How the Accelerated Migration of Consumers Online Impacts the Value of Your Law Firm
Founder of Senior Attorney Match
EVP & Head of Corporate Development at Esquire Bank
Brand building is a slow and methodical process which requires effective campaigns and repeatedly putting yourself in front of potential consumers in order for you to stay top-of-mind. In the pre-pandemic world, law firms achieved this through billboards on highways that were people’s daily commutes or running daily local TV spots at prime time.
In the post-pandemic era, more and more people are working from home permanently, and TV’s dominance has been replaced by a plethora of disparate subscription streaming services which don’t run ads at all.
Today’s consumer turns to Google for every curiosity and need, from the best brand of golf balls to the best lawyer for their auto accident injury. This accelerated consumer migration online means firms can no longer forgo building their digital presence and marketing their brand on platforms such as Google and Facebook.
As law firms look to grow in 2022, the legal industry is experiencing unprecedented consolidation through mergers and acquisitions. Firms with the capital to purchase for growth are not only looking to traditional markers of value: a firm’s book of business, the good will it’s developed in its community, or their subject matter knowledge. Increasingly, the value of a firm also includes its digital brand value: does it have a robust presence online, digital brand recognition, and a sophisticated Google marketing strategy.