INTEL to Building Your Law Firm’s BD & Marketing Team

As law firms navigate an increasingly competitive landscape, building a strong Business Development (BD) and Marketing Communications (Marcomms) function is no longer optional but essential. In PracticeEvolve's recent INTEL Series session, Graham Seldon and Katie Rosser from Seldon Rosser shared expert insights into recruiting BD and Marcomms professionals, helping firms identify the optimal timing and strategy to establish or grow their teams. This session marked the final instalment in PracticeEvolve’s Business Development focus series, delivering practical takeaways for law firms aiming to boost their client growth and brand presence.

Understanding Ideal BD & Marketing Staffing Ratios

The session began by addressing a frequently asked question: What’s the right BD and marketing team size for a law firm?

• On average, law firms typically have one BD/Marketing professional for every five partners.
• The recommended range spans from 1:3 to 1:6.5, allowing firms to adjust based on their specific needs, including geographic reach, client base, and strategic growth ambitions.

This ratio accounts for national and international firms that already have dedicated BDMC teams. However, ratios alone don’t tell the whole story. The right balance will depend on the firm’s culture, current market position, and goals for the future. For law firms scaling their operations or entering new markets, hiring additional BD and marketing staff can be crucial for navigating unfamiliar competitive landscapes and driving client engagement.

When to Use Consultants vs. Hiring In-House Talent

Seldon and Rosser emphasised that law firms should assess whether they need consultants or in-house resources based on their immediate goals and long-term strategy. Consulting teams can offer short-term, high-impact expertise, especially useful during pivotal transitions, such as rebranding or entering new markets. However, for firms focused on sustained growth, building an internal team ensures continuity, a deep understanding of firm culture, and a more seamless client experience.

Factors to Consider:

• Capacity for Growth: For firms in rapid expansion, bringing in a full-time BD and marketing team is crucial to sustaining growth momentum.
• Brand Consistency: An in-house team allows for a consistent message, vital for maintaining a cohesive brand identity.
• Efficiency and Integration: An integrated team can work closely with partners and practice leaders, fostering smoother collaboration across the firm.

Establishing a Proactive BD & Marketing Culture

A central theme of the session was the need for law firms to foster a culture that actively supports business development and client engagement. This is particularly relevant for firms where partners are traditionally focused on legal work rather than client acquisition. Encouraging a proactive BD mindset among all staff can lead to better client retention and a stronger brand reputation.

Practical Steps to Embed a BD & Marketing Culture:

• Encourage Cross-Department Collaboration: BD professionals can better understand and market the firm’s services when they regularly interact with lawyers across different practice areas.
• Invest in BD Training for Partners: Providing partners with BD training, such as networking skills and client engagement strategies, can help integrate BD efforts throughout the firm.
• Set Measurable Goals: Setting clear metrics, like client growth targets and marketing ROI, ensures BD and marketing teams are aligned with the firm’s broader goals.

Leveraging Technology to Enhance BD & Marketing

As law firms increasingly adopt technology to drive efficiency, BD and marketing are no exceptions. PracticeEvolve's session highlighted the importance of leveraging technology to streamline BD and marketing efforts.

Key Technologies for BD & Marketing:

• CRM Systems: Customer Relationship Management (CRM) systems help track client interactions, making it easier for BD teams to manage leads, track engagements, and ensure follow-up.
• Analytics Tools: Law firms that track metrics like client acquisition cost, lead conversion rate, and client retention rate can make more data-driven decisions in their BD efforts.
• Automation: Automated tools can streamline marketing efforts, from client outreach to tracking campaign performance, freeing up the team’s time for strategic work.

Building a BD Team that Aligns with Firm Culture

Hiring the right BD and marketing professionals means finding individuals who resonate with the firm’s culture. This is particularly important for law firms, where reputation and client trust are paramount. The right candidates should not only have the requisite skills but should also embody the firm’s values, helping to foster long-term relationships with clients and seamlessly integrate BD efforts into daily operations.

Final Takeaways for Law Firms

• Evaluate Readiness to Grow BD & Marketing: Assess whether your current BDMC setup is sufficient to support your growth goals. If your firm is expanding or exploring new services, investing in a larger or more specialised team may be necessary.
• Focus on Building a BD-Friendly Culture: BD should be seen as a shared responsibility across the firm. When everyone—from partners to junior staff—supports BD efforts, it creates a culture that values growth and client service.
• Invest in Technology for Efficiency: Leveraging CRM, analytics, and automation tools can drive BD efficiency, allowing the team to focus on strategic tasks that support growth.

Refer below for deeper insights, including tips on identifying the ideal candidate during recruitment.

Upcoming INTEL Series Webinar: Navigating Forthcoming AML Reforms - Key Impacts for Australian Lawyers

The next session in the INTEL Series is a must-attend for Australian law firms as they prepare for significant changes in Anti-Money Laundering (AML) regulations. With the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill expected to become law by the end of November 2024, firms will need to start planning now to meet compliance deadlines.

Speaker: Amy Bell, AML Specialist for Professional Service Firms

Date & Time: 10:00 AM AEDT, 21 November 2024

Register here: https://practiceevolve.zoom.us/webinar/register/8817300729400/WN_WTqz7-n0RumZCaaSaCA8GQ