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Times are tough for the U.S. economy.
Even if your law firm hasn't experienced a decline in business, you've
undoubtedly heard about other businesses that are taking a hit. Some law firms
have laid off attorneys. Partners are taking pay cuts. Other firms want to
merge in an attempt to save themselves. The depressed economy isn't just
affecting the large law firms; small firms and sole practitioners are also
experiencing declining revenue as a result of the weakening economy. It's not
surprising, then, that many firms are reexamining their budgets to decide where
they can trim expenses if or when their own business takes a hit.
The marketing budget is one expense
that many law firms will consider reducing or eliminating entirely in the time
of cutbacks. But studies have shown that this is the wrong move. An economic
decline actually offers new opportunities and advantages for firms that embrace
smart marketing opportunities. Rather than cutting their marketing budget,
proactive law firms will carefully consider their marketing activities, pursue
a mix of solutions, track the results and redirect resources toward the
marketing efforts that yield the best returns.
With careful thought and strategic
investment in marketing and business development, law firms will see a payoff
from their investment, both during the recession and after the economy picks up