It is an unfortunate truth that consumer confidence is at an all time low and their spending habits are predicted to decrease through 2009 and perhaps beyond. But even if consumers slow their spending rate, they will continue to purchase items that they need, rather than want, and that includes the need-driven services that attorneys for the injured provide.
The fact is that consumers’ need for personal injury attorneys will be less affected by the recession than almost any other good or service. For the target demographic that offers the best potential for law firm marketing, the need is also still very present for the advertising that provides them with the information they need to make their decisions.
The overall lack of trust that has contributed greatly to the dire economic condition in our country offers the opportunity to build that trust by maintaining your firm’s presence in front of those prospects with a message that supports your commitment to assisting their families in their times of need. Consumers with no prior familiarity with an attorney, who also lack the type of network that could refer them to an attorney, now more than ever need to be sure that they are making the best possible choice when hiring a lawyer.
Just as many corporations, large and small, are making difficult business decisions about delaying new technology upgrades, large capital investments and overall reducing their operating capital, your law firm must be prudent with the kinds of expenses that you can control. That said, now is not the time to lose sight of the fact that the risk today is no greater than it was prior to the recession for those that work strictly on a contingent fee basis. In fact, the opportunity is knocking to propel your firm beyond competitors that allow themselves to be overwhelmed by the negative psychological environment that prevails.
Interestingly, TV broadcast spending across the country for the legal category is up more than 15% in Jan. 2009 vs. Jan. 2008, bucking all of the sector trends other than education. That statistic alone should be enough proof that the major legal advertisers are taking advantage of this opportunity and you should give careful consideration to doing the same for your personal injury practice.
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