Law firm marketing budgets and 2019 business development planning are just two of the many articles featured in the Q4 issue of The Panelist, an newsletter for insurance defense firms that serve P&C insurance carriers.
The Case for Business Development
Insurance is about quantifying and pricing risk of all types. Discover the seven risk factors that insurance defense law firms may want to consider when prioritizing their investment in marketing and business development. Click on the link to read the full article in The Panelist for the 4th quarter of 2018.
Law Firms Marketing Budgets
Law firm were expected to spend 2.53% of firm revenue on marketing and business development in 2018, up from 2.5% of revenue in 2017. Looking at a mid-sized insurance defense law firm with 30 attorneys, let’s estimate that the annual revenue is approximately $8 to $10 million. Applying the 2.53% estimate above, the marketing budget would be in the range of $202,400 to $253,000.
Marketing to current clients, at a minimum, should be a priority at all law firms in order to protect the existing revenue base. A monthly e-newsletter is a simple and inexpensive way to build a stronger rapport with current accounts. Click on the link to read the full article in The Panelist for the 4th quarter of 2018.
Insurance Company Acquisitions
Consolidation within the insurance industry continues, as AIG acquires Glatfelter, The Hartford acquires Navigator Group, and AXA acquires XL Catlin. Read the latest in M&A news for panel counsel members in the latest issue of The Panelist. Click on the link to read The Panelist for the 4th quarter of 2018.
How to Get on More Insurance Panels
If your insurance defense law firm is asking how you can get on more insurance panels, give us a call. We have helped more than 145 insurance defense law firms pursue new insurance panel counsel clients.
We are the leading U.S. legal marketing agency specializing in the insurance defense market. We know the panel counsel process and can accelerate your business development efforts by identifying who you need to contact.
You get a structured business development process. We guide your law firm through a three-step campaign that brings discipline, focus, and productivity to your marketing efforts.
Increase revenue with professional, Bar-compliant legal marketing campaigns. We do the research so you can focus your marketing efforts on the business development process.
We have conducted business development campaigns in 36 states and are experienced with all P&C lines.
Contact Margaret Grisdela at 1-866-417-7025 to get started on a panel counsel marketing campaign.