Then, you’ll need to look at how many cases per year your firm has handled and then extrapolate that number over a three-to five-year period. This will give you an idea of the average case volume for your practice area, from which various other figures—including revenue projections—can be derived.
Consider how long your firm has been in business, whether you have recently launched it or if the practice is well-established. Also note the competitiveness of your market niche—is there fierce competition from other firms?
For example, if you’re a business attorney trying to build a client base in a competitive city like New York, you might want to take any opportunity available—even those that are not necessarily ideal.
When developing your marketing budget, be sure to include costs associated with law firm marketing technology.
Examples of law firm technology include content marketing solutions, like HubSpot, as well as individual apps for email and social media scheduling.
Budgeting is one of the most common ways to manage your firm’s marketing expenses. However, it’s important that you don’t exceed this budget—otherwise, your marketing efforts won’t have any effect on increasing business and growth.