The US legal industry is in rude health, having experienced revenue growth in the first three quarters of 2018, according to a new survey from Citi Private Bank’s Law Firm Group.In fact, Citi’s half-year report highlighted the fact that US law firms turned in their biggest revenue increase since 2007.
At last, some positive news for a sector that’s starting to emerge from its post-recession haze.
However, despite this uptick, competition remains fierce and profit margins are still being squeezed.
Which is why standing out from the crowd is of huge importance. This is especially true for smaller practices that may lack the gravitas of their more established counterparts.
Ultimately, a large part of your success will be based on your branding.
Effective branding adds legitimacy to your business. It can make a smaller player look, feel and act like a big fish.
How do you build your brand?
Branding is far more than sticking a logo on your marketing collateral and company stationery. It’s the holistic way you capture what makes your legal business great.
This covers everything from the imagery you use, to the way you engage with your clients and colleagues.
The same principles apply to companies operating in the legal space.
Here are a few of the key elements.
Your vision and mission statement
With approximately 1.34 million lawyers in the United States, serving thousands of practices, you need a killer vision and mission statement to stand out from the crowd.
A strong sense of purpose and an aspirational goal is key to attracting new employees – and new business.
Your brand pillars
Read any piece on brand and you’re likely to come across brand pillars. Typically, these are the 3-5 qualities that define your business and differentiate it from the competition.
Your strapline and messaging
This is different to your vision and mission statement. It’s a “memorable, meaningful and concise statement that captures the essence of your brand.”
Your tone of voice
Having a tone of voice helps define the way you communicate. In a profession such as law you want to make sure you earn respect through speaking the same language as the people you’re trying to engage.
But at the same time you might not want to appear too stuffy.
How you angle your tone of voice is up to you but having a clear TOV guide is essential.
Your brand strategy
Content, content, content. Whether it’s blogs, white papers, webinars or social media campaigns, content marketing is essential for building a brand presence and amplifying your key messages across multiple networks.
However, this type of outreach requires a strategy and thinking to go behind it. Choose which channels are most likely to find a willing and receptive audience and plan effectively.
Law firms have traditionally relied on the power of their bench and the strength, charisma and personality of their people. In the digital age, showcasing your attorneys and telling their stories is a crucial component in building a standout brand.
We’ve produced a comprehensive Employer Brand Toolkit which covers all elements of building your employer brand.
Above all, it’s important to be consistent. Whatever your mission, strapline or even your brand colors and fonts, everything should be aligned.
Are you looking to build your brand? Get in touch with BPS World Inc. President Liam Murray (email@example.com) to find out more about creating a brand that’ll help accelerate your businesses’ growth and boost its industry presence.