In Law Firms and Accounting, Business Development and Marketing Take Hardest Hit from COVID-19, According to Global LexisNexis InterAction Survey
RALEIGH, NC May 26, 2021 – Law firms and accounting and financial services (A&FS) firms both took big hits to their business development and sales efforts due to the Covid-19 pandemic with new strategies and more effort required to win new business.
According to the 2021 InterAction Marketing & Business Development Survey of law and A&FS firms. This is the first year LexisNexis® InterAction® produced a separate report for accounting firms in addition to the annual law firm report.
Managing people and business development/sales were the two categories of work in law firms and A&FS firms that have taken the hardest hit from the pandemic; nearly two-thirds of organisations responding to the survey report they have struggled in these areas. Not surprisingly, an overwhelming majority of firms said that marketing and business development strategies have changed significantly over the past year. With the switch to digital outreach - eight out of the top ten marketing techniques used by firms were digital – firms have also found new challenges to their success. The top challenge to marketing effectiveness cited by both law firms and A&FS firms is data quality.