Hard times provide an exquisite classroom for analyzing the return on investments law firms derive from their marketing choices. Under financial pressure, firms sometimes cut spending on the very activities that are most likely to generate new clients and fees, such as conferences and seminars — face-to-face encounters. This is understandable because returns on marketing investments are time lagged, sometimes as long as 24 months.
This article prioritizes which marketing choices are positively correlated with generating new matters and new clients (read: revenues), while minimizing expenses so that gross margins are enhanced. I will also suggest areas to cut expenses that have little, if any, payback, and a process for vetting proposed expenses so that, in going forward, profitability is managed.
First Among Equals
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