Over the course of the last year, CMOs have been fundamentally reimagining how their firms approach business development…
Many law firms operate under the historic partner-centric BD model, where individuals own relationships, develop their books, and drive personal revenue. It's worked for decades, but the future may be different.
What is changing? Business-minded CMOs are directing enterprise-wide business development models:
- Industry-Focus: Law firms have dabbled in industry-focused marketing for a while, but firms are getting increasingly sophisticated in building go-to-market strategies around industry sectors, demonstrating a deeper understanding of emerging business landscapes, not just their legal issues.
- Strategic Account Teams: CMOs are leading the charge on creating high-value client teams that deliver coordinated attention from cross-functional groups. By curating focused service groups for key clients, firms open up opportunities to collaborate on relationship development, intelligence gathering, and service tactics.
- Broader Training: Instead of one-off learning for semi-interested partners, CMOs are thinking strategically about comprehensive, firmwide training programs that benefit larger groups of engaged attorneys. The goal is that business development becomes a core competency, not a one-person talent.
- Dedicated Client Development Support: CMOs are adding strategic advisors to their teams. These professionals are focused on revenue growth, supporting client strategies, competitive positioning, and industry-based approaches.
To see success from these kinds of transformational business development approaches, CMOs are building deeply trusting relationships inside their firms. They understand that this kind of initiative requires firm leadership to champion a business development ecosystem by allocating resources and holding partners accountable for participating. They also understand that the payoff is big.
Firms that successfully build a business development ecosystem create competitive advantages that persist long after their competitors notice the gap.
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- Jason Caramanico