Last week’s Passle CMO Series brought together some of the sharpest minds in legal marketing and business development. The conversation centered on the changing legal industry and how CMOs are driving law firm growth more than ever.
There were so many takeaways, but these particular thoughts are on my mind:
- Law firm consolidation will continue to re-shape the legal industry, particularly for Big Law.
- The CMO’s role is increasingly strategic, planning and leading C-suite conversations such as lateral hiring and go-to-market approaches and overall firm strategy.
- Differentiation is key in a time where client loyalty has eroded. Firms need a clear and focused point of view on their practice strengths.
- The most profitable industries for Big Law are private equity, energy, technology, and healthcare. These core sectors are driving demand.
- We are starting to see a reduction in footprint as firms focus on the four top markets for revenue (New York City, Washington DC, London, and Texas).
As a recruiter, I am always interested in what the market demands for talent.
The CMO’s in the room shared:
- Positions in demand in law firms are competitive intelligence, data analytics, business development, as well as marketing and business development operations.
- Titles are evolving to match the increasing scope of roles closely tied to revenue, such as Chief Growth Officer, Chief Strategy Officer, and Chief Revenue Officer.
The message that came through with the greatest clarity: Thriving firms have talented strategists, marketers, and business development leaders involved in running the business of law.