The Big Law war for talent isn’t just about lawyers. Law firms are also vying to hire top-level marketing and business development executives.
In a Reuters article authored by Jenna Greene, Calibrate Legal Founder and CEO Jennifer Johnson provides quantitative evidence and commentary on the war for law firm talent as it relates to the increasing importance placed on marketing and business development professionals.
At least 20 Am Law 200 firms have brought on new chief marketing officers this year. At the same time, salaries for in-house legal marketing pros in major markets have shot up by as much as 20% since 2020, according to Johnson, who conducts periodic compensation surveys.
“There’s a direct correlation between the success of a law firm and the quality of the business staff they employ,” Johnson said. “There are not enough people to go around for all the [marketing and business development] positions that are open.”
Resources matter too.
According to a survey by Calibrate Legal and ALM Legal Intelligence, firms in 2020 spent a median of 2.1% of their revenue on marketing and business development, with a low of .5% and a high of 5%.