How to Experience Exponential Growth: Building Your Firm’s Brand
In Part 3 of this “Experience Exponential Growth” blog series, we feature insights into keys for building your firm’s brand.
Today, it’s not enough to acquire your firm’s cases through a referral process. Though it’s the most common method, it’s also the most costly, because the referring law firm will retain a significant percentage of the case proceeds.
One thing’s for certain: that’s no way to experience bold growth.
There’s a better way to acquire cases. But not just any cases; ones that can accelerate your firm’s growth. Fortunately, marketing and digital advertising can help you do just that.
Building Your Firm’s Brand Online
Marketing initiatives offer a margin-positive way of acquiring cases, and they also help you reach clients who are seeking your specific practice area and expertise—something traditional marketing approaches can’t accomplish.
That said, it’s no surprise that contingency fee law firms are starting to spend more on online brand awareness. In 2023, it’s a powerful thing to be found easily in search engine results, which can result in much lower case acquisition costs. That’s more money in your firm’s pocket to dedicate to building your marketing engine.
Investing in Talent, Marketing, and Technology
And for firms like Pond Lehocky Giordano, investing in marketing was the perfect pivot. “One of the first things we did was bring in more of a professional management team, real accountants, real financial professionals, real marketing professionals, real IT professionals, and that kind of formed the foundation between that professional team and the partners,” noted Bryan Reilly, CFO, Pond Lehocky Giordano.
Understanding the need for investing in talent, marketing and technology, the law firm also understood it needed capital to scale law firm growth. At first, Pond Lehocky Giordano struggled with using traditional banks for law firm financing. However, the firm found that these banks simply didn’t understand the timing and complexities of the contingency fee law business model.
But after transitioning to a case cost line of credit solution, which took into consideration the future value of the firm’s contingent case inventory, Pond Lehocky Giordano no longer needed to use its available capital to finance litigation costs, freeing up enough capital to make a significant investment in marketing.
As a result, this enabled the law firm to proactively establish greater brand awareness in a digital and modern world, getting the brand in front of the right audience to fuel the firm’s growth.
In just three years, Pond Lehocky Giordano became one of the biggest names in workers’ compensation and social security disability advocacy through investing in marketing and brand building. “It [Esquire’s financing] has allowed us to grow our practice, to increase our brand awareness and to fund our growth in regard to marketing,” noted Sam Pond, managing partner at Pond Lehocky Giordano. “And we’re able to make better decisions because we have information that’s reliable and up to date.”
How Did They Do it?
Want to read more about Pond Lehocky Giordano’s proven strategy for investing in lower-cost case acquisition tools – like digital marketing – to fuel its growth?
Read More Blogs from Our Experiencing Growth Series
Next in our Experiencing Exponential Growth series, you’ll learn about how to “Invest in Business Operations as You Scale”, and how it helped Grewal Law attain bold growth.
Looking to learn more about building your firm’s brand?
Watch this video featuring Glen Lerner and Peter Webb.
Meet with Esquire Bank
Learn how your law firm can finance its case costs and free up capital to invest in talent, operations, case acquisition, and growth. Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.
Looking to Learn More About Law Firm Growth Strategies?
Download the eBook now, “5 Best Practices from Law Firms That Are Growing and Succeeding Boldly,” to get your hands on our top strategies for achieving exponential law firm growth.
* The information provided on (or accessed through) this blog is provided for general informational purposes only and is not intended as, and should not be relied on for, law firm operations, tax, legal or accounting advice. Some of the information may not be applicable or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate. Results may vary by law firm.
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- Content Type: blog