Most associates spend 80% of their time on marketing activities, such as speaking, writing, or attending seminars and webinars, and 20% of their time on sales activities, such as building direct relationships with customers, according to Reuters.
These ratios should however be reversed. Especially if law firms want to see meaningful results from their investment in this area.
Law firms should realign overall firm strategy and how marketing and sales resources are deployed. Associates should also be held accountable for how their marketing and sales budget is spent.
This way of doing things would make it possible to know the return on investment of this department and to better understand the value of the sales and marketing professionals within the firms.
Some players have already made efforts in this direction. Take, for example, a global law firm based in the Midwest of the United States, which has built a sales team.
These four experts follow up with each person who registers for a seminar or other firm event to schedule a follow-up call with a firm associate.
Associates receive preparation for each call, and the number of attendees, number of conversations, and work landed afterward are all tracked.
Other firms pay particular attention to articles written by their lawyers on their website. They analyze how much time is spent on which article topics, to find out the interests of visitors. Associates or salespeople then contact potential customers to invite them to speak with a partner about the topic that interests them.
Some firms go further and do not hesitate to hire salespeople who are in direct contact with clients.
Return on investment is not only measured by turnover. To increase revenue, you need to increase relationships. By gathering data and tracking, law firms can know the true impact of marketing and sales and improve.