Marketing teams have heard so many times: do more with less — and 2024 is no different. According to new research, in 2023 law firm marketing budgets shrank (see, Thomson Reuters: The Oracle’s Temple: The State of the Global Legal Marketing & Business Development Profession) even though revenue grew by 4.6% (see, Thomson Reuters Q3 Report) — and yet the demands on the marketing department actually increased. (Shocking, I know.)
At the same time approximately 50% of buyers said that they are looking to replace their existing law firms (see, 2023 Thomson Reuters State of the Legal Industry), resulting in more pitches, more proposals, more RFPs — and more hours of work for marketing and business development teams.
