A: Many will say between 8 and 10%. Some of the more optimistic may say 15 to 20%. And the pessimistic in the crowd may go as low as 3%.
Very few though would say 0.8%.
Yet that was the finding from the latest PWC law firms survey :
If data from a P&L statements doesn’t lie, then marketing and business development investment by most law firms is truely woeful and probably goes a long way to explaining why we are where we are…
As usual, comments are my own.
2 Replies to “Q: What’s the average cost of Marketing and BD to a law firm?”
Suppose it also depends upon the project pipeline the firm has. If you’re overloaded with work, why spend more on marketing and BD?
There is some truth to that, but busy now without any investment in BD can lead to barren next week. No doubt it’s a balance. Also, this is a very transactional view-point – if you are a true “trusted advisor” to the client, then this is somewhat mooo.