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Developing a Law Firm Marketing Plan


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Developing a Law Firm Marketing Plan

  1. 1. Jared D. Correia, Esq. Law Practice Management Advisor Law Office Management Assistance Program 31 Milk Street Suite 815 Boston, MA 02109 (857) 383-3252 Leanna Hamill, Esq. Attorney at Law 160 Derby Street Suite 456 Hingham, MA 02043 (781) 749-2284 MCLE Wednesday, June 16, 2010 3:30 pm - 5:00 pm
  2. 2. The Business Plan o In Four Parts: Executive Summary Organizational Plan Marketing Plan Financial Documents o Background SWOT Analysis o Specific Inclusions Areas of Practice Billing/Pricing Models Deadlines Confidentiality Statement o Don’t Forget/Ignore Finances Create a Budget Financial Assumptions Capital Summary of Financial Needs “The Lawyer’s Guide to Creating a Business Plan: A Step-by-Step Software Package” by Linda Pinson ABA Latest Edition: 2009, w/ Annual Revision
  3. 3. o Create a Marketing Budget Be Specific (Create Categories) Track Costs (Including Time Spent) Track Referral Information from Intake Form Tracking Information is Essential for ROI Analysis o Develop a Niche/Specialty A General Practice is Untenable in the Modern Market It Is Impossible to Sell Everything; Sell One, or a Few, Things Ethical Considerations: Modern Practice Is Far Too Administratively Complex to Do Everything o Utilize Targeted Marketing Define Your Ideal Client Find Your Ideal Client Land Your Ideal Client
  4. 4. o Mission Statement Description of Your Firm Image = Brand Pricing: Billing Models Developed in Business Plan, as Sales Pitch Doubles as Elevator Speech o Defining Your Market Determine Your Target Market Locate Your Competition Observe Marketing/Industry Trends Start by Leveraging Your Existing Contacts o Your Basic Marketing Strategy Location (Physical/Geographic) Location (Reach) Location (Placement) Traditional v. Non-Traditional Advertising/Marketing
  5. 5. o Your Assignments Specific, Assigned Tasks (Based on SWOT Analysis) Marketing Calendar for Deadlines o Marketing Policies Must Present Consistent Image/Brand Create Policies for Enforcement/Maintenance of Brand Purity o Timing of Market Entry Different Question than: Is Your Plan Written? Has Your Advertising Campaign Begun? Are You Client-Ready?
  6. 6. o Traditional Marketing Models In-Person Presentations Bar Associations and Legal Organizations Lawyer Referral Services Print/Television/Radio Advertising Direct Mail Marketing o Non-Traditional Marketing Models Website Blogging Profile Websites Social Media Direct Email Marketing
  7. 7. o Know Your Audience To Whom Are You Speaking? Clients, for New Business Attorneys, for Referrals o Understand Your Tools Elevator Speech Business Card Know Thyself o Ethical Considerations Client Contacts Attorney Referrals Referral Groups
  8. 8. o The Importance of Follow-Through Specific Tasks Assigned (Based on SWOT Analysis) Marketing Calendar (Including Tasks and Reminders) Stay on Course, to Meet Goals Keep Track of Expenditures, to Stay Within Budget o The Importance of Periodic Review Time: Semi-Annual Review; Review at Material Change to Business Theory: Make Sure You Are Meeting Your Mission Statement Trouble: Don’t Forget to Keep Tabs on Your Competition o Return on Investment Analysis (ROI) Analyze Your Intake Statistics Convert Your Costs Keep What Works/Ax What Doesn’t
  9. 9. 1. *This* PowerPoint 2. LOMAP Blog Posts, re: Marketing 3. Leanna’s Worksheet
  10. 10. Contact LOMAP *for free and confidential law practice management consulting* 31 Milk Street Suite 815 Boston, MA 02108 (857) 383-3250 Contact Leanna *for private or group attorney coaching* 160 Old Derby Street Suite 456 Hingham, MA 02043 (781) 749-2284