Digital Value

In my continuing search for ways to enhance the value of my firm to get the benefits both now and when I exit, another element that I am focusing on is building the digital value of my practice.

According to a study by Martindale-Avvo, over a third of consumers used firm websites to find an attorney, compared to just 9 percent who said print advertising was a resource, and 5 percent who cited TV/radio advertising.  A majority of people use a search engine as their primary resource when looking for an attorney online, with online reviews and directories being used as a second source.

Martindale-Avvo also notes that even when a potential client receives a personal referral, per their study, forty-five  percent (45%) of those potential clients said they researched a recommended attorney or firm by checking their website before making contact.

Jeremy Poock of Senior Attorney Match believes that, while a digital presence was important prior to 2020, the pandemic cemented it as a key component of law firm value. He stresses that to maximize the value of a practice, beyond client lists and personal referral sources, it is critical for firms to prioritize multichannel digital marketing.  In his view, utilizing Google/SEO, social media, and other forms of digital marketing is now an imperative part of building the value of a firm.

Another benefit of establishing a large digital footprint for a firm is that, on exit, it is a transferrable asset that any buyer or successor will want.  According to Jeremy Poock, a proven multichannel digital marketing strategy will vastly increase the selling price of a law firm.  In his words, law firm digital value is a “treasure chest.”

In light of the importance of multichannel firm digital marketing, it might pay to do a website refresh, bolster a Linked In presence, and consider other digital marketing opportunities.  Clearly, digital value is a component of building a practice that cannot be ignored.