Market research proves LMA's value among members.

AuthorRoach, Betsi
PositionFrom The Desk of the Executive Director

I mentioned in my last column that LMA had undertaken a significant market research project that would enable the board of directors to be data-driven in its decisions and help the organization be proactive in meeting emerging member needs. In June, LMA received the final research report, and I'd like to share a few key findings with you.

Researchers collected 628 online survey responses from active LMA members and nonmember prospects, conducted 184 telephone interviews with leading CMOs and legal executives, and analyzed results to assess needs and gauge perceptions. The first stage of the analysis was determining the universe of our field.

According to cumulative research of BTI Consulting Group, which performed the research on LMA's behalf, there are a total of 9,175 legal marketing and business development professionals in the United States and Canada at this time--and we're growing. BTI anticipates a 14 percent increase in the number of legal marketing and business development practitioners within the next three years.

Next, the research focused on top goals, priorities and challenges in legal marketing and business development. Driving the growth of firm revenue is the No. 1 priority among all three survey groups (69 2 percent for LMA participants, 57.1 percent for CMOs and 44 percent for law firm leaders). To achieve this objective, firms are looking to marketing and business development:

* CMOs and law firm leaders rate marketing/business development the most important business function in a law firm.

* Technology and finance were second and third on the list.

* 21.1 percent of CMOs and 25 percent of law firm leaders expect the importance of marketing to rise.

* This percentage is just behind the No. 1 rising priority: technology.

We also collected detailed information from LMA members and nonmember participants. Of the 628 individuals who completed the online survey, 89.6 percent were members and 95.4 percent were CMOs. None were law firm leaders.

A majority of these respondents--61.7 percent--said LMA is the most valuable professional organization they're involved with; all other organizations combined received a 33.3 percent "most valuable" rating. Nearly 20 percent of LMA members gave the value of membership a 10 out of 10, and the average value overall is 7.3. In fact, LMA's value is rated higher than all competing organizations.

Looking a little deeper, respondents were clear in expressing appreciation for their LMA...

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