Maximizing Business Value in Law Firms by Aligning Strategic Marketing Activities with Legal Objectives

A law firm’s Marketing and Business Development teams can demonstrate value effectively by aligning their activities with the overall goals and strategies of the firm. To achieve this, an article from Law Vision suggests that understanding the firm’s strategy is crucial. 

For instance, if client retention and growth are key objectives, marketing initiatives should reflect this, avoiding less effective strategies such as print advertising. Creating a Marketing and Marketing Communications Dashboard can aid in project management, tracking tasks, responsible team members, and deadlines, and directly tying activities to client and prospect opportunities. Here are a few examples:

• Seeking input from key leaders and stakeholders about what measures would be most valuable is important. Regularly checking in with them and incorporating their feedback strengthens relationships, aligns team goals, and ensures the team is meeting the firm’s expectations. 
• Presenting the team’s value at partner and executive committee meetings is essential, emphasizing how the Marketing and BD team contributes to the firm’s success and aligns with overall goals.
• Developing a sales forecast, even if not explicitly requested, is recommended. This forward-looking tool helps predict revenue and ties Marketing and BD requests to revenue generation. 
• Questions to partners about revenue expectations for specific opportunities and actively sharing forecasts with firm management monthly can garner attention and enhance accountability. This proactive approach connects activities to those requesting them, reinforcing the team’s contribution to the firm’s success. 

Ultimately, demonstrating the tangible impact of Marketing and Business Development efforts on revenue and overall strategy is key to showcasing their value within the organization.