As the legal industry evolves, marketing professionals play a pivotal role in shaping law firms’ success.
Whether you’re a seasoned Chief Marketing Officer (CMO) or aspiring to lead legal marketing efforts, staying informed about industry trends and strategies is essential.
In this blog post, we explore five research reports that every CMO at a law firm should read. These reports provide valuable insights into financial performance, client expectations, and innovative approaches.
1. Dynamic Law Firms Report 2023
Published by Thomson Reuters
The Dynamic Law Firms Report 2023 delves into the strategies and behaviors of law firms that consistently outperform their peers. Analyzing a 10-year period, this report identifies sustained growth strategies and challenges faced by law firms. Key findings include the significance of total billable hours, a shift towards transactional practices, and the impact of investment choices.
2. 2023 Report on the State of the Legal Market
Published by Georgetown Law and the Thomson Reuters Institute
The legal market faces uncertainty in 2023. The 2023 Report on the State of the Legal Market highlights headwinds such as slowing demand, less client spend optimism, higher expenses, falling productivity, and inflation. Partners may feel less well-off due to record-low productivity and economic challenges. Understanding these trends is crucial for CMOs navigating a shifting landscape.
3. 2023 Legal Trends for Mid-Sized Law Firms
Published by Clio
Mid-sized law firms encounter unique challenges. The 2023 Legal Trends for Mid-Sized Law Firms report explores financial performance, personal well-being, and client relationships. It benchmarks data on billables, collections, and hourly rates. It also examines work preferences, client expectations, and opportunities for innovation. For CMOs in mid-sized firms, this report unlocks growth opportunities and efficiency strategies
4. Passle's General Counsel Research
Published by Passle
We'd be remiss here to miss out the Passle General Counsel Survey, which analysed the way General Counsel engage with thought leadership from their legal services suppliers. Findings include time spent reading content, how content impacts law firm perception and work winning and how General Counsel prefer to consume content.
5. Marketing Partner Forum Survey
Published by Thompson Reuters
Featured first at the 2023 Annual Marketing Partner forum and consisting of global responses from large and midsize law firms, the survey gathered data online from October to December 2022. Survey participants consisted primarily of the marketing or business development leaders within their firms.
Read the report here