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Pricing and competition the biggest challenges facing law firms in EMEA and APAC, new survey reveals

LexisNexis200 [1]Research undertaken by LexisNexis Enterprise Solutions [2], a provider of technology solutions to professional services firms, reveals that law firms (57%) across geographic regions are optimistic about growth in 2016, but pricing (for 52%) and competition (for 46%) pose the two biggest challenges to achieving this goal.

The research report entitled, Law Firms in Transition: Marketing, Business Development and the Quest for Growth [3], is based on the findings of a new survey of over 100 marketing and business development professionals in law firms across the UK, mainland Europe, South America, Africa, Asia and Australasia.

The key findings are:

However, presently the structures of these functions vary greatly in law firms:

Consequently, the metrics that professionals track most frequently are:

“Professionals recognise that in the current global environment, a broad brush approach to marketing is unlikely to deliver the international growth results they are striving for,” stated Guy Phillips, sales director at LexisNexis Enterprise Solutions.

“So they are using CRM systems to tailor and deliver local marketing initiatives to support their firm’s strategic objectives. However, legal marketers can use the very same CRM systems to leverage relationship insight for competitive advantage too.

“Perhaps the most mature adoption of the technology is when it is used to positively shift the cultural mind set of the organisation and motivate lawyers to willingly buy in to business development. CRM systems are sophisticated enough to facilitate such transformation.

“As professionals make the business case for increased investment in technology to their firms, they must first strategically determine what they want to do with the system and what problems they want to solve. Only then will they be able to derive tangible ROI from their functional efforts.”