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John Corey

June 15, 2017 by John Corey Leave a Comment

Though nearly all in-house counsel say information overload a problem, firms plan to create more content – and nearly three-quarters of CMOs say have no documented content strategy. A survey released today by strategic communications firm Greentarget and consulting firm Zeughauser Group shows a near-unanimous feeling among in-house counsel that “information overload” is a problem in their daily efforts to consume information about business, industry and legal topics. Nevertheless, law firms plan to create more content – even though a strong majority haven’t yet documented a content strategy. The accompanying report detailing the findings of the 2017 State of Digital & Content Marketing Survey also shows that law firm chief marketing officers know the information overload problem exists. But just 26 percent said they had a documented content strategy – up from 13 percent in the previous survey in 2015, still surprisingly low. Given that void, this year’s report includes key guidance on content strategy and distribution. “The slight improvement in the documentation of content strategy is a positive sign. But more law firms need to develop and document their own strategies if they hope to develop and optimally deliver robust content in support of their most important practices. In an era of information overload, strategy brings clarity and the ultimate opportunity for firms is to bring the right content, to the right audiences and the right time on the channels where (and when) they congregate,” said John Corey, founding partner of Greentarget. To help law firms at this important inflection point, Greentarget and Zeughauser Group have taken a new step in this year’s report: providing guidance to those firms – culled from some top law firm marketers and content strategists – which we hope will drive new thinking and strategic adjustments to content operations across the legal industry. “The guidance focuses on content creation as well as content distribution, which is becoming increasingly important as firms try to stand out in an increasingly competitive legal and media landscape,” Corey said. The Highlights: In-House Counsel Survey:
  • Ninety-six percent of in-house counsel said information overload was a problem in their daily efforts to consume information regarding business, industry and legal topics affecting their companies.
  • LinkedIn remained the dominant social media tool that in-house counsel use for professional reasons, with 73 percent saying they had used it within the past week – up from 68 percent in the previous survey.
  • Despite the flow of so-called “fake news,” traditional media (e.g., The Wall Street Journal and The Economist) remain the most credible sources in the eyes of in-house counsel; 95 percent said those sources were very or somewhat credible.
  • Fifty-two percent of in-house counsel ranked law firm content as very good or excellent, compared with 43 percent in 2015.
Law Firm Marketer/CMO Survey
  • Eighty-one percent of law firm CMOs said they will produce more content in 2017 than in 2016, and none said they will produce less. Nearly half (49 percent) of CMOs said their content budgets would increase over last year while the same number said they would remain the same.
  • Twenty-six percent of respondents said their firms had documented content strategies, which is up from 13 percent in 2015. Forty five percent said they had undocumented strategies, and 23 percent said they were planning to implement content strategies in the next 12 months.
  • The greatest challenge for content marketers was a lack of engagement from attorneys within the firm (46 percent) followed by a lack of staff time (26 percent).
“We’re at an important inflection point when it comes to creating and distributing law firm content,” said Mary K Young, a partner with Zeughauser Group. “Smart firms will embrace documented strategies, understanding that doing the hard but important work of effectively distributing highly relevant content will pay off in the coming years.” “In the seven years that we’ve done this survey, we’ve seen the sophistication and quality of firms’ marketing efforts increase – creating a divide between the firms who are doing it right and those who aren’t,” said Kevin Iredell, Greentarget’s director of research & market intelligence. “The smart firms are embracing a strategic approach to content and digital marketing.” You can find more information and a full version of the report here. For more information, contact John Corey at jcorey@greentarget.com or 312 502 1963. About the Survey’s Authors: About Greentarget (www.greentarget.com) Greentarget is a strategic communications firm focused exclusively on the communications needs of highly competitive business-to-business organizations. We counsel those who counsel the world‘s most sophisticated businesses and direct smarter conversations among their most important audiences to help deepen relationships that impact the long-term value of their organizations. About Zeughauser Group (www.consultzg.com) Zeughauser Group is the firm of choice for legal industry leaders seeking to increase their competitive advantage and profitability, enhance market position, and strengthen organizational culture.

March 27, 2017 by John Corey Leave a Comment

It’s been several years since the Great Recession put the power back into the hands of the buyer of legal services. The movement probably started before then, but in any case, it feels like we should be past the tipping point when it comes to changes made to law firm business models, client fee structures and legal technology, to name a few industry pillars. While we don’t attempt to answer why we haven’t reached that point yet, we continue to track the disruptive trends in the market that are driving change in our 2017 Predictive Legal Trends Report. We found that trends — including mounting cost pressures and the decline in law school admissions — are accelerating, and that their impact is increasing. Law firms continue to see a wane in demand, which creates additional pricing pressure on those that can no longer afford to ignore the industry’s new reality. Broadly, we found traditional law firms still face significant internal and external threats, and clients continue to expect “more for less,” requiring firms to revisit their business models, offerings and ultimately their value propositions. All in all, 2017 is taking shape as a year that will see law firms collaborating closely with their clients primarily to meet their needs, but secondarily to head off the competition – not just from traditional competitors but the emerging class of alternative legal service provider upstarts that threaten their business. And while the results of the U.S. presidential election and ramifications of Brexit will no doubt keep Big Law busy for the foreseeable future, smart firms recognize  the opportunity to help clients find clarity amid unprecedented global complexity. For further information, check out the full 2017 Predictive Legal Trends Report.
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