Law firms on average firms spent 3.4 percent of their annual collected fees on marketing and business development activities in 2013 — up from a previous level of only 2.3 percent in 2012.
Legal marketing spending has rebounded to pre-recession levels according to a new national survey of local and regional business law firms by Alyn-Weiss & Associates, Inc., a Denver-based legal marketing consultancy.
Another key finding was that law practices must effectively embrace digital promotion or they will miss being considered for desirable cases they are qualified to handle.
The drop in 2012 was the first spending decline recorded by Alyn-Weiss since the consultancy started conducting its bi-annual survey of local and regional corporate, transactional and defense firms in 1990. In its initial 1990 survey firms reported spending just 1.45 percent of annual fees on marketing, said founder and president Bob Weiss.
6 Most effective marketing tactics
Analyzing the new 2014 survey results, Weiss said the data makes clear that law firms that fail to employ six tactics are simply missing out on desirable work:
For the details please see Bigger Legal Marketing Budgets Now Fund 6 Most Effective Tactics on Law Practice Advisor.