Feeling the pinch?

Finance group AXA has released research which reveals that children across the country will be feeling the pinch this summer, with one in six parents admitting to tightening their purse strings over the past six months.
Of the 2050 UK residents who participated in the survey 17 per cent revealed that the current climate of economic uncertainty had forced them to reduce or simply stop pocket money pay outs and loans to their offspring altogether. So how will children who have grown used to having it all cope now their boredom-fighting budgets have been cut? And might they in fact benefit from being forced to rethink how they spend their time?
It is a situation that I am sure law firm marketing and business development professionals will easily be able to equate with. For, as the threat of recession looms and department budgets are slashed accordingly, many marketers now find themselves faced with a lean period in which the time-consuming big-budget marketing initiatives are no longer a viable option. So how is it possible to sustain one’s marketing momentum during a downturn? To the vast majority of marketers the solution is easy – they must simply do more with less. Monitoring and maximising ROI is now more essential than ever. Indeed, this was one of many topics covered at the first Legal Marketing Senior Leader Retreat, which took place in Surrey last month. The two day event, Ark Group’s first invitation-only executive level conference, enabled representatives from law firms including CMS Cameron McKenna, Linklaters and Reed Smith Richards Butler LLP, to meet in a unique ‘boardroom format’ to discuss a wide range of topics from client differentiation and segmentation to thought leadership and marketing structure. The focus throughout was on comparing concerns facing law firm marketers in the current climate and collaborating on possible solutions. Profiting from the pinch was the order of the day and judging by the number of innovative business boosting ideas proffered during the course of the conference, it seemed, many law firms have already risen to the challenge (see page 10).
But have you? How is your firm coping with the credit crunch? And what do you think marketers could do to boost business as the economy flounders? As we enter into the new financial year, I would love to hear your feedback, or ideas for features you would like to see in the magazine. What do you enjoy? What would you like to see more of? Contact me with any ideas at lmcnulty@ark-group.com. In the meantime, I hope you enjoy this issue.

Lucy McNulty, Assistant Editor

Features

Challenges of marketing your law firm on the web Free
In the current climate of economic uncertainty, legal marketing professionals are being asked two key questions by partners; can a law firm’s website generate new business, and should you be trying online advertising?

Masterclass: Money matters Free
Formulating an effective remuneration package for law firm support staff.

Case study: Eversheds LLP Free
How UK firm Eversheds LLP uses real-time client feedback to drive improvements in client care.

Case study: Berwin Leighton Paisner LLP This article is for subscribers only
What is driving growth in the use of business intelligence at Berwin Leighton Paisner LLP?

Sponsored comment: Branding for beginners Free
How visible and invisble branding can affect your firm.

Media relations: No Comment? Free
Making the most of media relations.

Cover feature: Executive discussion This article is for subscribers only
An insight into the core topics discussed at the first Legal Marketing Senior Leader Retreat.

Sponsored comment: Calling all clients... Free
The telephone as a marketing tool - friend or foe?

Regulars

The pitch doctor: Are you a tortoise or a hare? Free
The pitch doctor discusses the perfect pitch.

Opinion: Managing meteors Free
What to do when your shining star becomea a distrubing presence in the team.

Profile: Mark Wileman Free
Mark Wileman, Sacker & Partners' business development manager and winner of the PSMG Newcomer Award at the 2008 Legal Marketing Awards, discusses bugbears, budgets and the benefits or working in the sector.

Thought leader: Crunch Time! Free
A downturn sorts out the wheat from the chaff! It’s not a nice thought, either for those affected or even the bystanders, but it’s largely true.