ALM Research Survey Finds Law Firms Continue to Increase Business Development Spending.

NEW YORK -- Law firms, who have historically spurned use of traditional selling techniques, are hiring business development professionals and increasing their investment in related programs, according to a new study released by ALM Research(TM), a leading provider of business intelligence for,

and about, the legal market. The 2006 "Law Firm Business Development Practices Survey," the second in a series, examined law firm business development and sales structures, programs and spending, based on survey responses from law firm management and business development professionals at 157 of the largest law firms in the U.S and abroad.

Questionnaire topics included business development strategies; resources and staffing; client feedback; and practice area and industry growth targets.

Results from the survey include the following:

--More than one third of the responding firms reported business development budgets of more than $1 million.

--50 percent of firms reported increasing these budgets, by an average of 6.6 percent, from 2004 to 2005.

--66 percent 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.

The survey was conducted in partnership with The Brand Research Company. Additional information on the report can be obtained by contacting ALM Research at almresearch@alm.com or by calling 888-770-5647.

Based in Washington, D.C, The Brand Research Company venture provides professional service firms and major corporations strategic research that uncovers the secrets to client loyalty and success of marketing activities.

ALM Research offers detailed business information for and about the legal industry, focused on the top U.S. and international law firms. The division's ALM Research Online (www.almresearchonline.com) Web service provides subscribers with direct, on-demand access to ALM's extensive database of surveys, rankings and lists related to law firms and the legal industry. The site also includes the ALM Research Online store where non-subscribers can purchase and download pre-formatted individual law firm reports, selected current-year survey data on an individual basis, and ALM Research reports.

Headquartered in New York City, ALM is a leading integrated media company, focused on the legal and business communities. ALM currently owns and publishes 39 national and regional magazines and newspapers, including The American Lawyer(R), Corporate Counsel(R), The National Law Journal(R) and Real Estate Forum(R). ALM's Law.com(R) is the Web's leading legal news and information network, while ALM's GlobeSt.com(R) is the Web's leading information source for commercial real estate professionals. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional trade shows, conferences and educational seminars, market research and content distribution. ALM was formed by U.S. Equity Partners, L.P., a private equity fund sponsored by Wasserstein & Co., LP. More information on ALM's businesses and services is available on the Web at www.alm.com.