Since the budget process is underway in many firms for 2010, I thought it was timely to talk about next year’s marketing budgets. Actually, I received a Google Alert last week about a post I did in the very first week I started blogging in January 2005. In re-reading that post, I decided to share
marketing budgets
Marketing with Limited Budget in Hard Times
Although I have preached about the need to increase not decrease marketing budgets on this blog over the past month or more, let’s be realistic – I say to myself – not every firm will follow that advice. Some have or will cut budgets no matter what. So, what’s a poor rainmaker suppose to do.…
Another Firm Increasing Rather Than Decreasing Marketing Budget
In a post last month, I mentioned one Texas law firm that actually admitted it was increasing its budget for marketing, rather than decreasing it. Definitely not the trend, I can tell ya. But smart.
Now we hear about a number of firms in the Philadelphia area that will be refocusing, and possibly redirecting…
More Reasons to Crank Up That Marketing
The American Bar Association recently asked lawyers to predict the future. Over 14,300 lawyers responded, and yesterday the ABA issued an early summary of the survey results to those who had participated. Some results:
- 19% of lawyers expect to lose their jobs,
- 78% anticipate that "everyone" will be affected in some way by the recession,
…
Plan to Crank up Marketing Budget in 2009. Huh?
Yep! While a number of large law firms are cutting lawyers and staff, it is no secret that budgets, including marketing budgets, are being trimmed for the coming year. Unfortunately that is shortsighted. In fact, it may reduce the amount of new business harvested in the coming year.
If business development is good for law…
Now Is Not The Time To Cut Your Marketing Budget
Although we lawyers were taught in law school that we could do brain surgery – if only the light was right, please don’t utilize a surgical knife when scrutinizing your coming year’s marketing budget.
As many investment advisors (oh yeah, we were taught we could do that too in our sleep) are telling their clients…
Warren Buffett’s (and Wayne Gretzky’s) Advice Applies To Law Firm Marketing
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.…
Secrets to Small Firms’ Successes
Well, “secrets” may be a bit strong, since what makes small to medium size law firms successful isn’t exactly rocket science. Prosperous smaller firms have very successful lawyers who never practiced in BigLaw, as well as those who did, but left because they no longer cared for the environment or life style in larger firms.
So…
Is Your Marketing Budget Keeping Up?
I’m not referring to keeping up with the Jones’ or with large firms for that matter. What I am referring to is whether your firm is keeping up with the needs of your marketplace in terms of marketing and business development. Times change and competition is increasing. Both should be taken into consideration when calculating what your budget…
Are You Late in Budgeting for Marketing in 2008?
You are late, if you haven’t already budgeted for marketing and business development for 2008. Most large law firms start their budgeting process in early fall for the following calendar year.
Of course, there are firms that still do not prepare a formal marketing budget at all, so anything I say here would be a waste…