New Study Shows Legal Firms Upping Their Marketing Spend

more law firms are spending money on marketing

Most law firms recognize they must be involved in constant marketing in order to generate a consistent flow of quality clients as well as leads. More firms than ever are taking a hard look at their current strategies and trying to figure out whether it makes sense to hire a firm to help with a comprehensive approach to marketing. If you haven’t yet outsourced the management of your legal marketing, 2018 may be the year you finally consider it. Most firms know that there’s a lot on the line in terms of entering and staying in a very competitive marketplace, and that’s why so many are turning to the professionals when it comes to legal marketing. More firms than ever see the value in outsourcing the management of their marketing. 

Legal departments and a number of different service providers now make up more than 50% of legal spending particularly as it relates to marketing. Many law firms realize that in order to compete in an increasingly narrow market and one that is driven by digital activities, that they will need to step up their business development and marketing activities.

A study from Bloomberg Law and Legal Marketing Association found that nearly two-thirds of business development professionals and attorneys agreed that their firms are increasing the emphasis on business development and marketing. Approximately half of those surveys reported that their marketing budgets will be increasing by more than 10% over the next couple of years, even as firms intend to engage in pursuing other strategies as well.

Some of the most common reasons for legal firms to expand their marketing budgets have to do with fewer outside firms used by clients due to law firm convergence, pressure to generate more revenue, and keeping pace with other firms that are already enhancing their own marketing spend. Firms must be prepared to differentiate themselves in order to achieve the linchpins of success. Consulting with a knowledgeable legal marketing firm can help you when you have concerns about how to make the most out of your budget and how to reach your ideal clients and encourage them to contact you.

Leave a Reply

Your email address will not be published.