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8 Legal Marketing Strategies that Work Now
If you think your business development efforts don't work, welcome to the club. Only 49% of law firms said their business development is successful, according to new research by LexisNexis InterAction.
What Is the Problem?
Lawyers are pursuing too many new business development opportunities, have a lack of focus, target prospects poorly, and fail to follow through.
Law firms also don't spend enough on business development. On average, firms spend only 2.1% of firm revenues on marketing, according to a 2019 Calibrate Legal survey. In contrast, high-growth firms spend 5% of annual revenues on their marketing budget, according to Hinge Research (defining high-growth law firms as those with 20% or greater annual growth in revenue).
Furthermore, many lawyers focus on business development only when they have downtime or when a matter concludes. And, when they do have time, they go to the same old networking events, write for the same old publications, and give the same old speeches.
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