ADVERTISING IMPACT ON THE LEGAL INDUSTRY
The following statistics are taken from a survey conducted in the year 2000 of the top 1000 largest law firms in the US (“G-B 2000 Law Firm Advertising”).
- The typical marketing budget of a law firm has increased sevenfold since 1991.
- There are three times as many lawyers today as there were in 1970.
- 75% of all law firms surveyed said they planned on substantially increasing advertising expenditures over last year’s.
- More than 80% of these firms consistently have used display advertising in the past two years.
- Nearly 40% of these firms sponsor local or regional TV and/or radio programs.
- 72% of these law firms frequently sponsor events, seminars, and community activities as a means to market their firm.
- Nearly three times as many firms engage in advertising as ten years ago.
- 68% of the ads run focus on image as their primary marketing vehicle.
How Much They Are Spending
At the June 14, 2001 LMA Chapter meeting, panel of publications and agency experts made the following observations:
- Know what’s reasonable—most firms allocate 2-3% of gross revenue for all marketing activities. A reasonable percentage of the total should go to advertising.
- Advertising is rated as one of the top four marketing activities that provide the greatest return on investment to law firms.
- Repetition remains one of the keys to a successful ad campaign.
- Break the budget gown by goals, not by publications. Look, for example, at practice groups by geographic market, or by industry segment.