Tag: Pricing

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3 stats that should scare the Hell out of law firm BD teams

Citing various industry reports, including both the American Bar Association’s 2022 Tech Report and Clio’s Legal Trends Report, Annette Choti has come up with a list of ‘Five unbelievable law firm marketing statistics that may completely change the way you see legal marketing and how you reach prospective clients‘ over at Attorney at Work.

Annette’s article is a really good read, but 3 of the 5 stats she calls out in her article should have all law firm BD professionals saying: “What the…” and these are:

  • 43% of Law Firms Do Not Have an Annual Marketing Budget
  • 68% of Clients First Contact a Lawyer or Law Firm via Phone
  • Only 53% of Lawyers Say They Are Confident in Running the Business Side of Their Firm

While 1 and 3 above have me scratching my head, 2 made me laugh – invest as much as you want in law firm technology and sales/BD methodology; but make damn sure your reception desk knows who does what!!

If this all sounds too close to home to be true, feel free to drop me a line to talk through how we can fix this up.

rws_01

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hmmm…

Two articles with vastly different headlines:

‘As Law Firms Push Aggressive Rate Increases, Clients Have Room to Negotiate‘ by Andrew Maloney in the American Lawyer, and

‘Almost half of US lawyers see no rate increases in 2022, Wolters Kluwer report shows‘ by Ben Edwards* in The Global Legal Post

In the first article:

the mean rate increase across law firm segments last year was around 5.6%.

In the second article:

Some 27% of law firm timekeepers saw no increase, while 13% saw average rates go down

So what’s the problem?

Well here it is: both articles are written from the same underlying source material – the recently published Wolters Kluwer’s LegalVIEW Insights report.

As usual comments are my own.

rws_01

  • disclosure: I know Ben Edwards and he is a fine journalist (which is not to say that Andrew Maloney isn’t, just that I don’t know Andrew).