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There can be no doubt that we are living in interesting times. The stakes have never been higher for firms which have seen client bases eroded and work flows evaporate. Yet the long-term prognosis for the legal sector must surely be sanguine. Over the last decade, law has been amongst the UK’s most successful invisible exports. Confounding the profession’s conservative image, commercial law firms have displayed conspicuous entrepreneurial flair in pioneering new markets. Lawyers need now to apply the same commercial acumen when reviewing their own operations. With both fee-earner and support headcount currently under equal scrutiny, the key is to unlock the potential in all areas of the business. And given that clients are the lifeblood of every business, the marketing function should be in the vanguard of delivering competitive edge. Much rests on the effectiveness of this one key area.
In a shrinking market, the battle to compete for new work and retain existing clients is fiercer than ever. Yet despite significant investment in marketing resources, lawyers frequently view their marketing department as an administrative adjunct with limited impact on the business. By the same token, marketing professionals often feel undervalued and underutilized. The common denominator is a desire for things to be different.
Without doubt, many talented and motivated people work in law firm marketing. However, it is all too easy for a marketing department to become disengaged from the core business and exist in a vacuum, much to the frustration of marketing professionals and lawyers alike. Clearly there are a number of well-managed and fully integrated marketing operations - but too many law firms are still to derive optimum return on their investment. When the stakes are so high, it’s an untenable state of affairs requiring a radical shift in thinking.
Here’s a common scenario. A director of marketing is appointed amid eager anticipation in the partnership and a flurry of press releases. Both employer and new employee will have widely different expectations of the role. The new incumbent feels under pressure to deliver an eye-catching project, such as major rebrand or advertising campaign – regardless of whether this is necessary or desirable. All of which turns out to be at best, a costly diversion, and at worst, disruptive to the entire business. After a honeymoon period, reality bites - and so the whole cycle begins again.
Critical to breaking this cycle is a marketing mandate that accurately reflects a firm’s commercial goals and pinpoints the skills required to deliver them. A cross-section of stakeholders and key decision-makers must be consulted so that their views are taken into account. The end result should be a clear set of objectives for the business rather than a shopping list of marketing jargon. Think of it as a combination of a manifesto and a prenuptial agreement.
Identifying the right leadership is dependant on taking a more pragmatic approach to the recruitment process. The fact that a candidate has been paraded in front of 150 partners is no guaranty of success in the role. It’s easy to be blown away by a barnstorming presentation or beguiled by a big competitor name on a CV. More critical is to focus on leadership skills, the ability to work collaboratively with colleagues and consistent delivery of commercial advantage. Anything else is window dressing.
Today’s dynamic market means there is a compelling case for introducing finite contracts for senior marketing appointments. This way, firms can ensure they have the appropriate marketing expertise for every stage in the economic cycle and thereby meet changing commercial priorities. A regular injection of ideas and energy will ensure firms remain competitive and guard against stagnation.
For many marketing professionals, the prospect of a finite contract with a clear mandate is an appealing prospect. However, it is indeed no job for a novice; some of the most effective and experienced marketers are those who thrive on leading change and who chose consultancy or interim management as a career. This does not imply lack of commitment, nor should an interim be confused with someone temping between permanent jobs. Satisfaction is derived from getting the job done and doing it well, rather than from status. But perhaps the main advantage for both client and contractor is the freedom to offer objective advice uncompromised by office politics. And in a difficult market, this kind of impartiality is a valuable commodity.
Interims are frequently used in venture capital to add value to a business or turn around under-performing operations and similarly, in the public sector, where there is a need for accountability in a complex stakeholder environment – not unlike that of a partnership.
Such a pragmatic approach may seem counterintuitive in a sector renowned for its collegiate culture where long service is revered: yet, the average tenure of a marketing director is just 22 months. Commercial imperatives are forcing a reappraisal of law firm marketing - and as the legal sector faces some of the toughest trading conditions in living memory, it could be the kind of change firms really need.
© Corinna Christophorou
Reprinted from Legal Week
5th March 2009
Interim management - no time for a novice
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Looking back at 2008, two political slogans reflect the zeitgeist of our times. Gordon Brown’s words “this is no time for a novice” were pivotal in resurrecting his career and the Labour party’s fortunes in the opinion polls at that time. The message was clear: when heading for uncharted waters, you need experience at the helm. In the US, by contrast, Barack Obama’s campaign slogan “change we need” captured the mood of the electorate and harnessed their deep-seated desire for a fresh approach to meet the challenge of the oncoming storm. Decisive leadership and the ability to manage change will be key attributes for corporate law firms negotiating the extreme market conditions of 2009.There can be no doubt that we are living in interesting times. The stakes have never been higher for firms which have seen client bases eroded and work flows evaporate. Yet the long-term prognosis for the legal sector must surely be sanguine. Over the last decade, law has been amongst the UK’s most successful invisible exports. Confounding the profession’s conservative image, commercial law firms have displayed conspicuous entrepreneurial flair in pioneering new markets. Lawyers need now to apply the same commercial acumen when reviewing their own operations. With both fee-earner and support headcount currently under equal scrutiny, the key is to unlock the potential in all areas of the business. And given that clients are the lifeblood of every business, the marketing function should be in the vanguard of delivering competitive edge. Much rests on the effectiveness of this one key area.
In a shrinking market, the battle to compete for new work and retain existing clients is fiercer than ever. Yet despite significant investment in marketing resources, lawyers frequently view their marketing department as an administrative adjunct with limited impact on the business. By the same token, marketing professionals often feel undervalued and underutilized. The common denominator is a desire for things to be different.
Without doubt, many talented and motivated people work in law firm marketing. However, it is all too easy for a marketing department to become disengaged from the core business and exist in a vacuum, much to the frustration of marketing professionals and lawyers alike. Clearly there are a number of well-managed and fully integrated marketing operations - but too many law firms are still to derive optimum return on their investment. When the stakes are so high, it’s an untenable state of affairs requiring a radical shift in thinking.
Here’s a common scenario. A director of marketing is appointed amid eager anticipation in the partnership and a flurry of press releases. Both employer and new employee will have widely different expectations of the role. The new incumbent feels under pressure to deliver an eye-catching project, such as major rebrand or advertising campaign – regardless of whether this is necessary or desirable. All of which turns out to be at best, a costly diversion, and at worst, disruptive to the entire business. After a honeymoon period, reality bites - and so the whole cycle begins again.
Critical to breaking this cycle is a marketing mandate that accurately reflects a firm’s commercial goals and pinpoints the skills required to deliver them. A cross-section of stakeholders and key decision-makers must be consulted so that their views are taken into account. The end result should be a clear set of objectives for the business rather than a shopping list of marketing jargon. Think of it as a combination of a manifesto and a prenuptial agreement.
Identifying the right leadership is dependant on taking a more pragmatic approach to the recruitment process. The fact that a candidate has been paraded in front of 150 partners is no guaranty of success in the role. It’s easy to be blown away by a barnstorming presentation or beguiled by a big competitor name on a CV. More critical is to focus on leadership skills, the ability to work collaboratively with colleagues and consistent delivery of commercial advantage. Anything else is window dressing.
Today’s dynamic market means there is a compelling case for introducing finite contracts for senior marketing appointments. This way, firms can ensure they have the appropriate marketing expertise for every stage in the economic cycle and thereby meet changing commercial priorities. A regular injection of ideas and energy will ensure firms remain competitive and guard against stagnation.
For many marketing professionals, the prospect of a finite contract with a clear mandate is an appealing prospect. However, it is indeed no job for a novice; some of the most effective and experienced marketers are those who thrive on leading change and who chose consultancy or interim management as a career. This does not imply lack of commitment, nor should an interim be confused with someone temping between permanent jobs. Satisfaction is derived from getting the job done and doing it well, rather than from status. But perhaps the main advantage for both client and contractor is the freedom to offer objective advice uncompromised by office politics. And in a difficult market, this kind of impartiality is a valuable commodity.
Interims are frequently used in venture capital to add value to a business or turn around under-performing operations and similarly, in the public sector, where there is a need for accountability in a complex stakeholder environment – not unlike that of a partnership.
Such a pragmatic approach may seem counterintuitive in a sector renowned for its collegiate culture where long service is revered: yet, the average tenure of a marketing director is just 22 months. Commercial imperatives are forcing a reappraisal of law firm marketing - and as the legal sector faces some of the toughest trading conditions in living memory, it could be the kind of change firms really need.
© Corinna Christophorou
Reprinted from Legal Week
5th March 2009