Should law firms make a clearer distinction between business development and marketing?

Marketing and business development are often linked together as one function in law firms. But as any professional in these spaces will attest: they are most definitely not the same. In most law firms the Chief Marketing Officer leads both, but should law firms hire chiefs to oversee each function separately?

These two roles are needed more than ever. While CMOs oversee marketing functions related to branding, visibility and communications, CBDOs focus on improving profits by building avenues for client growth and acquisition. If law firms of the future are going to thrive, it’s indisputable that both roles are critical for capturing tomorrow’s business.

As law firms become more business-like, they are building and relying upon strategic C-Suites. All are important advisors with visionary perspective, finely-honed leadership skills, and a wide breadth of functional experience.

But will the law firms of tomorrow include (and support) both Chief Marketing Officers and Chief Business Development Officers on their C-Suites?
  
For the few firms that already have both roles, they see the value of these leaders who are working collaboratively, offering proactive, data-driven advice, leading process improvement, bringing in new technologies, and providing business generation advice.

Competition for legal services is increasing year by year. It may be time for law firms to make a larger investment in C-level leadership for business development.

- Jason Caramanico, Senior Managing Director