It takes BD to Tango
The legal industry recognizes it’s no longer just about billing. Relevant new players in the market have risen and younger generations working in the sector are becoming more aware of the opportunities open to us all. All of which means it’s never been a more interesting time to be part of the sector.
It takes BD to Tango
The legal industry recognizes it’s no longer just about billing. Relevant new players in the market have risen and younger generations working in the sector are becoming more aware of the opportunities open to us all. All of which means it’s never been a more interesting time to be part of the sector.
Globally, the legal services industry has managed to position itself as a relevant player and economic pillar. Robust democracies and the observance of the rule of law have also proven to be a unique factor for certain jurisdictions considered as global hubs, namely London and New York.
But this is not only because of outstanding work carried out by legal practitioners and confidence from clients. There is more to it.
The last two decades have proven the importance for law firms of both institutionalized processes and the learning (sometimes painfully) that the only constant is change. But, then again, the catalyst behind these two comes down to strategic planning and forward thinking. Firms have a lot to thank business developers and marketers for as we’re often the drivers behind change and innovation.
Whilst it will always remain a key factor, the legal industry recognizes it’s no longer just about billing. Relevant new players in the market have risen and younger generations working in the sector are becoming more aware of opportunities. As our industry evolves, so does the view of looking at the law as a business.
As a technical legal expert, sometimes lawyers forget the importance of bolstering relationships, client development and other key features required to flourish in an aggressive and competitive environment. Yet, business developers and marketers are filling such a void by providing cutting edge advice and partnering with different players across practices and/or firms to achieve substantive goals.
Covid-19 provided a platform for business development and marketing teams in the legal sector to become even more relevant in the role they play within their firms. Forward thinking and innovative strategies became the norm for pretty much all members of the legal world during the pandemic as otherwise work could dry up.
There has never been a better time for business developers to shine and progress initiatives that perhaps would have been unthinkable previously. This has finally put on the map a long-standing debt to this group of outstanding professionals: their work is critical for a law firm to operate, generate value, and maximize revenue.
Business development and the activities around it have become much more sophisticated in recent years. Whereas before even the term “business development” referred equally to marketing or any marketing aspect required (or the other way around), nowadays we’ve managed to draw a distinction between the two that allows for each to thrive separately. A key aspect in developing this is strategic planning, something sometimes simply overlooked.
I’m a firm believer anyone, irrespective of role, title or seniority can carry out BD and marketing functions. We’re all ambassadors for our firm, whether we want to admit that or not.
Still, the road ahead is not linear. The legal profession itself has become much broader and diversified. Take professional knowledge lawyers and investment managers - everyone needs to absorb new ideas and, most importantly, prove themselves more frequently and on a more specialized basis. That is the single most challenging part for law firms: to adapt to the ever-changing scenario of BD and marketing activities without compromising culture and values.
“There has never been a more interesting time to be part of the legal industry, particularly because the diversification it is experiencing means being a legal practitioner is simply no longer enough. Business savvy, commercially driven and many other adjectives must now be part of the lawyer’s vocabulary.”
“There has never been a more interesting time to be part of the legal industry, particularly because the diversification it is experiencing means being a legal practitioner is simply no longer enough. Business savvy, commercially driven and many other adjectives must now be part of the lawyer’s vocabulary.”
Nowadays, there is the necessity for more awareness and transparency insofar as the activities carried out by teams and practice areas alike irrespective of levels. There is also a more project management-based type of accountability that allows business development and marketing teams to better track several initiatives regardless of roles.
Probably arising out of Covid but, certainly before that, law firm investment – particularly in BD and marketing - was seen more as optional than mandatory. More specifically, anything related to marketing was seen as an expense more than an investment. All of this, however, has changed. Moreover, we should take note that not all investment relates to money.
Clients are having more complex and unique issues than ever before with novel aspects previously unheard of coming to the fore, take the metaverse for example. At the same time, there is more demand to “give back” to society in any way, shape or form possible.
Increasingly, relevant issues such as ESG, diversity and inclusion - and other aspects that perhaps were not deemed as required for a law firm to address in the past - are now seen top of any questionnaire as part of the instruction process.
Nowadays, companies like to see their external counsel as active and committed business partners not only with them but, most relevantly, as an active player aiding in causes that are of the utmost importance to the public. All these factors come in handy for business developers and marketers to find different avenues to promote their firm and the talent within.
Likewise, as a younger generation of partners and senior associates start taking more relevant roles within firms, those at the more senior level have become willing to combine these capabilities and that mix therefore provides a platform that proves to be unique for clients. I believe we are experiencing a change of paradigm in relation to this, certainly for the better.
Business savvy, commercially driven (and many other adjectives) must now be part of the legal professional vocabulary (and biography) when a client is looking for solutions.
Practitioners cannot be left to do all the work by themselves. They need to learn how to be team players and their BD colleagues are their best ally. Business developers and marketers now play an increasingly crucial role that will define the course of the industry for decades to come.
Overall, there has never been a more interesting time to be part of the legal industry, particularly because the diversification it is experiencing means being a legal practitioner is simply no longer enough.