics and building blocks. And don’t let go until their program is up and running—and working.
Influence by Osmosis
At a self-ranking of 6, the law firm marketing leaders are making an impact at the partner level. They may get a firmwide program or 2 off the ground (usually client feedback) and will use the feedback and their coaching skills to drive improvement and change. These CMOs take on the one-to-one relationships with the vested partners—and drive change with each one. The good news—the vested partners are typically the most interested in building client relationships and new business—so it’s well-placed leverage.
The self-ranked 6s deliver a CAGR of 2.8%.
Ranking their firm’s performance at 5 or less—these CMOs are most likely to be in the market looking for a new gig—they try—but can’t get a lot of traction. They are pushing water up hill and want to make more progress. Usually, somewhere other than their current firm.
Few Areas of Greatness
Only 3 areas really stand out with a self-ranking of 10—with more than 20% of CMOs ranking themselves a 10—these are:
– Cultivating Work from Existing Clients
– Setting Strategic Direction
– Providing Tools for BD
Conversely, more than 50% of CMOs rank their firms at 6 or lower in 4 areas:
– Partner Accountability
– Using Metrics to Drive BD
– Attracting New Marquee Clients
– BD Training for Attorneys
You can see the full results of how CMOs rank their firms in each of the 15 activities by clicking here.
The best performers show a bit of humility and hunger. They show how mastering the basics beats the strategic at this stage of the market. But, it won’t always be this way. Business development is going to become a lot more difficult—and those firms who mastered the basics will be the first to really get benefits from a well-crafted strategy.
Based on in-depth interviews BTI conducted with more than 160 law firm marketing leaders between September 2016 and May 2017.