Law firms and accounting and financial services (A&FS) took the most hits to their business development and sales efforts due to the Covid-19 pandemic, according to the latest InterAction Marketing & Business Development Survey.
The survey comprises 168 law firms and 154 A&FS professionals from many regions around the globe, and from a variety of levels within the sector.
The results found that pandemic-related issues were the top challenge for 51% of law firms and 42% of A&FS firms.
It also found that 54% of “high-growth” firms experienced a positive impact from the Covid-19 pandemic. However, high growth A&FS firms spent an average of 15.5% of revenue on marketing, which was almost three times more than other firms.
Managing people and business development/sales were the two categories of work in law firms and A&FS firms that were hardest hit from the pandemic, with nearly two-thirds of respondents stating they have struggled in these areas.
Brendan Nelson, general manager of LexisNexis Software Solutions, said: “The Covid-19 pandemic exposed business development and marketing strengths and weaknesses across every industry, but it also sheds some light on how law and accounting and financial services firms can improve.
“As technology adoption continues to help firms better capture, manage, and gain insights from their valuable data they can adopt a holistic and strategic approach to business development that will successfully drive firm growth.”
Scott Winter, director of product development, InterAction, added: “While 2020 presented many unique challenges, both law firms and A&FS firms are learning from those challenges to grow their firms to new levels.
“While these two sectors will direct their spending in different areas, their plans reflect the recognition that leveraging data-driven insights is an important way to facilitate a more systematic approach to business development.”