According to a survey by Bankrate, almost 59% of the top economists predict a potential recession by July 2024. This is equal to a 3-in-5 chance of an economic drop.
We are all aware that a recession can mean the following:
đJob losses
đDecrease in business growth
đDecline stock markets
Although many agree that the forecasted recession won’t be as severe as the COVID-19 pandemic or the “Great Recession,” many law firms are still on edge.
But despite this prediction, here’s the good newsâŚ
The American Lawyer retells, âThe [legal] industry continues its transition into an increasingly digitally-enabled world.â
Law firms can defend their practice from economic downturns by looking ahead and, more than surviving, your firm can thrive through it all.
Letâs dive in.
Marketing During the Great Recession
During recessions, where gaining profit is a battle, a typical response among law firms is to cut back on marketing budget rapidly. Businesses need to learn that consistent marketing efforts are the pillar of strength they need during hard times.
This is why neglecting and cutting on marketing strategies could be one of the most damaging decisions in such scenarios, and here’s whyâŚ
Strategic marketing helps maintain your firm’s visibility and effectiveness while capturing new clientele when competitors retract.
As proof, take a look at how marketing online can tremendously help law firms reach success.
How Personal Injury Law Firms Remain Recession-Resistant
Businesses may struggle, but the differentiating factor between those who move ahead and those who stay behind is the response.
Law firms seeking to respond rather than retract need to consistently and continuously believe in the process, just like a Chicago-based law firm that weathered the storm with Consultwebs.
The firm almost chose to give up but decided to stay, and that decision paid off big time.
â Over time, their website visitors increased by over 25%.
â Their page views grew significantly, and their organic traffic grew by over 4X.
â The firm began seeing a regular boost in sign cases monthly.
The Top Marketing Practices for Building a Recession-Resistant Personal Injury Law Firm
The most successful law firms mix and match their digital marketing strategies according to their needs. However, there are some standard best practices:
-
Continuously Market to Your Loyal Clients
While getting new clients is critical for business, taking care of your existing clientele is your real asset, especially during an economic crisis.
Theyâve already used your services, trust you, and have âbeen there, done that.â Plus, your existing clients are already your strongest advocates, and their reviews and testimonials are the proof that speaks for itself. - Be Where Your Customers Are
Letâs take a closer look at the case of a criminal defense law firm partnering with Consultwebs.By partnering with Consultwebs, they have decided to invest in SEO and digital advertising.To show you the increasing impact these investments have on the firm, weâll go over the following time period:
After – referring to the time period between January 2023 – March 2023
Before – referring to the time period between July 2022 – December 2022
Through a consistent investment in SEO and digital advertising, the firm is increasing its average monthly leads by 243% and is decreasing the cost per case by 71%, which is more than half.
This is clear proof that partnering with an experienced personal injury marketing agency is key.
This brings us to the next section.
Is Your Marketing Agency Doing All They Can With the Available Tools?
Your relationship and communication with your current marketing agency significantly impact your firm’s success.
Being transparent with each other about your firmâs goals, where your firm currently stands, and whether your firm is properly being audited is essential.
Firms Can Emerge Stronger Than Ever
Remember: you can turn every challenge into an opportunity to grow.
Even if your competitors decide on a different route, know that your consistent investments can help you remain rock-solid.
If youâd like more information and come to your own conclusions as to which vendor is the best fit for your firm weâve got you covered.
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