What does digital marketing cost for Elder Law Firms?

Video Summary:

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