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Law Firms Taking Leap Of Faith Into Marketing
Law firms taking leap of faith into marketing 24 January 2005 By Andrew Towler, The Solicitors Journal. www.solicitorsjournal.com
Law firms are slowly starting to run themselves as commercial entities and are investing in marketing, according to latest figures. Research by Marketing Professionals, a Manchester-based consultancy, shows an increase of 35 per cent in marketing investment by law firms in 2004, with this figure expected to rise in 2005. The study also shows that the transition to embrace the concept of marketing since the Law Society relaxed its restrictions in 1986, has been slow. Jonny Cainer, from Marketing Professionals said: "Understandably it took a major leap of faith for managing partners to place their trust in professional marketers twenty years ago but now most recognize that it is an essential tool for their firm to survive in an increasingly competitive marketplace. We have noticed that the reluctance of older, senior partners is being brushed aside by younger, ambitious partners who want their firm to grow and compete in a commercial environment."
Nick Jervis, director of Bristol-based legal marketing specialist, Samson Consulting, said: "Firms have started to realise that it is better to spend money on their own brand, and control their own destiny, as opposed to pushing someone else's services. The behaviour of certain small claims companies have helped with this transformation, as lawyers don't want to be associated with these unethical businesses, so need to market their own practice. It has become a necessary expenditure." The Law Society has welcomed the culture change, a spokesperson saying: "It makes sense for firms to have a coherent marketing strategy. The market for legal services is very competitive. Also there is a growing number of unqualified, low quality operators offering legal services and so it makes sense for firms to promote to the public the advantages of seeking help from solicitors who are properly qualified and regulated." The prospect of law firms adopting a more commercial structure has been thrust into the spotlight recently with Sir David Clementi's proposal that restrictions be lifted on external investment in firms.
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