Ed.
note:
This
article
first
appeared
in
Strategies
&
Voices, an
LMA
publication.
Few
law
firm
executives
have
the
potential
impact
on
the
success
of
law
firm
strategic
planning
that
legal
marketing
professionals
have.
You
understand
market
dynamics,
have
a
strong
handle
on
the
firm’s
competitive
position,
possess
insights
into
client
needs
and
demands,
and
have
a
breadth
of
knowledge
about
the
firm’s
practices
and
industry
experience
that
is
typically
unmatched
in
the
firm.
There
are
five
key
areas
where
you,
as
a
legal
marketing
professional,
can
contribute
the
most
value
to
strategic
planning
committees
for
both
firm
and
practice
group
strategic
plans.
1.
Keeping
Strategy
Externally
Focused
Even
in
the
most
sophisticated
law
firms,
the
tendency
is
often
to
devolve
into
a
process
of
hashing
out
internal
issues.
It
is
often
more
in
the
comfort
zone
of
law
firm
leaders
to
discuss
compensation
structure,
associate
development
issues,
technology
issues,
office
space,
etc.
While
these
are
all
important
to
a
firm’s
operations,
they
are
not
necessarily
strategic
in
nature.
True
strategy
requires
looking
outward,
not
inward.
It
demands
rigorous
analysis
of
market
position,
competitive
dynamics,
profitable
growth
opportunities
and
meaningful
differentiation.
Marketers
can
provide
invaluable
leadership
here.
You,
more
than
most,
understand
how
to
assess
the
firm’s
market
position
and
identify
competitive
advantages.
You
can
come
to
the
table
with
the
competitive
intelligence
necessary
for
fact-based
decision-making.
Marketers
can
highlight
the
service
areas
where
the
firm
has
the
greatest
market
share
and/or
the
best
reputation.
You
can
identify
gaps
in
the
market
and
suggest
strategies
for
the
firm
to
fill
those
gaps
in
practice,
experience
and
expertise.
You
can
steer
the
conversation
back
to
external
opportunities
when
the
conversation
inevitably
swerves
toward
internal
items.
To
be
clear,
internal
systems
often
need
to
be
addressed
in
strategic
plans.
For
example,
if
the
firm
decides
to
create
a
greater
emphasis
on
business
development,
but
the
partner
compensation
system
is
heavily
weighted
toward
personal
production
(rather
than
business
generation),
the
compensation
system
will
likely
need
some
tweaks.
However,
only
after
the
external
strategic
goals
have
been
agreed
upon
will
it
be
time
to
discuss
and
decide
whether
the
firm’s
internal
systems
and
resources
are
aligned
with
those
goals.
2.
Distinguishing
Between
Business
Strategy
and
Brand
Strategy
Business
strategy
and
brand
strategy
are
critical
to
a
firm’s
continued
growth
and
success.
However,
the
business
strategy
must
come
first.
It
is
common
for
strategic
planning
committees,
when
discussing
external
opportunities
and
differentiation,
to
go
right
to
a
discussion
on
brand
strategy
and
excitedly
start
to
come
up
with
catchy
(or
not
so
catchy)
taglines.
Goals
around
brand
strategy
often
arise
out
of
strategic
planning
processes,
and
there
is
some
overlap
between
strategic
planning
and
brand
strategy.
However,
brand
strategy
development
is
very
challenging
without
a
clear,
guiding
strategic
direction
in
place
for
the
business:
where
will
the
firm
invest
in
growth
—
geographically,
practice-wise,
talent-wise?
How
will
the
firm
grow
—
through
mergers,
lateral
acquisitions,
or
organically?
Marketing
professionals
can
clarify
when
business
strategy
discussions
creep
into
the
territory
of
brand
development
or
refinement.
They
can
clarify
the
attributes
and
application
of
both
types
of
strategy
and
keep
the
committee
focused
on
making
business
decisions
first.
3.
Leveraging
Client
Intelligence
for
Strategic
Advantage
Ideally
your
firm
has
a
client
listening
program
in
place. Utilizing
information
solicited
from
clients
is
an
essential
part
of
developing
a
strategic
plan.
Your
program
should
seek
to
identify:
-
The
firm’s
strengths
and
weaknesses -
Clients’
needs
in
the
coming
years -
Client
preferences
for
the
delivery
of
legal
services
(including
the
use
of
AI
and
other
emerging
technologies) -
Clients’
perceptions
of
the
firm’s
brand
attributes
and
which
are
most
valuable
to
them
Interviews
might
reveal
that
clients
are
consolidating
their
outside
counsel,
creating
urgency
around
relationship-deepening
strategies.
Focus
groups
may
reveal
emerging
needs
in
an
area
where
a
firm
has
nascent
capabilities,
providing
substantiation
for
talent
acquisition
goals.
Utilizing
an
evidence-based
approach
makes
strategic
decisions
easier
to
sell
to
the
entire
partnership.
Consider
a
firm
that
conducted
systematic
client
interviews
and
discovered
that
its
largest
clients
were
increasingly
concerned
about
regulatory
compliance
in
a
particular
industry
sector.
The
firm
had
relevant
expertise
but
had
never
positioned
itself
around
this
issue.
This
client
intelligence
directly
informed
the
strategic
plan,
leading
to
targeted
capability
development,
strategic
lateral
hires
and
a
focused
marketing
campaign.
Within
two
years,
the
firm
had
established
itself
as
a
go-to
resource
in
this
area
—
all
because
marketers
brought
client
insights
to
the
strategic
planning
process.
Marketing
professionals
should
advocate
for
engaging
in
client
feedback
programs
to
inform
strategic
decision-making.
Whether
the
process
identifies
patterns
and
trends
or
it
identifies
specific,
viable
opportunities,
the
value
added
to
the
process
is
immeasurable.
4.
Understanding
Financial
and
Profitability
Metrics
Marketing
professionals
who
understand
the
law
firm’s
economics
and
profitability
multiply
their
value
to
strategic
planning
exponentially.
I
recall
years
ago,
when
serving
as
a
law
firm
director
of
marketing
in
an
Am
Law
100
firm,
one
of
our
team
members
who
joined
us
from
an
Am
Law
20
firm
argued
vehemently
that
marketers
did
not
need
to
understand
law
firm
financials.
I
could
not
disagree
more.
When
marketing
professionals
can
speak
knowledgeably
about
practice
area
profitability,
realization
rates,
pricing,
client
profitability
and
the
economics
of
origination
versus
production,
they
transform
from
tactical
marketers
into
strategic
business
advisors.
Financial
literacy
allows
marketers
to
contribute
meaningfully
to
discussions
of
strategic
growth
priorities.
Should
we
invest
in
practices
that
have
razor-thin
margins
due
to
rate
pressure,
lack
of
leverage
or
inefficient
delivery?
Should
we
maintain
relationships
with
marquis
clients
that
are
unprofitable
or
break-even
at
best?
Should
we
bolster
a
small
practice
area
that
is
highly
profitable
with
additional
investments
in
talent
and
marketing?
Participating
in
these
important
conversations
also
allows
marketers
and
their
teams
to
have
more
leverage
in
saying
no
to
burdensome
marketing
and
business
development
requests
from
underperforming
partners
or
practice
areas.
Understanding
financials
also
allows
marketers
to
identify
risks
for
the
strategic
planning
committee.
If
clients
in
a
particular
practice
say
they
are
satisfied,
but
the
firm
has
experienced
declining
realization
rates,
there
may
be
a
longer-term
problem
that
should
be
considered.
If
another
practice
area
is
growing
rapidly
but
is
experiencing
declining
margins,
it
may
indicate
commoditization
in
that
practice,
requiring
a
strategic
response.
Finally,
in
firms
without
pricing
professionals,
marketing
professionals
are
typically
on
the
front
lines
of
pricing
for
pitches,
proposals
and
RFP
responses.
They
know
firsthand
of
opportunities
where
areas
of
improvement
exist
in
determining
the
price
for
new
engagements
and
can
suggest
solutions
for
a
more
rigorous
pricing
process.
5.
Implementation:
The
True
Test
of
a
Plan’s
Success
In
the
end,
the
true
test
of
a
successful
strategic
plan
is
in
the
implementation
of
its
strategies
and
tactics;
and
the
reality
is,
marketing
professionals
will
be
responsible
for
much
of
this.
They
will
develop
go-to-market
plans
and
messaging
for
new
practices
and
offices.
They
will
create
campaigns
to
support
market
share
expansion
efforts.
They
will
design
and
implement
programs
to
deepen
client
relationships
and
improve
cross-selling.
They
will
develop
and
implement
the
brand
strategy
to
support
reputation
and
business
growth.
By
participating
in
strategic
planning
initiatives,
marketing
professionals
can
manage
expectations
by
providing
realistic
timelines
for
implementation
and
measuring
results.
They
can
advocate
for
adequate
resources
and
identify
specific
challenges
or
barriers
to
success.
They
can
begin
implementing
tactics
even
as
the
plan
is
being
finalized
to
ensure
a
seamless
transition,
from
planning
to
execution,
and
demonstrate
some
early
wins.
Moving
Forward
For
marketing
professionals
seeking
to
establish
themselves
as
strategic
partners,
the
path
forward
requires
ongoing
skill
development
and
proactive
engagement.
Develop
your
competitive
intelligence
capabilities.
Invest
in
understanding
your
firm’s
financials.
Design
and
implement
robust
client
feedback
programs.
Then
use
these
competencies
to
demonstrate
your
strategic
value.
Your
implementation
responsibilities
give
you
not
just
the
right
but
the
obligation
to
be
a
key
contributor
to
the
strategic
planning
committee.
Hopefully,
your
firm
not
only
recognizes
the
unique
value
you
bring
to
the
table
but
also
understands
that
it
cannot
afford
to
not
have
you
be
a
crucial
part
of
the
planning
process.
Marci
Taylor
is
a
strategy
consultant
for
law
firms
and
a
seasoned
legal
industry
veteran
with
over
25
years’
experience
in
law
firm
management.
She
provides
strategic
planning,
management
and
marketing
consulting
services
to
law
firms
around
the
country.
For
more
information,
please
visit www.mantralegal.com.