In the legal world, and especially among law firms, the concepts of marketing and business development seem deeply intertwined. However, the two are very different and each needs individual approaches to be successful, according to Marc Dedman of Spicer Rudstrom in Nashville, Tenn.
In this podcast — part of Thomson Reuters’ Leadership in Action series that presents interviews with law firm leaders about issues that are important to successfully running a midsize law firm — Dedman explores the differences between marketing and business development (sometimes called client development) by looking at how the practice of law is experiencing remarkable changes in today’s market.
Since 2008, legal practice has become much more business driven as the principles of business became deeply rooted within the practice of law, Dedman explains. In today’s legal environment, marketing is akin to “putting out the bird seed”, while business development is the hunter that captures the bird that’s been lured to the seed, he notes. In this way, business development and marketing can be seen as different, yet both are extremely essential in today’s marketplace.
You can listen to the podcast in its entirety here: