Successful Law Firm Marketing That Targets General Counsel

Legal business development in 2024 is facing increased challenges. An article by Firesign Legal Marketing highlights a January survey conducted by BTI Consulting in which over half of lawyers and law firm leaders anticipate a more difficult business development landscape. 

In response, corporate law firms must closely examine buyer behavior amidst market constraints. General counsels are feeling significant cost pressure, with nearly 70 percent planning to bring more work in-house, particularly in areas such as contracts, litigation, and corporate matters. Moreover, almost half are considering shifting work to less expensive firms or alternative legal service providers.

To retain work, the article suggests that law firms prepare for tougher negotiations, with clients seeking additional rate discounts and alternative fee arrangements. Litigators, in particular, should be alert to the demand for new solutions. Big Law firms should focus on defensive strategies, emphasizing rates, value, and new fee options, while boutique firms should adopt more aggressive outreach tactics to enhance visibility, credibility, and networking.

Beyond expertise and value, clients are increasingly evaluating law firms based on secondary factors such as firm purpose and values, technology usage, diversity, transparency in AI use, and carbon footprint. These factors are becoming more critical in decision-making processes, providing new avenues for firm marketing, especially for boutique firms seeking to attract new clients.

In navigating the tougher business climate, successful law firms will be those that effectively position themselves based on value, maintain relevant and authentic brands, and translate concepts like technology usage into compelling case studies demonstrating improved client experiences.