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Small Law Firms often face the shadow of large competitors with brand recognition and connections that attract clients. And yet, many smaller firms have continued to operate and often beat out larger ones for business. The one-word reason is Marketing. Smaller firms that survive have put resources into promoting their firm and partners.Whether getting new business or expanding work from existing clients, they know the importance of getting attention.
However,for all the emphasis on marketing, there is some question over what actually works. The most effective techniques are not necessarily the most popular.Firms still have a lot of work to find better, and more cost-effective, ways of reaching potential clients. Otherwise, they could find their marketing budget staking an even bigger bite out of revenues than today.
92% of Firms had Full-Time people working on marketing. 10% of all firms had 16 or more full time marketing people. On Average, Firms spend 2.75% of Annual Gross Revenue on marketing staff and expenses. 60% of firms expect to increase marketing budgets this year over last year.
J. Johnson Executive Search, Inc. and The Legal Marketing Association’s Capital Chapter partnered with ALM Legal Intelligence to highlight the most popular and effective marketing techniques used by small to midsize law firms, i.e. 40-200 attorneys, and underscores a trend that many firms are continuing to increase their investments in marketing, both in terms of financial commitment and human capital resources.