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