2011 marketing budgets get a boost at law firms of all sizes, enjoying bumps of 5.3% and 4.2% at AmLaw 100 and 200 firms, respectively. Small and mid-sized firms get their fair share as well, with marketing dollars rising 4.3%, on average, since 2010.
As law firm leaders come to terms with the economics of the “new normal,” many turn to marketing as the antidote to struggling attempts to win and grow business. Fully 90.4% of more than 150 legal marketers interviewed are making changes to how their firms and attorneys attract and develop business. Attorney training and coaching, well-honed business development plans and dedicated resources top the list of investments being made to spur revenue growth.
Yet few marketing departments wield a one-trick pony approach to countering a virtually stagnant market (BTI’s Premium Practices Forecast projected just a 1.2% growth in legal spending for 2011). Approximately 8 out of 10 legal marketers are engaging in new activities in client service and satisfaction, interactive media and branding to fortify their arsenal and build growth opportunities. Some favorites:
- 41.7% are conducting new client satisfaction studies
- 43.9% ramped up use of social networking sites
- 34.1% expanded their use of blogs
- 25.0% revised their overall brand strategy
Learn more facts about how legal marketers are spending, staffing and changing law firms in BTI’s newest release Benchmarking Law Firm Marketing and Business Development 2011.