Marketing a must

The latest survey on financial management compiled by this magazine and Big Six firm Coopers & Lybrand looks at the link between marketing and increased business.

For the many doubting Thomas lawyers who ponder the worth of marketing, the survey clearly shows the most profitable firms spend twice as much time on marketing as their colleagues. And those marketing professionals who often spend more time justifying their position to their employers than actually doing their job can derive some satisfaction from the findings: the survey reveals that high profit firms were twice as likely to employ a marketing professional.

Many lawyers find it difficult to take advice from those with qualifications different to their own. But the time has come for a different approach. Not all firms can afford a marketing professional. But they can afford to take a long look at their marketing practices and how effective they are. Only by taking account of this can they begin to develop a strategy. Those who do not can resign themselves to a low-profit future.