A cost-effective marketing strategy helps your practice attract potential clients.
You won’t grow your business if you spend too little on marketing. But, when you spend too much, you might find yourself dealing with too high of a caseload, burnt-out employees, unsatisfied potential clients, and bad reviews.
So how much should your law firm spend on marketing?
In this 4 minute video, Jim assesses what your budget should look like, and what methods provide the best ROI for law firms.
Every law firm must have a digital marketing budget, regardless of size or law practice area. A cost-effective marketing strategy will help your practice attract potential and keep current clients. But the question is, how much your legal marketing budget should be?
You won’t get the desired results if your team spends too little on marketing. But, when you spend too much, you might find yourself dealing with too high of a caseload, burnt-out employees, unsatisfied potential clients, and bad reviews.
Our Bambiz team knows that every law firm’s proper marketing budgets exist. In addition, you’re most likely looking to expand your marketing efforts. So whether you’re a solo Elder Law attorney or a firm with decades of experience, the appropriate budget exists.
Your total marketing budget depends upon several factors, which we will explore. We work with law firms of all sizes, which allows us to help you find a realistic marketing budget.
How Much Does the Average Law Firm Spend on Their Marketing Strategy?
There’s no set standard for a law marketing budget. However, most digital marketing experts recommend a budget between 2% and 20% of gross revenue. Firms should also devote roughly 65% of this budget toward online marketing. This includes things like content creation, subscriptions, and social media management.
How much an existing or new law firm should spend on this 2% to 20% varies with different factors. For example, smaller law firms may only want to devote 7% to 8% of their gross revenue toward marketing. In comparison, larger law firms may spend more. (Read: The Lawyer’s Guide to Marketing in 2022)
Relevant Factors that should impact your law marketing budget include:
- How established is your firm, including its reputation
- Your law firm’s practice area(s)
- How much competition exists within your area
- Your law firm’s location
How Your Goals Impact Your Law Firm’s Marketing Budget
Another factor that’ll impact your law firm’s marketing journey is your goals. So, it’s essential to have specific goals in mind.
For example, is your law firm brand new and needs advertising for new clients? If so, then part of your digital advertising objectives should be to develop your brand. Put together your practice area(s), attorneys’ experience, mission statement, etc. Or, if you’re an already established law firm, your goal might be gaining client referrals. (Read: How To Create A Marketing Plan in 6 Steps)
The proper marketing and business development plan can result in the following:
- A niche or target audience
- The appropriate selection and management of marketing channels and strategies
- Frequent evaluations and adjustments based on metrics like key performance indicators (KPIs)
- Real-time adjustments to marketing strategies when evaluating performance
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What Are Some Different Legal Firm Marketing Methods?
Establishing your marketing budget’s needs is step one of the process. The next step is allocating the necessary funds to the proper channels and tactics. Since many strategies exist for legal marketing, choosing the right outlets is essential.
Social Media Marketing
A new business can often separate itself by investing time and effort into social media. Social media channels include YouTube, Instagram, LinkedIn, and Facebook.
Don’t throw money on one platform or another without knowing where your target is. It’s essential to know which platform resonates the most with your audience.(Read: 5 Reasons why Social Media is important for your Practice)
Search Engine Optimization (SEO)
Every legal practice with an online presence will want to use SEO. Optimizing content for search engine results in pages generating more traffic.
Having optimized connected content means prospective clients have a higher chance of finding you. When searching a keyword on Google like “elder law services near me.” (Read: How to quickly improve your website SEO)
A PPC campaign is also another powerful tool for marketing your legal services.
Pay Per Click ads drive traffic to your website by putting your ad at the top of search engines like Bing and Google. Yet, you’ll also need to pay the publishers every time a user clicks on your ad. (Read: PPC Campaigns: 7 Tips to Perfecting Them)
It’s vital to have a professional website for your elder law practice. Of course, a professional website will look attractive. But it can also help you grow and scale other techniques like SEO. (Read: The SECRET to a successful website)
Bambiz Can Help Your Elder Law Practice
Managing and marketing your firm takes a lot of work. Refine your sales process and keep elder law clients by hiring our Bambiz team.
We provide three different packages. They cover areas like email newsletters, blog content, YouTube video topics, SEO, social networks management, etc.:
- Marketing Essentials — for law firms at $300k or less in yearly revenue
- Marketing Plus — everything in our essentials package. Plus, the choice of workshops, webinars, or SEO for law firms of all sizes.
- Marketing Pro — everything in our essentials and plus package. Pro includes a comprehensive marketing team.
We help Elder Law and Estate Planning Firms of all sizes. Call our team at (407) 974-6464 or click here to learn more.
Additional articles you might be interested in:
- Learn How to Enhance Your Firm’s Digital Marketing Efforts – Interview with Jim Blake
- What makes your law firm different from your competition?
- How inconsistent marketing is hurting your Elder Law Practice
- How to create a Marketing Plan in 6 steps
- Should I do my own law firm marketing? A cost-benefit analysis