It wasn’t long ago that legal marketing was an activity that many practices looked down upon. Times have changed though, and if your firm expects to remain competitive and successful you’ll need to market your services. Most lawyers aren’t marketers, but they can find a number of marketing resources by simply conducting a google search. This will produce a list of lead generation vendors and methods to help lawyers generate more business, but what is often forgotten is the administrative tasks that go along with marketing a law firm.
Here are some legal marketing tips that will help your firm spend your dollars more effectively and reduce the risk of legal accounting audits or ethics violations associated with your legal marketing activities.
Legal Marketing Tips
Track Income By Case Type
Tracking income by case type shouldn’t be looked at as much of a tip when it comes to legal marketing, but more of a requirement. By tracking your firm’s income by case type it allows your firm to understand which cases generate the most revenue. Doing this manually can be a challenge. Luckily practice management software, like CosmoLex, allows your firm to easily track income by practice area, making it easier for your firm to understand which case types generate the most revenue.
Track Marketing Expenses By Case Type
Just like tracking the money a case type or practice area brings into your firm, it is extremely important to understand how much it costs to generate those opportunities as well. Keeping detailed records of the marketing dollars your firm spends gives your firm the opportunity to understand which clients are the most expensive to generate, and which legal marketing investments yield the greatest return for different practice areas. In addition to a greater understanding of the success rate of your marketing spend, keeping clear records of your marketing spend can also help to keep your firm audit ready at all times.
Do Not Use Client Funds For You Marketing Activities
Many attorneys operate client trusts, but just because your firm is in possession of these funds it doesn’t mean that they are yours. Your firm must earn these funds before they can be considered income. If your firm were to use client funds to pay for your marketing activities, you could be staring at a legal accounting audit and possible ethics violations. CosmoLex ensures that your firm doesn’t spend client funds on your marketing efforts by putting safeguards in place that stops your firm from making these costly errors.
Try CosmoLex for free and increase the efficiency of your legal marketing programs.