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

Marketing and Client Development in Three Easy Steps

Have you set goals for your law practice?

 

From a big picture perspective, all three choices are valid.  What they lack is a reasonable chance of success.

You can greatly improve the odds of achieving your goals by taking these three simple steps:

  • Create measurable goals
  • Write your goals down!
  • Be accountable

Create Measurable Goals

If your goals and objectives aren’t measurable, how will you know if you succeeded? It’s easy to say “I want to grow my client base,” because this statement can mean so many different things: you want to increase revenues, open more client files, or start taking on clients in a new area of law.  Perhaps keeping your goals fuzzy is a way of feeding a tendency to procrastinate or avoid identifiable failure ….

If you want to grow your client base, start by articulating what this means to you.

Let’s say your goal this year is to increase new client retention by 10%.  Start by assessing your success in converting clients (new clients interviewed vs. new clients who retain you as their lawyer).  If your conversion rate is less than 75%, it is time for introspection and some retooling.  What issues are you facing?

  • Do you need to bolster your confidence? Finding support through peer groups or counseling may make a big difference.
  • Perhaps you need to learn more about a specific area of law so clients are assured of your knowledge.  Contact the Oregon State Bar and Professional Liability Fund. Access OSB BarBooks, download PLF Forms, attend CLEs, join Bar Sections, and read pertinent publications.
  • Maybe you can benefit from polishing interviewing skills or learning more about client needs?  Find a mentor, reach out to colleagues, search this blog for posts on client relations and marketing – there are a ton of resources available in this area if you ask.  It may be as simple as observing your mentor or asking her to sit in on your client interviews (screen for conflicts; get client permission).

Identify the challenges – there may be several – then dial down.  Create a series of measurable steps to help you achieve your goal of increasing client retention by 10%. Be concrete and set time limitations.  Here is an example:

Action steps

Continue developing additional specific, measurable steps you can take to improve client retention.

Write Your Goals Down!

If you don’t mind a success rate hovering around 43%, then talking or thinking about your goals is a good way to go. If you prefer to do better than that, write your goals down.

Putting pen to paper (or fingers to a keyboard) is an inescapable part of making your goals more real, concrete, and achievable.  You can improve your chances even more by keeping your goals visible: a sheet kept on your desk, a series of post-its on a bathroom mirror, or saving a screen grab to your desktop or mobile device.

The act of writing is, in itself, a process of mental transformation.  If you don’t believe me, just Google “why is writing down goals important?” and scan through the myriad of results.  Here is the best explanation, IMHO.  By the way, science backs this up.  Writing down your goals and sharing them with a friend will increase your rate of success from 43% to 62%.

Be Accountable!

Being accountable to others is success on steroids!  The Dominican University of California conducted a study on strategies for achieving goals.  By including the additional step of sending a weekly progress report to a friend, 76% of study participants accomplished their goals, or were at least half-way there, in a four-week period.  Wow!

So if I write a text or email to a friend,

“Hi Sheila, I’m setting goals for my law practice this year.  One of my objectives is to read the OSB Family Law BarBook cover-to-cover by June 1.  I need you to hold me accountable for getting this done.  Can I send you weekly progress reports?”

and my friend holds me to my promise of sending weekly progress reports, there is a 76% likelihood I will follow through? I’m on board!  Naturally you can buddy-up on this idea:  find a colleague with whom you can exchange goals and weekly progress reports.  You will both benefit by holding the other accountable.

Getting Started

Get underway with the process of goal setting, marketing plans, and business development by accessing the great resources available on the PLF website.  Choose Practice Management, then Forms. Under “filter by category,” select “Marketing.”

All Rights Reserved – Beverly Michaelis – 2016.

 

 

 

 

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