This article highlights the importance of marketing in an industry where competition is rising.
It's a well known fact that customer retention is cheaper than the acquisition of new ones and law firms increasing the services they offer will be looking to adopt cross-selling techniques.
The big question being how one law firm differentiates itself from the next? With an increase in marketing and IT spend we could well be seeing a lot of changes!
A survey of 95 firms conducted by Smith & Williamson - the accountancy, investment management, and tax group - revealed that 70 per cent of respondent firms think competitive pressure has increased over the last year. The results of the survey also revealed that 51 per cent of firms are planning to increase the range of services they offer within the next twelve months, while 65 per cent are intending to grow their marketing spend, and 79 per cent are proposing to increase their investment in IT.