Should you advertise during the Coronavirus? I have gotten this question a lot from my clients. I wanted to jump right in and answer this for many of my attorneys and law firms. Simply put, Yes!
The legal industry is one of the most recession proof industries out there. No matter what happens in our economy people and businesses will need attorneys. I will break down a few practice areas to give you examples on how businesses and individuals will still need legal help. I think when looking at your business during this time “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”. ― Warren Buffett.
- Bankruptcy Law – During hard times and when our economy takes a turn for the worse, it’s very well known that more people and businesses file for bankruptcy. So, more chapter 7’s, 11’s. and 13’s are filed. Therefore, it’s in the firms’ best interest to start investing now while others are not.
- Estate Planning Law – Unfortunately there will be more deaths during this time. Which means many people are fearful, and right now paying a lot more attention to protecting their families, friends, and themselves for the future. People will be looking for estate planning attorneys to make sure they have a will, and all their estates are in order.
- Family Law – It’s no secret to many of my Family Law Attorneys, that disagreements with finances is one of the biggest factors in divorce. We know that during financial hardships the divorce rates increases.
- Medical Malpractice Law– The medical field is overwhelmed with cases and people needing help. We are not equipped for such an epidemic. Unfortunately, with that many mistakes will be made, and some people may suffer due to bad judgement.
- Employment Law – During times like these, there are not many companies ready for such an event. Therefore, these companies may handle their employees’ needs, such as a leave of absence, unfairly. Employees may need to be on leave for a prolonged time due to COVID-19, recovering from the disease and/or taking care of family members. Employers will be more inclined to seek legal advice in order to ensure they are protected and don’t find themselves in a lawsuit.
- Criminal Law– As is well known, when finances get tough, crime rates increase. During recessions or economic downturns, there is a significant increase of all kinds of crimes.
The time to be flexible is now. Learn how to run your practice more effectively digitally. You can use many tools with clients to have virtual meetings. This could be a great time to innovate your practice as well!
Many firms have been caught up in the day to day, and they often put their marketing on the back burner. But since the courts are shutting down for a couple weeks now due to the COVID-19, firms will have more time to look at their marketing. Right now, it’s a good time to assess your current marketing strategies & metrics and discuss them with your marketing provider. Constant communication with your marketing provider and your local consultant, is the key to get a competitive advantage and increase profits. Do not run your business emotionally, instead really take advantage of this opportunity!