Law Practice Benchmark
Business development strategies differ by firm size. The most recent research from The BTI Consulting Group indicates that smaller firms place greater emphasis on attracting new clients than large firms do. In fact, BTI’s latest survey of Law Practice Today readers shows that they are twice as likely to find attracting new clients the most important business development initiative compared to the largest firms. At the same time, LPT subscribers are only one-third as likely as the big firms to consider expanding existing client relationships as their greatest priority. What accounts for the difference in approach? “Smaller law firms start with a smaller client base,” explains Marcie L. Borgal, a principal at BTI. “So they focus on acquiring new clients.” BTI analyzed results of its most recent survey of LPT subscribers against interviews with more than 90 chief marketing officers at large firms to highlight the business development strategies driving law firm growth.