20 Mar Public spurning national legal brands as market booms
New research has indicated that most of the public aren’t being enticed by legal national brands, preferring to go to a traditional local law firm instead.
In fact, only one third of the public would go to a national brand.
The recently published UK Legal Services Market Report 2015 from marketing consultancy IRN Research shows that the UK legal services market was worth £29.3bn in 2013 – with annual growth the highest for many years.
It also predicts revenue growth of 5%-6% a year for 2015 and 2016.
The report amply demonstrates that talk of the demise of the local solicitor seems to have been somewhat premature.
Working closely with traditional local law firms, we have seen the fear that has gripped them since the legal services act. We have stated all along that relevant marketing, which is locally focused, good customer service and a willingness to embrace change will ensure the firms stay vibrant.
This report has vindicated our standpoint. It shows that Legal work for business and commercial affairs remains by far the largest segment in the UK market, amounting to 34% of all revenue with the next largest segment, personal injury and medical negligence work, accounting for only 11%, as does the commercial property sector.
A survey of 500 adults was polled for the report in December 2014. As well as showing that only one-third of respondents would be willing to try national brands, it also showed growing enthusiasm for going online, with 40% saying they would be attracted by the convenience and low cost of web legal services.
The report also found that some segments of the market are starting to polarise, led by conveyancing and personal injury.
Understandably, larger firms are making more use of mass media and internet marketing techniques.
It is heart-warming to have read such positive research rather than the usual gloomy tales of firms closing down.
We firmly believe that with more law firms converting to alternative business structures and many others also enlisting other business skills the traditional law practice is as relevant as it always has been which clearly is not just good news is for lawyers, but the public and business also.