LMA Executive Director Betsi Roach shared an overview of the 2012 market reserach results during the 2012 LMA Leaders Conference. A summary follows.
LMA is undergoing a multi-year research project, led by our research partner BTI Consulting Group, to help LMA leaders be more data-driven in decisions we make for the organization.
This research is designed to provide Insights into our members' priorities and how stakeholders (managing partners) perceive LMA. The first research project was conducted in spring/summer 2012. Researchers analyzed
628 online survey responses from active LMA members and nonmember prospects, and 184 telephone interviews with leading CMOs and legal executives
A total of approximately 9,175 legal marketing and business development professionals are active in the U.S. and Canada at this time — and we’re growing.
Research indicates an anticipated 14 percent increase within the next three years.
Goals, Priorities and Challenges
Driving the growth of firm revenue is the No. 1 priority among all three survey groups. CMOs are focusing on the economy and competition as well
. To achieve revenue growth, firms are looking to marketing and business development.
Marketing/business development was rated the most important business function in a law firm; 21.1 percent of CMOs and 25.0 percent of law firm leaders expect the importance of marketing to increase.
A majority of respondents 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 say the value of membership is 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 colleagues. Respondents ranked their local chapter as one of the most important benefit of membership, followed by the annual conference, volunteer opportunities and job board. In fact, 71.4 percent of LMA members say being part of the LMA community is the greatest member benefit.
LMA also received straightforward advice about benefits we can strive to improve — primarily around content.
When asked about LMA’s biggest weaknesses, survey respondents say LMA needs to:
- Develop content that promotes thought-leadership, enhances learning and sharing among senior-level professionals, and provides resources and education specifically for smaller firms and solo marketers
- Create cost-efficiencies for participation
- Clarify its value proposition
- Provide support that can enable chapters to grow activities and programming
- Improve administrative processes
This first year of reserach provided great information on improving value to CMOs, reasons why people join LMA and the support they receive to join.
And it will continue to be extremely valuable to the board as we continue to craft our association’s strategy, products and services to meet the demands and needs of our community.
Chapter leaders can download an excerpt of the BTI report in PDF format from the LMA website. Go to For Members > LMA Connect Files > Chapter Resources.