There are three current trends that may affect your personal injury law firm practice. They are new technology, market consolidation and downward pricing pressure. If these factors are affecting your bottom line, what should you do about it?
The advent of new technology
The advent of new technology has been going on for years. In fact, it is a full-time job to keep up with all of the changes. First you have to know where to learn about new technology that is relevant to your law firm; then you have to learn how to use it; then you have to implement it into your marketing strategy. It takes more than a person who is knowledgeable about technology. It takes an expert with time.
The question for the personal injury attorney is, “Can I keep up with the competition, in terms of smart marketing, and the budget it requires?” It could present a problem for the smaller law firms or for the single-lawyer firm.
Market consolidation
Keeping your personal injury practice growing has become more difficult as larger law firm consolidate. By moving into lateral markets, they are able to capture more clients, as the focus of their firm and the areas of their practice increase.
A recent report by Hildebrandt Consulting reported that over 71% of firms failed to see two consecutive years of demand growth. That’s a bit disheartening.
The questions for the personal injury attorney are, “How do I keep up with the competition?” and “Do I want to consider consolidation?”
The pressure of downward pricing
Smaller firms are experiencing increased pressure over pricing. Clients want more for less and that can be a problem when competition is high. A recent study reported that only 28% of firms have addressed the pressure of downward pricing, and 87% are feeling the pressure of intense pricing competition.
The question for the personal injury attorney is, “What can I do to break free of this pressure?”
How to stay strongly competitive while still growing your client base
Some personal injury law firms choose a DIY marketing approach; however, there are great risks with this approach. The way law firms make money is by attending to their clients and their cases – not by spending their time marketing themselves. Focusing on successfully settling cases and building strong client relationships, instead of overspending in an area of business that pulls you away from this is advisable.
Group Matrix is unique in that we specialize in marketing for personal injury attorneys, letting you, the lawyer, focus on your business. We know and understand your market and have experience in all the latest technological advances to help you come up with an affordable marketing strategy aimed at growth. As both traditional and digital marketers, we can present you with a marketing strategy that will enhance business growth, grow your reputation and let you do what you went to law school for.
Give us a call at Group Matrix. Our experienced staff is knowledgeable about all areas of personal injury law and can help you create the business you dreamed of having.
Group Matrix Blog – July 24, 2018 – by Sharon Bowles
