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Focus on 5,911,663 Clients
Why are 99.69% of all clients regularly ignored? Most law firm marketing focuses on a tiny slice of the market, on companies with 500 or more employees. Yet, these large companies comprise a mere 0.31% of all companies in the U.S.: that is 18,469 companies compared with 5,911,663 potential clients, according to the latest released statistics.
Often overlooked, small and medium-sized companies have great economic impact. They employ 49.37% of all employees and generate 43.45% of payroll in the U.S. Their legal needs are the economic “bread and butter” for many law firms. Few law firms, however, have dedicated marketing and business development strategies to target small or medium-sized companies.
The Conflict
Through law firm mergers, today's firms are increasingly conflicted when working with large companies. Larger in-house legal departments mean that less work goes to outside counsel. Large companies were also the first to embrace Legal Process Outsourcing (LPO) as an alternative for low-stakes work. In an ever more competitive marketplace, law firms today no longer only compete with other law firms, but also with other professional service providers as well as associations, banks and insurance companies, for example. In addition, a range of online and offline programs and systems are available to clients at a much lower price, reducing the amount of legal advice bought from traditional law firms.
This situation is much less bleak with medium-sized companies. Most don't have in-house lawyers and they don't usually turn to Legal Process Outsourcing firms. There are a number of other ways in which they distinguish themselves from larger companies.
Medium vs. Large Businesses
To develop a competitive edge essential for long-term success, law firms need to thoroughly understand the decision-making process of medium-sized companies when buying legal services. For starters, while law firms and lawyers often emphasize the aspect of tailored solutions, medium-sized companies place little emphasis on it. They welcome the idea of more efficiency in the provision of legal services, which they see as a consequence of commoditization with cost savings being passed on to clients.
1. Packaged legal solutions make business sense for decision-makers in medium-sized companies, and medium-sized companies are content with the type and depth of information they purchase, particularly considering the lower price.
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