Introduction
As in-house marketers at law firms gear up for their business planning for the upcoming year, the recent panel presentation to the LMA Northeast region, and hosted by the New York chapter, "You Can Lead a Horse to Water, But... Strategic Planning for 2025" provided invaluable, forward-looking insights. The panel, moderated by Michelle Murray (Arnold & Porter), featured industry experts Kate Stoddard (Kelley Drye & Warren LLP), Lisa Cooms (Friedman Kaplan) and Erica Roman (Cole Schotz P.C.). The discussion centered around the importance of Key Performance Indicators (KPIs), Return on Investment (ROI), data collection and the implementation of new Customer Relationship Management (CRM) systems. Here, we summarize the key takeaways from the panel to help you refine your strategic planning for 2025.
Measuring Success: KPIs and ROI in Business Development
The discussion kicked off by emphasizing the necessity of KPIs and ROI in building future strategies. Echoing Peter Drucker's adage, "What gets measured gets managed," the panelists shared their experiences in leveraging KPIs and ROI to make informed decisions. They highlighted the importance of setting strategies at various levels, considering time as a significant resource, and the need for robust data collection.
Key Takeaways:
- Data-Driven Decisions: Use KPIs and ROI to guide your business development efforts.
- Resource Allocation: Allocate time and resources based on data insights to maximize efficiency.
- Comprehensive Data Collection: Implement systems to collect and analyze data effectively.
Bi-Weekly Newsletter and Matter Tracking
The bi-weekly newsletter circulated within firms includes new matters, upcoming speaking engagements, media mentions and links to attorney-authored articles. This newsletter not only aids in data collection but also ensures attorneys are reimbursed for their efforts. The processes for tracking data and managing matters were shared, emphasizing the importance of deal closing sheets and revamped intake forms.
Key Takeaways:
- Internal Communication: Use newsletters to keep the firm informed and engaged.
- Efficient Matter Tracking: Implement systems like deal closing sheets and intake forms to streamline data collection.
Implementing Forward-Looking Newsletters and CRM Usage
Experiences with implementing a forward-looking newsletter were shared, which initially faced resistance but eventually gained leadership support. Firms' use of CRM systems like Salesforce and Intapp's Deal Cloud to manage contact and experience data was discussed, along with the importance of competitive intelligence and exploring new technologies for tracking client and prospect litigation.
Key Takeaways:
- Leadership Support: Gain top-down support for new initiatives.
- CRM Systems: Utilize CRM systems to manage and analyze client relationships and business development efforts.
- Competitive Intelligence: Stay ahead of the competition by leveraging new technologies.
Matter Descriptions and CRM Transition
The importance of refining matter descriptions for external use and reassessing how matters are categorized was emphasized. The transition from Salesforce to Intapp's Deal Cloud, which includes a relationship intelligence component that automatically collects and organizes contact information from email correspondence, was shared.
Key Takeaways:
- Clear Matter Descriptions: Ensure matter descriptions are clear and distinguish between confidential and approved information.
- CRM Transition: Consider transitioning to advanced CRM systems for better data management.
Implementing CRM Systems and Business Plans
The benefits of implementing new CRM systems, such as tracking individual business plans and activities of lawyers, were discussed. It was highlighted that firms require every lawyer to create an annual business plan, which is used for self-evaluation and forward-looking marketing and business development planning.
Key Takeaways:
- Annual Business Plans: Encourage lawyers to create annual business plans for better strategic planning.
- CRM Integration: Integrate CRM systems with business plans for comprehensive data analysis and reporting.
Enhancing Collaboration and Strategic Planning
The importance of utilizing technology to enhance information sharing within the firm was highlighted. The collaborative culture at firms, where successes are shared and celebrated, fostering competition and motivation among lawyers, was discussed. The importance of tracking metrics and ROI to inform future plans and budgets was also emphasized.
Key Takeaways:
- Collaborative Culture: Foster a culture of collaboration and shared success.
- Metric Tracking: Use data and metrics to guide strategic decisions and budget allocations.
Lateral Integration and Business Development Strategies
The panel concluded with a discussion on strategies for lateral integration and business development in the context of mergers and acquisitions. The importance of getting ahead of potential mergers and acquisitions was emphasized, along with the need for strategic engagement with complementary practices. Experiences with integrating lateral partners, focusing on education, relationship-building and goal-setting, were shared.
Key Takeaways:
- Proactive Planning: Plan ahead for potential mergers and acquisitions.
- Lateral Integration: Develop comprehensive onboarding and integration plans for lateral hires.
- Conference Preparation: Prepare goals and strategies before attending conferences or client meetings.
Conclusion
The panel presentation at LMA NY provided a wealth of insights for in-house marketers at law firms. By focusing on KPIs, ROI, data collection, CRM implementation and strategic planning, firms can position themselves for success in 2025. As you embark on your business planning for the upcoming year, consider these key takeaways to refine your strategies and drive growth.