The Legal Marketing Center Blog

Has the Legal Market finally tumbled into a recession? Larry Bodine thinks so. In this recent blog post, Larry examines consumer spending as well as rising unemployment for examples of why the legal market may have already tumbled into a recession. He also cites a big drop in new home sales, the plummeting value of the dollar, and the cost of the war in Iraq for reasons why the legal market is in trouble.So what are attorneys to do? There are several things:

1. Reevaluate your practice areas. If you run a title company and draft real estate contracts, for example, now might be the right time to transition your practice into one that handles leasing activity, loans, and distressed enterprises. Other hot areas include bankruptcy and litigation.

2. Continue developing relationships with your current clients. This is a great opportunity to start really getting to know your current clients. Pick their brain. Find out how they are doing and what their needs are. See if there are other ways that you can help them out.

3. Cross-sell to current clients and former clients. As you approach your current clients to rejuvenate those relationships, talk to former clients also. Send your clients information that might be helpful to them or their business. Remind them that YOU are their lawyer, no matter what their legal issue. This is also a great way to start to develop a referral relationship and create top of mind awareness with your clients.

4. Develop a personal business development or marketing plan. Before the economy falls headfirst into a recession, start to plan out how you will sustain your practice.

5. Learn how to become a better rainmaker. The saying is very common, but bears repeating. Rainmakers are made, not born. Unfortunately, they don’t teach us how to market in law school.