THURSDAY, October 1, 2015
A sampling of U.S. law firms by LAC Group, creator of Library as a Service® and a leader in library outsourcing and other services for law firms, shows that firms are investing heavily in competitive intelligence and market research.
- Firms are investing in business development, with 42% spending between $5 – 10 million on staff, resources and technology.
- 80% of firm librarians indicate that the research workload has increased while staffing has decreased in the past three years. To meet shortfalls, 60% use outsourced or contract staff.
- Competitive Intelligence is where the library and marketing departments converge, with over 57% sharing responsibility for business development work.
To better understand the transformation of the legal industry and what these changes mean to law firm libraries and marketing departments, LAC Group surveyed sixteen large firms with global coverage. Participants included C-suite executives, managers and professional library and marketing staff. The purpose was to identify best practices, skill gaps, optimal staffing levels and changing needs for law firms today and looking into the future. LAC Group has worked with large law firms for over 25 years.
“As a former law library director and business owner who has worked with law firms for many years, I’ve seen how firms that foster teamwork and use their library and marketing staff strategically are better equipped to master today’s dynamic legal markets,” says Deborah Schwarz, CEO and President of LAC Group.
Findings are summarized in the report, “Teamwork on the Legal Frontline – The Strategic New Roles of Marketing and the Library in Big Law”. This free report offers insights into how law firms are leveraging their library and marketing department to optimize business development and client retention efforts.