Market Research for the Legal Industry

Last week’s guest post examined profitability of lawyer marketing ventures by using a cost-per-case analysis:

Total dollars spent
÷
New clients signed on because of the marketing effort

Another piece of the puzzle is understanding what market research tells us about our potential clientele. But where can we find this information?  Data about demographics, employment, supply, and demand can hard to find – especially in one convenient location.  But thanks to the hard work of Annette Shelton-Tiderman we have a resource!

In her post, Problem Solvers: Offices of Oregon Lawyers, Annette reports on the following topics:

  • Offices of Lawyers Reflect Oregon’s Diverse Population and Geography
  • Supply and Demand: Employment Reflects Changes in the Economy
  • Marshalling Problem-Solving Resources
  • Projected Demand Shows Change and Overall Growth

She includes interesting infographics on the statewide marketplace for legal services, employment growth rates, employment projections, and breakdowns on areas of practice.  Because the report relies in part on the bar’s 2012 Economic Survey, the data is a bit aged, but still helpful.

I first shared this resource three years ago.  Unfortunately, it was relocated on the Employment Department website.  It took some time to dig back up again, thus the repost.  If you’re looking for other ideas on market and economic analysis, read on.

More Resources for Market and Economic Analysis

Lawyer billing practices

Lawyer Demographics – County, Population, Age Group, and Trends

  • OSB 2012 Economic Survey – the main survey includes data on the future plans of survey participants (leaving the practice of law or retiring).  The Addendum has additional demographic data.
  • Learning the Ropes 2016 Program Materials from the Professional Liability Fund.  Locate page 264, “PLF Covered Lawyers — by County, Population and Age Group.”  From the PLF home page, Select CLE > Past CLE and find “Learning the Ropes 2016” in the alphabetical list of Programs.  Click the program link.  On the description page, locate QUICK LINKS (top right of screen).  Select the PROGRAM MATERIALS link.
  • Are you a member of the OSB Lawyer Referral Service (LRS)?  They gather data on supply and demand for all their programs.

Market Research Databases

Economic Forecasting

Occupational data and job listings (including Lawyers)

  • The State of Oregon provides data and occupation profiles on all occupations, including lawyers and legal staff, at this link.   You can also display statewide job listings. Alternatively, start at this location, then select the “Wage Data Tool” in second column under Workforce.  To give you a better idea of how this tool works, here is a snapshot from a recent search:

wage20tool

As you can see, it is possible to print a full report, custom report, or summary.  If you want to find career pathways, wage range data, or occupations with similar skills just be sure the appropriate boxes are checked.

Postscript

The Oregon Employment Department’s Web site is a helpful resource for businesses researching economic data, business indicators, and other information. There are 13 workforce analysts spread across the state who are responsible for assisting businesses with needed labor market information. This can include the demographics of a neighborhood – very helpful when a business is looking to relocate or expand. The Employment Department also tracks education levels, income, population data, and maintains a database for occupational and wage-related information that is easily accessed via its website. Services provided by workforce analysts are paid for by business taxes.  There is no additional cost to access their expertise.

All Rights Reserved Beverly Michaelis 2017

Choosing a Practice Area

Last week I made an impassioned plea encouraging you to create a business plan.  A big part of the planning process involves selecting an area (or areas) of practice. Sounds easy enough, but is it?

wordcloud

Don’t Choose a Practice Area Because…

Someone else said you’d be good at it, a law professor recommended it, everyone else is doing it, or family members and other influencers practice in the area.

Think About the Kind of Clients You Want to Represent

This step is often overlooked, but deserves your consideration.  Take time to reflect on who you want to serve, rather than what you want to do.

  • Do you want to represent businesses or individuals?
  • Start-ups, small family operations, or evolving companies who might need help with mergers and acquisitions?
  • Individuals?
  • Low income or high income?  Elderly? Young? Vulnerable?

Consider Client Characteristics

While it is possible for any client to display these characteristics, they do appear more frequently in certain areas of law:

  • Emotional (angry, fearful, crying, upset) – Family law, criminal law
  • Impaired or mentally ill – Family law, juvenile law, criminal law, poverty law
  • Distressed – Family law, criminal law, poverty law, personal injury, workers’ compensation, social security disability, products liability
  • Confused – Elder law, estate planning, probate, poverty law
  • Vulnerable – Elder law, juvenile law, family law, criminal law, poverty law
  • Demanding – business law, corporate, real estate, intellectual property

Do You Naturally Lean Toward Litigation or Transactional Work?

If you like ever-changing clients, taking risk, working under pressure, and constant challenge > you may be better-suited to litigation.

If you prefer working with repeat clients, minimizing risk, a steady workflow, and predictability > you may be better-suited to transactional work.

Let’s Play Match Game

What is your tolerance level for working longer hours?  Dealing with gray areas of law, high stakes, or deadlines?  These can also influence a practice choice.

Long Work Days

Working longer hours is often associated with family law and criminal law where emergencies occur in the evenings and on weekends.

Gray or Concrete?

If you don’t mind dealing in gray areas, family law, litigation, trusts, estate planning or immigration may be good choices.  If you prefer things to be more concrete, then consider regulatory law, tax law, or administrative law.

High Stakes

The stakes are higher in criminal law, immigration, and family law.  You will need a reservoir of resilience to practice in these areas.

Deadline Driven

Arguably, this is just about every area of law but litigation reigns supreme when it comes to deadlines.  If you are organized, manage workflows well, and have good time management skills you’ll do well in litigation.

Other Stuff

I should also forewarn you that any area of law where your fee is contingent, like personal injury, means an unpredictable pay day.  Honestly assess whether this is something you can handle financially.

The Informational Interview is King and Queen

Doing informational interviews with other practitioners in an area of law that interests you is – without a doubt – one of the best ways to narrow down your list.  Not sure who to approach?

  • Ask for referrals or suggestions from your first level contacts – people you know personally.
  • If your first level contacts don’t know anyone in the area(s) of law that interest you, ask them for names of other lawyers who might know a practitioner in that area.  Keep asking and pursuing leads.
  • If you don’t know anyone who knows anyone who might know someone who practices in an area that interests you, start reaching out to known experts.  Bar groups – state, local, and specialized – are organized into sections and committees, usually by different areas of law or subspecialties of law.  Who are the leaders of those sections and committees?  Who speaks at CLEs for the various bar-related groups?  Who writes articles in bar group publications? Who writes chapters for OSB BarBooks?

A Formula For Cold Calling

There is an art to cold calling.  (And by the way, a call is generally better.)  Here are the steps:

  1. Do your homework first.  Visit the interviewee’s website.  Look her up on LinkedIn or other social media sites.  Run a Google search.  Read what she’s written.
  2. Review steps three through six below.  If you find cold calling intimidating, rehearse a few times before you pick up the phone.  This will be helpful if you end up leaving a voicemail.  Better to spend time practicing beforehand than to fumble and mumble in your recorded message.
  3. When you reach out, be clear from the beginning that you are not seeking a job and this is not a request for a job interview.  Rather, you are interested in the area of law the interviewee practices and would like to learn more.
  4. Briefly explain why you are reaching out to this particular interviewee. For example, you read her article in the Bar Bulletin, noticed she spoke at at CLE, saw that she wrote the chapter on XYZ for BarBooks, etc.  (To state the obvious, this is where the homework comes in.)
  5. Be respectful of the interviewee’s time.  Spending 60 minutes with your subject would be optimal, but may not be possible.  Let the interviewee know that you are looking for 30 to 60 minutes of their time and stick to whatever time limit you agree upon.
  6. Consider extending a breakfast or lunch invitation. Everyone has to eat.
  7. Prepare for your informational interview.  If necessary, repeat step one in greater depth.  You should come to the meeting with a list of questions you would like the interviewee to answer.  In fact, you may want to have some questions written down before you even pick up the phone and extend the invitation.
  8. Send a handwritten thank you note by postal mail after your meeting.

If you encounter a gatekeeper – receptionist, paralegal, assistant, secretary – bend over backwards to be polite, thank them for their time, and do your best to leave a complete, but brief message.  Make sure the gatekeeper understands you aren’t cold-calling for a job interview.

You might wonder:  why can’t I just shoot off an email?  You could.  And it may work. But remember: your interviewee is busy and already buried in email.  Your message may not get read or may get caught in the spam filter.

Experience shows that calling and following up by mail is more effective.  Both are more personal than email and require more effort – which doesn’t go unnoticed. Calling means the staff person or lawyer to whom you speak can hear your tone of voice.  Your gratitude and appreciation come across in a way that email can’t match.

All Rights Reserved Beverly Michaelis 2017

Postscript

What should you do if you leave a message and don’t hear back?  Don’t be discouraged. The majority of people you reach out to will be gracious and understanding.  Move on to someone else in the same practice area.

Goal Setting as an Associate Attorney

From our friends at NW Sidebar:

Attorney Ally Kennedy Garcia offers her tips for gaining a foothold for success in a law firm.

Source: Goal Setting as an Associate Attorney

Employment Practices for Lawyers – Avoiding Trouble at Termination

Last week I shared the top tweets for hiring staff from our May 28, 2015 seminar, Employment Practices for Lawyers. This week we turn to avoiding trouble at termination.  Here are just a few of the tips our speaker shared.  All the tweets from the CLE can be viewed on Storify.

disability

absenteeismflsa

Read all the tweets here. Oregon lawyers may order the CLE free of charge on the PLF website, http://www.osbplf.org.  Select CLE > Past, then Employment Practices for Lawyers: Hiring with Confidence and Avoiding Trouble at Termination.

All Rights Reserved [2015] Beverly Michaelis

Employment Practices for Lawyers – Hiring with Confidence

Hiring staff can be an intimidating process – whether you are a new or seasoned employer.  Avoid the pitfalls by reading the top tweets cultivated on Storify from our
May 28, 2015 CLE, Employment Practices for Lawyers: Hiring with Confidence and Avoiding Trouble at Termination.  Here are few representative tweets from the presentation:

2015-05-28_20-07-022015-05-28_20-07-112015-05-28_20-07-35

Read all the tweets here.  Oregon lawyers may order the CLE free of charge on the PLF website, http://www.osbplf.org.  Select CLE > Past, then Employment Practices for Lawyers: Hiring with Confidence and Avoiding Trouble at Termination.

All Rights Reserved [2015] Beverly Michaelis