Business development budget of law firms grew 6.6% from 2004 to 2005

More than one third of law firms surveyed by ALM Research reported business development budgets of more than $1 mln. 50% of firms reported increasing these budgets, by an average of 6.6%, from 2004 to 2005. 66% of participating firms reported that they had added business development staff in the past year. In firms that already had dedicated business development staff, the mean number of business development staff members doubled from the prior year, from 2.1 to 4.2. The firms surveyed reported that more than half of their business development budget is focused on existing clients. Firms reported that over 50% of their attorneys receive direct credit compensation for bringing in new clients.