Should law firms spend more on business development?

If you’ve been reading this blog for a while, you know my answer: Law firms that want to survive in an increasingly competitive environment must indeed invest more time and money in business development.

But don’t just take my word for it.  Consider what these experts are saying:

In the last few months, law firms have become increasingly aware that training lawyers in marketing and business development is a key way to drive business....Business development is one of the few marketing areas where law firm executives are most willing to increase spending. Nearly 70% said they planned to provide more marketing coaching to lawyers.

--Wall Street Journal, May 20, 2009

71 percent of law firms responding to a major survey plan to expand their business development efforts this year, despite a recession that has driven them to significant cost cutting measures, including layoffs.

--Incisive Legal Intelligence Fifth Annual Law Firm Business Development Practices Survey

While general branding campaigns may be less of a focus right now, marketing initiatives such as business development training still remain popular, law firm marketing executives say....The value of a new web site or brochure can't be measured in dollars, but business coaching and training for attorneys can be more clearly converted into money.

--AmLaw Daily

Of course, it’s not at all surprising that law firms would ramp up their business development efforts. After more than a decade of consistent growth, profits plunged in 2008 and layoffs and pay cuts followed close behind. Once the work stopped falling into their laps, a realization set in: attorneys don’t know how to market. They need to be taught business development skills -- and fast -- in order to hold on to existing clients and meet prospects.

--Leigh George

…one of the characteristics of most of the law firms that are now in deep trouble is that they badly under-invested in the development of business, marketing, and practice management skills in associates.

--Norman Clark

Executive coaches report steady demand for their services despite the recession....In a down economy, it’s particularly important to have someone on your side. Instead of 10 client opportunities this year, there might be five. You have to make each one count.

--Wall Street Journal, August 25, 2009

Lawyers have time on their hands, so put it to good use with increased focus on client development, client teams, and appropriate business development training.

--Hildebrandt Special Client Advisory

My thanks to Craig Brown for calling my attention to several of these quotes.  To be honest, Craig is a competitor.  But he’s one of the best.