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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We like to buy the process: Why the billable hour will be with us for some time to come

A lot of clients like to buy process. It’s like they think they are not getting their money’s worth because I solved it too fast.

[…]

How can it be that you talk to someone and it’s done in a second? But it IS done in a second — it’s done in a second and 34 years. It’s done in a second and every experience, and every movie, and everything in my life that’s in my head.

Paying for Outcomes

My thanks to Matt Homann of Filament’s The Monday Morning Meeting for the steer on this one.

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Over the years I have heard several different versions of this story, from Picasso to the boat fixer in this story.

And while some would still prefer to pay to have oversight of the process, rather paying for the outcome, the billable hour will remain…

As usual, comments are my own.

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