Law Firm Marketing Strategies
When looking at a law firm's marketing strategies, there are many things that we take into account. Obviously, the impact of the internet cannot be overlooked; this is often the first place that people go to find what they are looking for. Through the Internet, as well as using other legal marketing strategies, we want to expand your firm's name recognition, which will help level the playing field for newer or smaller firms. Now that more law firms are advertising, there is more competition for a potential client to find you. Call today for a free attorney marketing consultation and evaluation of your law firm's current strategies.
> The
Internet Has Changed The Rules
> The
Pluses & Minuses of Name Recognition
> Advertising
Impact on the Legal Industry
A. The Internet Has Changed
The Rules:
There are very few truisms anymore in today’s
highly competitive legal industry. The
Internet has had a tremendous impact in redefining
virtually every aspect of how we do business—from
how a business is marketed to how individuals
find, evaluate, and select their buying decisions.
Likewise, it is no longer a sure thing that
the company (or law firm) with the longest
history and best name recognition has the
overpowering advantage. Companies barely 10
years old such as AOL, are able to buy out
(for $183 Billion) companies such as Time
Warner, the largest and one of the oldest
media conglomerates in the country.
The impact on the legal profession is a prime
example of how much an industry has been transformed
in the past decade. Here to, the Internet
has helped change all of the rules and level
the playing field. Now, a firm that has a dozen attorneys can compete head to head with a firm 10 times its size, provided they have a cutting edge web site and aggressive lawyer marketing strategy.
As a company that works closely
with dozens of law firms, we see this happen
all too frequently.
B. The Pluses & Minuses
of Name Recognition:
Although name recognition
is important, this awareness alone will not
guarantee the continued success of the Firm.
Just ask companies such as Montgomery Ward,
Braniff Airlines, and Atari to name a few.
They were all obliterated by their then lesser
known competitors through better products
or services and more aggressive marketing
strategies.
For fast moving industries such as Business
and High Tech, these potent strategies make
the difference between first place (survival)
and obsolescence. It is not even a guarantee
that the companies offering the best product
or service (or the perceived best) will win
out over those that aren’t as good (can
we all say "Betamax”?)
It’s a given that the 250 largest law
firms in the country already have a long history
and strong name recognition. Brand name firms
are called to the table more often based on
their recognition and presumption of quality—but
that doesn’t mean the work they eventually
get will remain with them.
The challenge facing larger firms is competing
with firms younger, more aggressive, and less
expensive than they are. These firms may initially
lack some of the name recognition and reputation
on a Firm level, but are generally perceived
as more responsive and in touch with the times.
Law firms relying primarily on a long history
to maintain their competitiveness will eventually
be perceived as being “out of touch”
by a marketplace which is dominated by younger
and more aggressive decision makers.
To summarize, the main disadvantages of name
recognition are that larger, older, more known
firms are often perceived as too expensive,
less aggressive, and not in tune with today’s
rapidly changing environment.
C. Advertising Impact on
the Legal Industry
The following statistics are taken from a
survey conducted in the year 2000 of the top
1000 largest law firms in the US (“G-B
2000 Law Firm Advertising”).
| • |
The typical
marketing budget of a law firm has increased
sevenfold since 1991. |
| • |
There are
three times as many lawyers today as there
were in 1970. |
| • |
75% of all
law firms surveyed said they planned on
substantially increasing advertising expenditures
over last year’s. |
| • |
More than
80% of these firms consistently have used
display advertising in the past two years. |
| • |
Nearly 40%
of these firms sponsor local or regional
TV and/or radio programs. |
| • |
72% of these
law firms frequently sponsor events, seminars,
and community activities as a means to
market their firm. |
| • |
Nearly three
times as many firms engage in advertising
as ten years ago. |
| • |
68% of the
ads run focus on image as their primary
marketing vehicle. |
How Much They Are Spending
At the June 14, 2001 LMA Chapter meeting,
panel of publications and agency experts made
the following observations:
| • |
Know what’s
reasonable—most firms allocate 2-3%
of gross revenue for all marketing activities.
A reasonable percentage of the total should
go to advertising. |
| • |
Advertising
is rated as one of the top four marketing
activities that provide the greatest return
on investment to law firms. |
| • |
Repetition
remains one of the keys to a successful
ad campaign. |
| • |
Break the
budget gown by goals, not by publications.
Look, for example, at practice groups
by geographic market, or by industry segment. |
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