31 JAN 2024
Law Firm Marketing Faces an Automation Wave
LegalTech is standard in many commercial law firms. Now it's time to automate marketing and business development processes. This is desperately needed, because with outdated analog technology, law firms lose significant money year after year: Outdated, analog processes cost a law firm with 20 partners up to 100,000 euros in non-billable hours.
"Time is money: In the legal profession, where every hour is converted into fees, the automation of marketing processes is not just necessary, but a decisive factor for financial success."
When financial markets move sideways and highly profitable M&A mandates are no longer awarded as frequently as they were recently, commercial law firms must also work to develop new business areas and leverage their own strengths. But to do that, they first need to know them exactly. In knowledge management, most partnerships operate like a squirrel – it gathers food throughout the summer, hides it in numerous places, only to often not find it again in winter.
Law firms are undoubtedly good at documenting their knowledge. But the rapid availability often falls short. Countless Excel sheets, stored in numerous folders, which in an emergency can certainly be accessed with a click but ultimately must be reviewed manually: This is the everyday reality when a law firm pitches for a new mandate or compiles annual submissions for the law firm handbooks of Juve, Chambers, or Legal 500.
The time required for this is immense, and typically there's too little room for important core messages, statements that immediately stick with the recipient, and facts that lead to higher rankings in the pitch for mandate awards or in the handbook.
The basic rule for every law firm is simple and clear: Partners' valuable time should focus on core business and essential aspects. Everything else? Should be designed so that automation is possible and sensible, while at the same time enabling support teams to work efficiently.
Nor should the costs on the personnel side be underestimated: Many talented BD professionals leave the firm after a short tenure because they are disappointed by the monotony of their work and cannot fully develop their actual talents.
Through targeted use of technology in marketing and business development, law firms could operate much more efficiently and increase profitability.
"Through automation, law firms can save up to 70% of the time on submissions and pitches, which not only reduces costs but also significantly increases competitiveness and employee satisfaction."
The new technology thus brings law firms tangible competitive advantages. It can also solve the personnel problems that law firms in marketing currently face. The automated processes give marketing experts the freedom they need to strategically further develop their firm's business.
Digitalized processes can significantly increase competitiveness on all three fronts – costs, personnel, business development. 70% time savings for a pitch also relieves the hour accounts of involved partners. Just one example: If individual information in attorney resumes only has to be saved once to then be synchronized in all related files, that not only saves time but also increases the validity of the stored information.
Jobs in BD and marketing become more attractive, attracting highly talented candidates and professionals who previously had no interest in the law firm industry.
In Austria, developments in this field are already more advanced than in Germany: Leading Austrian commercial law firms have already switched their digital marketing processes to Lawrence. This software was created by professionals who are thoroughly familiar with law firm practice from their own experience. The law firms Schoenherr Attorneys at Law and BINDER GRÖSSWANG Attorneys at Law GmbH contributed essential feedback from the beginning as pioneer users to optimize the solution.
Are technologies the solution to all challenges? Certainly not. But they have the potential to significantly simplify daily operations. For law firms, this means the opportunity to permanently improve earning power.
Gina-Maria Tondolo is founder and CEO of Lawrence, the leading provider of marketing and BD software for law firms.