2.9% of turnover is the average UK law firm marketing budget
Last week I was delighted to share the Conscious Solutions sponsored LFMC Professional Services Marketing Survey (PSMS) 2023 findings.
And what a set of findings they are. It’s the 3rd year we’ve done the research which means we have a growing data set to help understand and track the trends.
Some of the headlines from the research are:
Average law firm marketing budgets are 2.9% (up from 2.6% last year).
84% of marketers/BDers are either driving or involved in the strategic planning in their firm.
Most firms outsource some marketing elements – design work leads the way (75%), 72% for SEO and 54% for digital marketing.
Digital advertising took the lion’s share of marketing budgets last year – 20%. Events expenditure increased in 2022 compared to 2021, from 8% to 13%.
76% of professional services firms are predicting increased turnover in the next 12 months.
The biggest opportunities and challenges are in the areas of digital, existing clients, data and people (recruitment and retention).
If you haven’t yet grabbed a copy of the report, you can do so here.
Having the data is one thing. What to do with it is the all-important next bit.
Can I suggest you do at least the following 3 things:
Benchmark your marketing and BD against these findings. Where do you stand relative to other firms? Are you similar or wildly different and if so, why?
Share the findings with your leadership and marketing and BD people. They will all benefit from understanding these trends.
Have a strategy/planning session - use the core topics in this research to discuss where you are ‘at’. Does this prompt some ideas to do things differently? Take this opportunity to refine your approach to marketing and BD. You might not change much, you might change lots, the point is, use it as an opportunity to re-assess and act appropriately.
Do grab a copy of the report, and if you would like to watch the webinar where David Gilroy and I presented and discussed the findings, here’s the link.
Talking of David, I would like to thank Conscious Solutions for sponsoring this research. Their involvement has made this research possible. Thank you.