No doubt about it, times are hard. The downturn in the economy has affected everyone from homeowners to corporate leaders. Attorneys, law firms and law firm marketing teams have also felt the pinch. Law firm marketing teams must find different ways to encourage marketing endeavors that not only create effective strategies, but also decrease waste. Larry Bodine writes for the Law Marketing Portal and offers suggestions for how law firm marketing teams can thrive in a recession.
For starters, he suggests law firm marketing teams embrace changes and take closer looks at their core strategies. Are they still relevant for the new century, or were they developed 5, 10, or 15 years ago? Law firm marketing professionals are encouraged to take a close look at clients, as well as services to assess the effect of strategies currently in place. According to Bodine, “Law firms should fire low margin, low fee, nonstrategic clients, include business development activity and results in every lawyer’s performance review, shut down unprofitable practice areas, even if they generate revenue, and close unproductive offices.” This may sound severe, but in today’s economy, it may very well mean the difference between success and failure, and the ultimate survival of law firm marketing.
In addition, Bodine suggests that law firm marketing professionals define responsibilities, define partner roles, and increase accountability for each. Strategic marketing, Bodine says, means marketing smarter. Law firm marketing teams must be able to meet the challenges of a shaky economy in order to survive.