RALEIGH, North Carolina, May 26, 2021 / PRNewswire / – Law Firms and Accounting and Financial Services (A&FS) firms have both taken big hits in their business development and sales efforts due to the Covid-19 pandemic with new strategies and more effort needed to win new business, depending on the 2021 InterAction Marketing and Business Development Survey law and A&FS firms. This is the first year LexisNexis InterAction produced a separate report for accounting firms in addition to the law firm’s annual report.
People management and business development / sales were the two categories of work in law firms and A&FS firms that were hit hardest by the pandemic; almost two-thirds of the organizations that responded to the survey say they have struggled in these areas. Unsurprisingly, an overwhelming majority of companies said that marketing and business development strategies had changed significantly over the past year. With the digital switchover – eight of the top ten marketing techniques used by businesses were digital – businesses have also found new challenges to their success. The main challenge for effective marketing cited by law firms and A&FS firms is data quality.
“The Covid-19 pandemic has highlighted the strengths and weaknesses of business development and marketing across industries, but it also sheds light on how legal and accounting and financial services firms can improve.” , said Brendan Nelson, Managing Director of LexisNexis Software Solutions. “As the adoption of technology continues to help businesses better capture, manage and obtain information from their valuable data, they can take a holistic and strategic approach to business development that will successfully drive business growth. ‘business.
The value of metrics and data in implementing effective marketing and business development programs surfaced in both surveys, but there were significant differences in the ability of companies to use this data to strategize more. effective. Law firms that experienced strong growth in 2020 were four times more likely to use tracking metrics for marketing and business development efforts, but A&FS firms struggled across the board, only 11 , 2% of firms indicating that they were very satisfied with their ability to track performance.
“As 2020 presented many unique challenges, law firms and A&FS firms are learning from these challenges to grow their firms to new levels,” said Scott Winter, Director of Product Development, InterAction. “While these two sectors will focus their spending in different areas, their plans reflect the recognition that leveraging data-driven insights is an important way to facilitate a more systematic approach to business development.”
Main conclusions of the study:
- Problems related to the pandemic were the main challenge for 51% of law firms and 42% of A&FS firms.
- 54% of high-growth companies have been positively impacted by the COVID-19 pandemic. The same could be said of only 11% of businesses without growth.
- High growth companies invest more in marketing and business development. High-growth law firms are forecasting a 38% increase. High-growth A&FS companies spent an average of 15.5% of their revenue on marketing, almost three times more than other companies.
- When it comes to marketing / comic book investment, A&FS and law firms differ considerably. Law firms will invest heavily in their firm’s website, CRM and lawyer training, while A&FA firms will direct their investments to social media and email marketing in addition to CRM.
InterAction’s 2021 Marketing and Business Development Survey is available for download here.
Responses to the survey were collected for the period from Q4 2020 to Q1 2021. In the law firm survey, responses came from 168 law firms, with AmLaw 200, Global 1000 and Mid-sized firms (100 to 499 employees) in the lead with 36% of all survey participants. Firms with 500 or more employees were also well represented in the survey, accounting for over 27% of the total. Responses to the A&FS Company survey came from 154 professionals surveyed with 14 titles represented in many parts of the world and many levels of employment in the industry.
About LexisNexis Legal & Professional
LexisNexis Legal and Professional® is a leading global provider of legal, regulatory and business information and analysis that helps clients increase productivity, improve decision-making and outcomes, and advance the rule of law in the world. whole world. As a digital pioneer, the company was the first to put legal and commercial information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves clients in more than 160 countries with 10,400 employees worldwide, is part of RELX, a global provider of information-based analysis and decision tools for professional and business clients .
LexisNexis® InterAction® is the leading client relationship platform for law and professional services firms. For nearly three decades, InterAction has helped companies of all sizes build business relationships, accelerate business growth, and increase revenue by making customer intelligence a core part of every engagement. We aim to be a partner who helps you grow your business book through an innovative portfolio that enables you to discover the value of your contacts while enhancing your ability to deliver meaningful relationship experiences. Learn more about interaction.com.