‘It’s Showing You’re Part of the Eco-System’: Law Firm BDOs on How Their Firm Gets Ahead
In the hugely competitive legal space, the success or failure of a firm can depend on its ability to attract and retain top clients and top talent.
Firms are increasingly turning to their marketing and business development chiefs to supply the competitive advantage in the race for preeminent position in the market.
Marketing and business development may not be billable, but there are ways to measure the return on investment according to James Stapleton, chief business development and marketing officer at Blank Rome.
One example is non-chargeable client visits which almost always result in new work, he says.
The firm has continued to run its webinar programme after finding it was attracting double the number of attendees, on average, than its in-person events.
To demonstrate ROI, James adds: “We measure the amount of revenue generated in the 90 days prior to the event and compare it to the amount of revenue generated from the attendees and their clients in the 90 days subsequent to the event and it’s almost always extremely positive.”
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"‘It’s Showing You’re Part of the Eco-System’: Law Firm BDOs on How Their Firm Gets Ahead," by James Barclay was published in The Global Legal Post on April 25, 2022.