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NewsLine |
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Law | Business | Information | Research | Surveys |
March/April 2006 |
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ALM Research is a business
within ALM Media, Inc. separate from the
Editorial Division. ALM Research does not play a role in the surveys
published by ALM’s publications such as The American Lawyer and The
National Law Journal, but works with the data from their surveys after it
is published. ALM Research conducts and publishes other independent research identified
as ALM Research products. NewsLine is a free bi-monthly electronic newsletter
published by ALM Research. If
you are receiving this issue as a forward and would like to become a
subscriber, please sign up here. |
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In This Issue |
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FYI: Marketing vs. Business Development |
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This is the second edition of ALM
Research NewsLine, a bi-monthly e-newsletter for legal business
professionals. Our goal is to bring you news about research and analysis
available from ALM Research, along with other pertinent industry news and
information. Marketing and business
development are two terms we have been focusing on recently, as we’ve just
started to roll out the results of the almost-completed report of the Second
Annual Survey of Business Development Practices in Law Firms. The response to
our first presentation of the results at LMA (see Industry
News) was tremendous, and the audience seemed to gravitate towards one
key issue: What is the difference between “marketing” and “business
development”? At this point in the
history of the legal industry, the two terms are just beginning to be defined
as separate efforts within the law firms. In our Business Development Survey,
we provide a basic set of definitions, instructing respondents to think of
“business development” as the selling of services to specific buyers of legal
services, and “marketing” as communication addressed to groups of legal
service buyers. The results of the survey address how legal business
professionals are defining these terms. |
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§
Inside
Information: Knowledge Management and Other Metaphors |
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§
Editor’s
Note |
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In the News | In the
Database | Associate Compensation |
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No stories in the industry have
been more prominent and enduring in the last six months than those having to
do with associate compensation. The seemingly daily notices about one firm or
another raising its starting salaries or awarding newsworthy bonuses began
late last fall, and then spread virus-like with a momentum eerily reminiscent
of the exuberant heydays of the New Economy. In mid-December, our ALM Research
Blog included an item titled “And
Another Firm Throws $$ at Its Associates.” (December 15, 2005). That firm
was Clifford
Chance, and the money was in the form of year-end bonuses that matched
those earlier announced by Sullivan
& Cromwell and Cravath,
Swaine & Moore which ranged from $30,000 for first-year associates to
$60,000 for senior associates. |
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Industry News: Business
Development Takes a Village |
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“Business development”--there’s a
lot of interest in the topic these days, as we found out at the LMA
conference in March, when the results of this year’s Survey of Business
Development Practices in Law Firms were presented to a standing-room-only
crowd in Continental Ballroom A, the largest of the session venues. The
survey, a joint effort of ALM
Research and The Brand Research
Company, was conducted in late fall, 2005, and the LMA presentation was
the first time we were rolling out the findings. Presenting were Sue Stock Allison,
Managing Director of The Brand Research Company, and Trevor Delaney, Editor
in Chief of Law Firm, Inc. and Small Firm Business,
two of ALM Media, Inc.’s magazines. Sue had
helped to develop the survey questionnaire and prepare the results, and
Trevor is publishing an article based the results in the May/June issue of Law
Firm, Inc. |
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Inside Information:
Knowledge Management and Other Metaphors |
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Calendar 101:
Conferences and Events, Lists and Surveys |
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It’s now been over a month since
the LMA conference in |
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Editor’s Note |
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Two key themes in this issue of
NewsLine are “business development” and “associate salaries.” The only thing
these two terms really have in common is that they are both in a state of
being defined (or re-defined, as is the case with associate salaries). The
fat lady hasn’t sung yet on that issue. As I write, the reports about yet
more firms raising their first-year compensation continue to appear almost
daily in ALM Media’s newspapers and their
on-line alerts, and Law.com’s Newswire.
The blogosphere and even the general media have also begun to weigh in with
opinion on this trend. If you are at
all interested in following this news about the rising associate salaries, I
will be compiling reports and posting them on the ALM Research
Blog on a weekly basis. “Business Development,” on the
other hand, is like an image emerging out of the fog. The fog, in this
metaphor, is a murky mix of “marketing” and “business development” and no
dividing lines between the two. We feel that our Survey
of Business Development, now in its second year, has gone -- and will
continue to go -- a long way towards clarifying which is which. In addition, now when I hear folks
in the industry describe a particular practice as a “marketing” or “business
development” initiative, the more I can see that a lot of people seem to
think the two terms are synonymous. They’re not, that much we know. But stay
tuned. Both in this newsletter and on our blog, we’ll
continue to work our way through the fog, documenting uses of the two terms,
and discussing what sets them apart from each other. Until the next issue, Margaret Daisley, Editor ALM Research NewsLine 917-847-7445 |
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Now Available:
Survey Reports and Data |
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For a full description of products
and services available, see ALM
Research Online or talk to a representative about what’s available by
calling 888-770-5647 or emailing almresearch@alm.com.
The following products are among the most recently updated: The
Am Law 100 and The
Am Law 200. The definitive rankings of |
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