It’s here! The fourth-quarter sprint. The calendar year is winding down, and these final months – along with the end-of-year collections push – can often mean the difference between a good year and a great year for a firm.
Partners and management are looking at the finish line and calculating what needs to happen between now and December 31st to hit revenue targets.
What can marketing, business development, and communications professionals do to help deliver results and position the firm for ongoing success during this sprint to the finish line?
And how can they advance individual objectives when most of the partnership’s focus is on collections?
Well, a few different things.
Continue to do exceptional work
At the end of the day (or the year!), nothing matters more than results, especially great results. For marketing, BD, and comms teams, that means putting in the time (and possible overtime) to deliver.
Understanding that firms’ priority this quarter is collections and that partners are juggling competing demands (great client service + collections) even more during this period, you should be prepared to turn deliverables around with limited notice.
While no one typically likes to work on a tight deadline, continuing to produce outstanding work in a short period of time is important as the end of the year rapidly approaches.
Develop a plan
The fourth quarter is not just about collecting on this year’s work – it is also about positioning the firm for success in the following year (and beyond).
While many BigLaw and other firms conduct formal business planning during this time, other firms may not have as much structure around the process.
Regardless of how it is done at your firm, thinking strategically about your practice, industry, and clients is critical to developing a road map to drive business going forward.
Reflect on your accomplishments and set new goals
Many, if not most, firms conduct performance reviews in Q-4. This is the time to create a powerful narrative – complete with quantifiable results – to showcase your hard work and achievements.
This is also the right time to think about what objectives you want to deliver next year that align with firm strategy and will drive the business forward.
Consider the market
Many in the industry generally assume there will be less marketing, BD, and communications hiring activity in Q-4. The truth is, it depends.
At present, we have seen increased momentum in open roles this month, as numerous firms are pushing to fill positions this side of year-end to ensure they are fully staffed entering 2025.
For candidates, this can mean that firms are motivated to hire, and now (through Thanksgiving) may actually be a good time to actively pursue a new opportunity.
From a hiring perspective, this time of year can be challenging. Not only do candidates have personal commitments and time off planned, but the majority will be awaiting a year-end bonus payout.
Firms with open roles to fill may need to factor a potentially “lost” bonus into the mix when determining compensation. On the other hand, putting roles out to market during this period may offer firms a competitive advantage in the war for talent by getting ahead of the new year’s rush on recruiting.
A final thought
As firms embark on this annual sprint to the finish line, marketing, BD and communications professionals need to remember that producing stellar work, highlighting your accomplishments, and creating a road map for the coming year can help you best position yourself and your firm for success.
