Quote of the Week – 11.11.2022

This week’s Quote of Week comes via Tom Curry, Managing Partner, Lenczner Slaght on Slaw – A Managing Partner’s Perspective on Legal Marketing:

I also think it’s important for lawyers to remember that marketing and business development is a long-term game and consistency is key. You never know when your efforts will pay off, but they absolutely will if you keep at it.

Tom Curry, Managing Partner, Lenczner Slaght

Q: What’s the average cost of Marketing and BD to a law firm?

A: Many will say between 8 and 10%. Some of the more optimistic may say 15 to 20%. And the pessimistic in the crowd may go as low as 3%.

Very few though would say 0.8%.

Yet that was the finding from the latest PWC law firms survey [2022]:

If data from a P&L statements doesn’t lie, then marketing and business development investment by most law firms is truely woeful and probably goes a long way to explaining why we are where we are…

As usual, comments are my own.

rws_01

How much does your law firm spend on Marketing and Business Development?

Read the following interesting comment earlier today in an article on National Law Review (‘How to Create a Measurable Law Firm Marketing Budget‘) about law firm marketing budgets as a percentage of overall gross revenue that made me stop and think:

If you’re intent on setting a marketing budget, know that large law firms spend anywhere from 2% to 5% of gross revenue, while small firms spend between 5% or 10% of gross revenue, according to the American Lawyer.

The figure of around 3% of gross revenue has been knocking around for most of my career, but is that really enough? Can law firms really say they are investing in business development and marketing if the amount invested is single digit figures of gross revenue?

I suspect the answer to that is “no”; and I think you would find most other businesses would laugh at this level of investment in marketing…

rws_01

Shoutout to Campaign Creators on Unsplash for the photo credit  

Can you do Marketing without being on Social Media?

Can you market your law firm or personal thought leadership without being on social media?

The fact that I’m writing this on a blog that will be shared on LinkedIn, Twitter and Facebook should probably give you my answer. But, Iffy Ibekwe recently wrote an interesting article on the Above The Law website on this very issue: ‘Marketing Without Social Media: Take a step back from social media marketing and try some other techniques‘.

A couple of the more interesting tips Iffy suggests include Contact Former Clients and Contact Your Centers Of Influence. I’m not entirely sure you can Offer Referral Incentives here in Australia, but in those jurisdictions where you that might also work.

One of the. more obvious ones I thought Iffy missed was join the local chapter of your Chamber of Commerce or a group such as Lions Club. You might also look at the Conference and Speaking Scene, and while you would be right to argue these require some social media work, typically this is done by the conference organiser.

So while I now have to agree that you could market yourself or your practice without being present and active on social media – why would you?