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Warren Buffett’s (and Wayne Gretzky’s) Advice Applies To Law Firm Marketing

Posted in Marketing Plans, Marketing Tips

While some may be in denial, Warren Buffett writes in an Op-Ed piece in The New York Times (free registration required) that the “financial world is a mess”… but that he is now “buying American stocks.” He’s talking about his personal account (not his Bershire Hathaway holdings) which traditionally has been entirely in U.S. Government bonds.

His reason for buying stocks now is based on a "simple rule":

 

“Be fearful when others are greedy, and be greedy when others are fearful.”

 

That got me thinking. The same underlying principle could be applied to legal marketing; to wit:

 

When other law firms are cutting marketing budgets and staff because of economic fears, become greedy about making a meaningful impact in your marketplace by increasing your marketing and business development eforts. 

 

The time to make a difference is when others are folding their tents.

 

And Wayne’s advice from the same article: “I skate to where the puck is going to be, not to where it has been.”

 

Where does your firm want its marketing to be?