Q: What’s the average cost of Marketing and BD to a law firm?

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 [2022]:

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.

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Quote of the week – What is BD? (14.10.2022)

BD is the process of creating business opportunities—by opening new or expanding existing markets, or by developing new solutions or partnerships. BD Managers establish relationships with potential customers to identify qualified leads and influence requirements of future requests for proposals (RFPs). Capture Management, a cornerstone of BD, is the completion of actions needed to position the company to close the sale and win the contract.

Shot Selection: Choosing The Right Opportunities For Your Business & Increasing Your Ability To Bid And Win