More Positive Economic Indicators

Legal Services Growth, law firm marketingMore economic indicators for the legal profession show that the recession is ending and that a recovery is beginning.

Law firm marketing professionals point to several positive indicators:

· Fed Views Recession as Near an End. On August 12, 2009, the Federal Reserve said that the recession is ending and that it would take a step back toward normal policy.

· Unemployment rate does NOT increase.  Despite widespread predictions that the unemployment rate would crest over 10%, it held steady at 9.4% as of August 7, according to the federal government.

· U.S. jobless claims fall sharply. The number of U.S. workers submitting new claims for jobless benefits fell sharply in early August, fanning hopes the fragile labor market was on the mend and that the broader economy was stabilizing. Initial claims for state unemployment insurance fell 38,000 to a seasonally adjusted 550,000 in the week ended August 1, the Labor Department said on Thursday, beating market expectations for a drop to 580,000.

· Housing prices increase. Houses have finally become cheap enough to lure buyers, according to a new report released on July 28. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover. For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down. “We’ve found the bottom,” Mark Fleming, chief economist for First American CoreLogic, told the New York Times.

· Stock Markets are Up. The Dow Jones Industrial has closed above 9,000 by the end of July, its highest point for 2009. The broader Standard & Poor's index is up 11% for the year.

· Pent up consumer demand. The cash-for-clunkers program brought 120,000 new-car buyers into car dealerships from July 1 to early August. According to the New York Times, this reveals pent-up consumer demand, which is a sign of economic recovery.

· 3% growth in 2010. An industry forecast by First Research Inc. (a service of Hoover's Inc. online database) shows that growth in the legal sector stabilizes in 2009 and turns into 3% growth in 2010.  For the full story see the LawMarketing Portal at

AZ State Bar Webcast: "Surviving the Recession"

Arizona State Bar, surviving the recession, law firm marketingPlease join me for this 90-minute webinar and live presentation sponsored by the State Bar of Arizona on May 6 in Phoenix and online too.  Visit WEBCAST- Surviving the Recession for all the details. Any lawyer in any state can attend. The course has been approved for 1.5 total CLE Units, all of which may be applied toward  Ethics.

I gave the program last year and here's what attendees had to say:

  • "The program is one of the most interesting that I have viewed online. Thank you." (Phoenix, AZ)
  • "This is absolutely amazingly well done. Critical thinking, clear language, practical: an excellent resource." (Scottsdale, AZ)
  • "This guy''s terrific. Can I buy a video?" (Scottsdale, AZ)
  • "Very interesting and I believe it will be helpful to my business." (Mesa, AZ)
  • "Excellent presentation! I like the fact that it was available online, especially since I needed 3 more credits by today!" (Scottsdale, AZ)

"Partners, law firm owners, solo and small firm practitioners who wish to avoid being victims of the worst economic downturn in our lifetimes should attend this special seminar. Hear from a 16-year veteran business developer on how to increase your clientele and revenue," the bar brochure states.

Program highlights:

  • The four hot practice areas for general practitioners.
  • How to keep the good clients you have.
  • In-person marketing and business development techniques to find new clients.
  • Marketing with technology tools like Twitter, LinkedIn, Webinars and blogs.
  • Writing your Personal Business Development Plan.

How can you go wrong with a $69 registration fee?  If you want to get more cleints and generate more revenue, I hope to see you there.