This week we were lucky to welcome Michael Rynowecer, Founder and President of The BTI Consulting Group, to our CMO Series Webinar. Michael joined Will Eke to discuss their insights on CMO mobility and the triggers for transitions in the legal industry.
Here are the key takeaways from the session:
The CMO Shuffle
Over the past three pandemic-tinged years, a remarkable 28% of CMOs have set sail for new horizons. Notably, a third ascended through promotions, while two-thirds undertook lateral moves, and 15% bid farewell to the legal landscape altogether. The industry's landscape is evolving, prompting leadership to redefine the role and significance of CMOs.
UK vs. US
Across the Atlantic, UK-based firms wield a robust arsenal of client-facing tools, including client listening and account-based management tools. This trend sees business development more widely embedded in the fabric of UK firms.
Follow the Leader
Leadership changes have sent ripples through the industry, with 15-20% of firm leaders stepping down in the past three years and a similar proportion set to follow suit in the next 2-3 years. These transitions not only reshape strategies and cultures but also trigger a ripple effect impacting CMOs and partners alike.
CMOs often grapple with a common challenge—perceptions of a firm's culture during interviews may starkly differ from the reality post-transition. Navigating this discrepancy becomes a crucial aspect of ensuring a seamless integration.
Strategies and Tools
The digital landscape is reshaping marketing and business development, with digital marketing, LinkedIn, and an array of digital tools becoming pivotal. This evolution has opened doors for CMOs to make a mark on their firms.
Leaders should build trust through one-on-one face time with CMOs, align compensation with market standards, and set the tone from the top by respecting and understanding the pivotal role of CMOs. Share strategic plans openly, fostering an environment where CMOs feel heard and their ideas valued.
CMOs aren't just passengers; they're architects of change. Proactive CMOs should seize opportunities to meet partners early on, confidently share ideas, and take the reins in building relationships. Authenticity and honest assessments of experiences are the keys to success.
Culture matters. A surprising 12% of CMOs perceive their firms as toxic. Yet, positive behaviors can be contagious. Small, tangible actions, like a smile in the corridor, can build influence and empower CMOs to shape a culture that fosters success.