Extract from Melissa “Rogo” Rogozinski’s article “Hunters vs. Farmers: Selling Legal Services in a Remote Environment”
According to LegalComplex, 2021 saw 340+ venture rounds for a total of $6.5 billion, a record-breaking 111% increase over 2020. A perusal of several, industry-leading news and blog sources reveals the majority of this was spent on acquisitions, mergers and product development. While investments in legal tech may have skyrocketed last year, sales came to a near-grinding halt across the industry.
A study by Jacqueline Militello, reviewed by Complex Discovery, reported that business professionals attributed the lack of face-to-face interactions during COVID as their most significant handicap to networking and the ability to build new relationships leading to organic sales. Prospects of our own consulting firm confess that the majority of their business comes from existing clients or referral sources, and my legal tech recruiting friends are almost always looking for senior sales executives with existing books of business.
Clearly, sales aren’t dead—but if you read the entire article by LegalComplex, you’ll discover the stark reality: “Stimulus and venture funding are keeping large parts of the economy afloat while overall demand is slowing.”
