I came across an interesting article called Is The Foolproof Law Degree Becoming An Endangered Species? The article asks:
What if law school is no longer as lucrative as it used to be? And what if procuring funding to obtain a juris doctorate is akin to taking out a subprime loan?
Law firms are cutting salaries and hiring fewer graduates, reports Ameet Sachdev in the Chicago Tribune, which means that a law degree may not be a foolproof way to get a high-paying job after graduation. In addition, ongoing tuition hikes on already-overpriced law school degrees make the prospect of unemployment (and loan repayment) after graduation even more dire.
Whether you agree with the editorial or not, the fact of the matter is that the legal landscape is only getting more crowded as more and more lawyers enter the market. The importance of having a sound marketing plan in place to stand out from the crowd is more critical than ever before. Relying simply on word of mouth referrals, especially for a younger firm, isn't going to keep the doors open for very long.
Now is a good time to sit down and think about how you are marketing your firm. What are the different avenues you are attacking? Do you have a sound online strategy? Are you networking effectively? Are you constantly exploring new outlets for business?
Marketing plans are never one size fits all. What works for one firm will not be as effective for another. In addition, you should never have all your "marketing eggs" in one basket. Good marketing is an aggregate of several strategies that work effectively for you. You will only figure out what those are by trying different things, measuring the results, sticking with what works, dumping what doesn't, and repeating the cycle.
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