Posted by: johnocunningham | February 25, 2016

Are Law Firms Falling Behind In the Battle for Clients?

A recent article in Forbes magazine, which was entitled “Law Firms Risk Digital Extinction,” raised interesting questions about whether law firms are “at risk” because of missed opportunities in technology and marketing.

Among the key observations in the article:

  • 70 percent of firms have a CRM system, but only 7 percent have a majority of partners contributing data and updates (translation: we bought the software, what more can we do?)
  • 60 percent of law firms have nobody assigned to oversee content marketing strategy, and 2/3 have no articulated plans for creating and sharing digital content
  • Only 23 percent of law firms have a digital strategy in place even though 80 percent recognize that it is important to do so now

In every industry, it is now essential to use technology optimally for marketing, as well as improved operational efficiency and cost reduction. Law firms have to play “catch up” in order to avoid losing greater market share to non-traditional competitors, such as accounting firms, firms that provide outsourced assistance for discrete tasks associated with legal services, technology firms that automate tasks associated with litigation discovery and other legal activities,  and online legal providers (such as LegalZoom).

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