Law Practice Management Asked and Answered Blog

Category: Marketing

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Mar 29, 2001


Law Firm Marketing Budgets

Question:

We are trying to establish our first marketing budget. What are most firms spending as a percent of revenue?

Response:

This can vary widely based upon type of firm, philosophies, etc. Surveys show, that on average, firms marketing spending, as a percent of revenue, is approximately 2-3%.

John W. Olmstead, MBA, Ph.D, CMC 

Mar 20, 2001


Law Firm Advertising

Question:

What is your opinion regarding law firms that advertise extensively?

Response:

It should be remembered that advertising is only one form of promotion and promotion is only one of the four elements of a firm's marketing mix. Other elements such as service strategy, pricing strategy, and service delivery strategy are often more important to the firm that its promotion strategy. For firms that are providing commodity type legal services such as personal injury, divorce etc, extensive advertising can work very effectively. However, for firms that are providing customized differentiated legal services this form of promotion is usually not effective nor appropriate. This is why it is so important for law firms to formulate their business and marketing strategies and plans before implementing specific marketing promotional programs.

John W. Olmstead, MBA, Ph.D, CMC 

Mar 04, 2001


Differentiation From Other Law Firm Competitors

Question:

I find it very difficult to differentiate our firm from the competition with respect to marketing, etc. What specific suggestions might you have regarding methods and/or ideas that we could use to increase our market share?

Response:

You need to begin asking you clients about their needs and thinking from your client's perspective. Budgetary certainty and knowing in advance how much a matter is going to cost is important to clients. Efficient operations and the general office environment is important. Lawyers that can listen to their clients and understand their clients problems. We believe that satisfying client needs and expectations, providing outstanding service quality, and adhering to the highest level of ethical standards is a strong beginning.

John W. Olmstead, MBA, Ph.D, CMC 

Feb 12, 2001


Threats Facing the Legal Profession

Question:

What are the primary threats and challenges that the legal profession will face in the next decade?

Response:

The biggest threat is the public perception of the image of the legal profession. In addition the continued saturation of the legal market, reduced demand for legal services, and oversupply of lawyers. Law firms are going to have to change their mindsets and their organizational cultures as well as their methods of doing business. Quality of legal services must be improved. New delivery methods must be implemented and new price options offered.

John W. Olmstead, MBA, Ph.D, CMC 

Jan 27, 2001


Leadership and Accountability in Law FIrms

Question:

What do you see as the primary management problems in law firms?

Response:

We are frequently asked to assist law firms in areas such as management reviews, marketing, compensation, and strategic planning. However, these are often symptoms of another problem – leadership, trust, and accountability. Frequently we find that unless proper leadership is in place we are all wasting time on attempting to treat the symptoms. Without sound firm leadership at the partner level other initatives are never able to get off the ground. Law firm leadership is the top challenge facing the profession today.

John W. Olmstead, MBA, Ph.D, CMC

Oct 08, 2000


Law Firm Image

Question:

How does image tie into a law firm's marketing program?

Response:

Image is important to every profession. In particular, law firms need to have a good image within the community served. Therefore, today, it is necessary for a law firm to improve upon their image by being viewed by the community as professionals who make a contribution. This contribution can come in several ways: as support to the community, driect involvement in the community or by creating involvement that the community can become a part of.

Dr. Thomas J. Venardos

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