A Tale of Two Firms

Navigating the Future of Legal Marketing and Business Development

In today’s rapidly evolving legal landscape, we encounter two distinct types of firms as we engage with legal marketing, business development, and IT teams. These firms, which we’ll refer to as “sFirm” and “iFirm,” represent two divergent approaches to success in a competitive environment.

Firm 1: The “sFirm”

The sFirm is a well-established player, consistently ranked among the top 100. These firms are built on a foundation of safety, security, and the status quo. Their elite lawyers boast sterling reputations, and their profit-per-partner numbers are enviable, often making uninitiated eyes water. The sFirm’s strategy is rooted in the belief that maintaining their current course will ensure continued success. After all, it’s worked so far.

However, beneath the surface, there’s often an acknowledgment that the tides may be shifting. The firm’s culture is cautious, slow-moving, and largely resistant to change. The marketing and business development (BD) teams offer white-glove service to the partnership but are stretched thin. BD managers are predominantly reactive, focusing on pitches, proposals, submissions, client alerts and events, with little time for anything else.

Critical business data is often fragmented, difficult to access, and lacks continuity. Data collection is a laborious process, consuming substantial time and effort just to answer fundamental business questions. A significant portion of BD activity is uncovered post-meeting—missed opportunities where earlier visibility could have allowed BD to provide actionable guidance and support.

The sFirm’s legacy CRM, ERM, and marketing automation systems have not kept pace with technological advancements. These systems are inflexible, difficult to integrate with others, and largely on-premises, leading to siloed data. When selecting new tools or technologies, the sFirm often opts for what everyone else is using, viewing this as the “safe” choice. They tend to work with the same two or three consultants who have a narrow focus on legal-specific solutions and a limited set of tools they always recommend. These consultants struggle to showcase recent successful implementations of best-in-class tools or to offer creative solutions tailored to the firm’s needs.

Firm 2: The “iFirm”

In contrast, the iFirm is a forward-thinking organization, focused on accelerating innovation and genuinely improving current processes with an eye toward the future. These firms value smart collaboration across the organization and demand that their marketing and BD teams demonstrate ROI and clearly articulate their contribution to the firm’s goals.

The iFirm recognizes that meaningful progress and revenue growth often come from making bold, future-focused decisions, rather than simply following the crowd. They seek to disrupt the status quo, and in some cases, even upend traditional go-to-market strategies and BD models. iFirms have a clear vision of where the market is headed and a strong point of view on the challenges and opportunities that lie ahead.

Leaders at iFirms are adept at predicting a future where legal marketing, business development, and the legal industry at large see humans and AI working in a symbiotic relationship. These firms understand that margins will continue to erode and competition will intensify, making differentiation critical. iFirms know that marketing and BD will play an essential role in the client and matter lifecycle and that delivering tailored, proactive insights on time and in context will become the new standard for successful BD.

iFirms make data-informed decisions about client targeting and align their efforts to identify whitespace and collaborative opportunities across practices. They understand that achieving their goals requires a solid foundation, integrating their siloed data, and recognizing that their current teams may need additional support and guidance.

These firms are also keenly aware of the pitfalls of legacy platforms with outdated technology and limited innovation. They prioritize scalable enterprise architecture and carefully evaluate product functionality, avoiding “vaporware” solutions. iFirms choose tools that offer flexibility to grow and evolve with the firm. They select consultants based on demonstrable experience, objectivity, and a shared vision. Their consultants draw on extensive experience both inside and outside the legal industry, leveraging best practices from across sectors to translate complex business requirements into practical, intuitive solutions that drive strategic growth and operational excellence.

So, are you an sFirm or an iFirm?

The future of your firm’s success may depend on the answer.