Law firms do not see business development as a priority, according to new research from NatWest and Huthwaite Legal. The results come from a survey of delegates at NatWest’s 2012 legal conferences in association with business development specialists Huthwaite Legal.
Mid-market law firms are responding cautiously to the changing legal services market, with just 14% saying they are actively considering external investment and 21% anticipating a merger or major restructuring in the next year, according to new research.
Law firms are “markedly” worse at business development and client management than other professional services practices, research has found. The study also revealed that just 58% of lawyers who should be involved in business development at their firms actually are, far lower than other professionals.
The top law firms are looking to bulk up their business development capacity as they face a major reduction in their fees, a survey has claimed. With partners in the top 10 firms seeing their average billable fees fall by £875,000 last year, recruitment consultancy Ambition says firms have responded by hiring marketing staff.