A new report from ALM Legal Intelligence entitled, Small Firms, Big Marketing reveals that small and mid-sized law firms (40-200 attorneys) have upped their investments in marketing because of a belief that effective marketing is mandatory for a firm to succeed.
The survey was commissioned by J. Johnson Executive Search, Inc., and relies on data collected from 90 small and midsized firms in the U.S – 42% of responses were from firms with 40-75 attorneys and 58% were from firms of more than 76 attorneys.
Some key findings from the survey:
- 90% of responding firms said they had a dedicated marketing team in place
- 75% said marketing was critical to winning new business
- 54% use marketing for research and client feedback
- Marketing is key not only for obtaining new clients but also for retaining existing clients
- 75% of firm management says marketing is a critical piece in winning new business
- Spending on outsourced marketing functions increased 44% in 2013 and is expected to rise in 2014
Firms justify their investment in marketing in the following ways:
The firms surveyed found these 10 marketing tactics to be the most effective for their firms:
The full report is available free for download here.
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