Wednesday, May 29, 2013

The Simplest Explanation of Law Firm Marketing

The average equity partner in the average law firm makes an annual contribution of between $20,000 and $30,000 each to market the firm. Think of this as the reinvestment each partner makes out of the equity pool each year. A significant chunk of change, to be sure. Viewed this way, marketing managers may have a better appreciation for why they feel constantly under the microscope. They are!

Unfortunately, the aperture of that 'microscope' is too often focused on what the marketing department should be doing for that individual partner. And, the focus can change depending upon what that partner needs at the moment. Widening the aperture helps the partner understand the various demands on the marketing department, the sales cycle law firm marketing departments are attempting to influence and how all the tools of marketing work together in an integrated fashion.

To facilitate this conversation, I developed the following graphic to illustrate how all the pieces fit together. The Marketing-Sales-Service chart shows the relative costs in both attorney time (Attorney Involvement) and firm financial resources ($) to affect each stage of the legal services buying cycle (Awareness through Loyalty) and the box of tools available to influence each phase (Marketing, Sales and Service). Obviously, this graphic is overly simplified. But it has proven useful in helping everyone in the firm better understand the roles and contributions of the marketing department. And, in understanding this, being better able to support the marketing group in their support of the attorneys.

As always, if I can help you get more from your marketing department, please give Eric Dewey a call at 502.693.4731. You'll find that I am an eager resource and that it costs nothing to talk.

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