Legal Advertising During Economic Turmoil

Why Law Firms Should Stay the Course with Advertising Despite a Looming Recession

COVID-19 is unlike anything anyone has ever seen. In a matter of weeks, the world was infected with this novel disease wreaking havoc on the global economy. Stock market volatility was at an all-time high and continues to leave investors reeling as fears of a recession loom deep. Small businesses across the country have had to shut their doors; some may not be able to reopen once the pandemic eases. Law firms are not immune. Many small law firms and solo practitioners are facing an uncertain future. Advertising is likely the last thing on most people's minds, but it shouldn't be. Staying the course with advertising during tough economic times may be the one thing that helps your practice survive the recession that is likely to come. It may not only help you survive; it might help your business thrive.

If you have enough cash flow to keep your advertising campaigns afloat, you just might find yourself in an opportunity to take advantage of incredible deals and a less crowded field. Some law firms may even take this moment to reinvent their practice, helping potential new clients through one of the most challenging times any of us have faced.

Less Expensive

Advertising is one of the first budget cuts that people make when money gets tight. Many still believe that advertising is a luxury, but as most lawyers know, it is essential. During a recession, companies may be more willing to offer ad spots for less money in order to entice businesses to continue to spend. You can get incredible deals across all mediums, including television, radio, and the internet. No matter where you spend, you are likely to find some sort of deal.

As John Quelch wrote in his 2008 Harvard Business Review article, How to Market in a Recession: “It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at a lower cost than during good economic times.”

Less Competition

Small businesses are one of the heaviest hit sectors during a recession. "Stay at Home" orders, and lockdown recommendations have all but ensured that some businesses will be unable to reemerge from this pandemic. For those that can, there is a ripe opportunity to corner their market. Recessions automatically weed out some competitors who lack the cash flow to continue advertising. It is a harsh reality, but being in a position to continue advertising will help you attract new customers. The need for legal representation does not simply go away when the economy begins to suffer. If you can afford it, you need to be marketing to the customers who will continue to need your services.

Reinventing Your Practice

This is the time to dig deep and truly think about your customers. There may be ways to help clients in new and different ways that didn't exist before the coronavirus outbreak. Take the time and listen to what your client needs and decide how that fits into your practice. Undoubtedly, the pandemic forced shutdowns, and school closures will result in lawsuits. Remember, at the end of the day, you likely became a lawyer to help people. How can you do that in today's climate? What do people and businesses need the most help with right now? Use these unparalleled times to show that your law firm truly cares about what people are going through and how you can help to get them through it.

Final Thoughts

Now is not the time to cut advertising. If you can afford to keep your campaigns going, stick with them, and your law firm will likely come out of this even stronger than before. In some cases, you may have to scale back or even search for available offers, but don't give up on your marketing altogether. Remember, if you pull back, your competitor is immediately going to fill that void, making it even harder for you to get new clients and making it almost impossible to regain your standing later. 

Contact Amicus

Find out more about how to advertise during tough economic times. Both Amicus Capital Group and Amicus Media Group have been Transforming the Business of Law? for law firms across the county for decades. Our knowledgeable team can help you through the likely recession to come, just as we did over a decade ago during the Great Recession. Contact the Amicus Group today at 888.700.1088 to learn more about legal marketing during this historic year.

This blog post does not contain legal or financial advice. Author and publisher disclaim any and all warranties, liabilities, losses, costs, claims, demands, suits, or actions of any type or nature whatsoever, arising from or any way related to this blog, the use of this blog, and/or any claim that a particular technique or device described in this blog.