Not only is it challenging to make it big in business, but it’s also tough to keep up with the emergence of the digital age. Before the digital age, larger firms had the opportunity to deploy more capital towards marketing which in return allowed for more success ... While smaller firms lacked the depth to compete. Today, firms have universal access to creating a digital presence on the internet… but that doesn’t mean that every firm has a quality digital presence. Here’s how to evaluate your firm’s digital presence.
Once firms have reached a level of maturity where revenue is consistent and legal performance is dialed-in, talks of expansion are almost inevitable. Expansion of a law firm comes in a few different flavors of conquest: physical office expansion, moving up-market, and expanding practice areas. We’ll cover opening a new office in another post, but expanding practice areas is often seen as the logical next step of a successful firm compared to moving up the market.
Whether that’s expanding practice areas horizontally, for example practicing estate planning and personal injury, or expanding practice areas vertically in that your firm develops deeper expertise into one practice area, expanding a law firms practice area is a trying hurdle for operations, marketing, and the partners’ sanity. Here’s how to handle all three.
Some lawyers assume lead generation simply involves hiring a pay-per-lead or pay-per-click service to feed them anyone remotely interested in talking. Those mistaken lawyers might as well stand on a busy street corner shouting, “Who needs a lawyer? I’m a lawyer!”
As marketing shifts from an art to a science, and marketers become more technologically advanced, industries across the world now view outsourced employees in a new light. Companies outsource their IT opportunities, client care, security, and dozens of other business operations because they realize that it’s more cost effective to get expert help - and focus all internal efforts on their core business.
Law firms often assume that “law firm marketing agency” implies logos, branded brochures, and a fancy website. While these are certainly factors to be considered in a marketing strategy, firms will find that there’s a great divide between two different types of marketing agencies. Some are dedicated to increasing business, while others are dedicated to improving image. The “right” agency for a law firm depends on whether they are looking to improve their image, or improve their business. Here’s what we’ve learned after talking to hundreds of firms about their experiences with their law firm marketing agency.
Professional services businesses, including law firms, that see sustained profit growth are investing an average of 9.1% of their profits back into marketing efforts. The most successful law firms today focus on their marketing, but if one or more of your law firm’s partners are responsible for marketing, then your firm is making a bad trade - you’re wasting your partners’ time.