July 20, 2004
Marketing 101
The history and the reputation of marketing departments in law firms are, shall we say, checkered. Theories of why that's so abound, and among the usual suspects are that:
- the value and the impact of highly sophisticated legal services is ineffable (so it cannot be reduced to a slogan, a pitch, or a presentation);
- good work speaks for itself;
- the cultures of law and of marketing are worlds apart, and (truth be told) each harbors a secret disdain for the other; and
- F500 clients are too sophisticated to be swayed by the superficial and the slick.
I could go on, but I suspect most readers of this blog are amply familiar with the syndrome.
I propose to start a periodic dialogue on the role of marketing in law firms, what's wrong with it, how it could be fixed, and why (IMHO) it's a woefully underappreciated expertise—and the fact that I'm married to a senior marketing and advertising executive has nothing to do with my motivation! A good place to start is this piece by a Kellogg Business School professor discussing what's wrong with marketing in much of corporate America and what needs to be done. My own personal god among writers about management, Peter Drucker, once said that the only two functions of a firm that matter are "marketing and innovation." I take that as meaning that innovation is the only (credible, enduring) way to distinguish oneself from the competition, and that without marketing to explain the precise benefits of your innovative products and services to potential customers, you are wasting your time.
Perhaps the key "take-away" from the article is that marketing's "Job #1" is to understand the client, what they want, and how they understand "value." This requires both analytic rigor and intuition; sounds like it could be an interesting place to be.
Published by Bruce at July 20, 2004 4:53 PM | TrackBackPublished to Marketing
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)
"Adam Smith, Esq. is, and will remain, the definitive
voice on law firm strategy."
—David
Jabbari, Global Head of Know-How, Allen & Overy
"I just don't know what the profession would do without you."
—Chairman, AmLaw 25 firm
“Constantly stunning.’—Managing Partner
"I read three things: The Wall Street Journal, The Economist,
and Adam Smith, Esq.—and I tell my partners to do the same."
—Managing Partner, AmLaw 50 firm
“You have a fascinating niche which you cover ever so much better than
does the conventional legal press.”
—Walter Olson of Overlawyered
“Required reading: Amazing.”—Venture Capitalist
"You're the brand name in law firm economics. There is no one out
there—repeat, no one—who covers this business better, or thinks about
it more creatively, than you. I tell people this guy is really, really good."
—Chair/Managing Partner, AmLaw 50 firm
Business Pundit
CorporateCounsel.Net Blog
Conglomerate
BusFilm by Larry Ribstein
Business Pundit
Carnival of the Capitalists
Chicago Boyz
Ensight
Marginal Revolution
Ronald Coase Institute
Stephen Bainbridge
"Adam Smith, Esq.,"® an inquiry into the economics of law firms, and the maroon banner, are a federally registered trademark belonging to Adam Smith, Esq., LLC, which is partially owned and controlled by Bruce MacEwen.
This weblog is licensed under a Creative Commons License.