I’ve just returned from chairing the Fourth Annual Business Development Conference sponsored by The Lawyer magazine in

London.  There were 65 business development professionals, marketing partners and CLOs in attendance at the two day program.  The focus of this year’s conference, not surprisingly, was Return-On-Investment for BD spend.  In other words, which marketing efforts are measurable and how much can we expect back for what we’ve spent?

 During my presentation, titled “Linking Business Development Activity to Tangible Results,” I listed 15 possible tactics and asked the audience to vote on the one that provided the highest return on investment.  Overwhelmingly, client surveys won.  Many claimed that, with the right follow-up, they received two to ten times ROI–and nothing else showed that kind of return. On the second day, I posed a similar question to a panel of eight GC from top corporations.  After cost control, regular communication was ranked second–and all agreed that it was the best way to identify new business at their company. The Lawyer put together an excellent roster of speakers.  My colleague Tony Williams, head of London-based and Altman Weil affiliate Jomati Consulting, said that law firm business developers had to establish coherent plans, clearly indicating activities and specific outcomes, not just process.  Each plan must have realistic and demanding targets and measures, not just “stuff.”  (“Stuff” became the catchword at the conference for random, unfocused activities that showed the marketers were doing something, anything, whether relevant to the firm’s strategy or not.) Tony also pointed out that downturns present opportunities, which became another ongoing undercurrent at the conference.  He concluded by saying that the next two years will be difficult, that discretionary spends will be limited and that innovation, drive and strategic positioning will make the difference between growth and stasis or failure.   The heads of marketing from two British firms, Linklaters and Burges Salmon, discussed the ways to handle business development in a downturn.  Picking up on the theme started by Tony Williams, reduced attorney time creates opportunities for marketing and training that may have been overlooked during busier years. Key points from their presentations included: 

• Greater and more specific market segmentation with a portfolio of products for each segment

• A clear statement of objectives that is aligned with the firm’s strategic plan

• Listening to clients and acting upon their advice

• Sensibly cutting costs where possible, such as eliminating high cost events that have no strategic focus

• Refocusing PR to the business press rather than the legal trades

• Measuring everything—and if it can’t be measured, reconsider using it

• Maintain training for both partners and associates

Paul Beattie, Senior Business Advisor for Global Marketing Projects for Norton Rose, addressed the perennial issue of top down versus bottom up marketing.  He categorized appointment of partners in charge of BD, creating a business development structure, budgets and reviews as top down, while other functions, including incorporation of allied departments (knowledge management, IT, recruitment, finance and training) into the BD mix, were bottom up.

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