From startups to multigenerational enterprises, there’s considerable opportunity for lawyers to serve small businesses – but little attention given to the demographic.
Much of the legal press is concentrated on the largest corporations, but consider this: The average small business has 13 potential legal problems every year, and there are 33 million small businesses operating in the United States. Eighty-seven percent of those small businesses do not have in-house lawyers – meaning more than potential 373 million matters could be outsourced to law firms every year.
How can you best connect with and serve these potential clients?
While we found no shortage of surveys on in-house counsel or individual consumers, we struggled to find reliable intelligence on how small businesses hire lawyers – so we created our own.
Firesign conducted a survey of 100 small business owners and leaders to learn about their buying behavior when it comes to lawyers and law firms. In this series, we will explore how they work before, during and after a specific legal problem arises.
Part 1: Before A Legal Need
It’s important to understand that small business operators are unlikely to engage with you before they need you. They are, after all, stressed and pressed: according to a survey by Entrepreneur, more than 40 percent of founders work more than 50 hours a week, and 41 percent feel stressed “pretty much every day,” with “never a dull moment.”
They are not active consumers of legal news: Only 20 percent of respondents said they “frequently” educate themselves on legal issues, and 25 percent said they “never” do.
They are unlikely to come to your conferences or webinars: Only 4 percent said they attend law firm educational events.
So how do you reach them?
Traditional media. Nearly half – 46 percent – said they learn about legal developments through trade publications that cover their industry; the same percentage said they read the general business press.
Law firm content. Thirty-seven percent will read law firm content on a law firm website or through direct communication, such as a client alert. By contrast, only 4 percent use legal news aggregators, showing these tools are best for targeting other lawyers, from in-house counsel to referral sources.
Social media. About one-third – 29 percent – look to platforms like LinkedIn to keep them abreast of relevant legal news.
Interestingly, this order of preference is aligned with perceived reliability: Not only are news articles the most consumed, they are seen as the most trustworthy. Specifically, at 29 percent, trade media was seen as the most reliable news source. Law firm content followed at 26 percent Despite its popularity, content on general social media feeds was only viewed as reliable by 6 percent.
We also asked small business respondents to provide any additional outlets they turned to for legal updates, and it’s worth noting that trade associations were mentioned multiple times.
Key Takeaways: Marketing Before a Legal Need
Do:
- Pursue quotes and bylined articles in the media, especially relevant trade publications.
- Post content on LinkedIn – and expect better circulation on lawyers’ personal posts versus the general firm account.
- Seek opportunities to share your expertise with trade associations, which enjoy high levels of small business trust. Explore opportunities to speak and write for them.
Don’t:
- Assume small business operators are up to speed on relevant legal news. Provide context and recaps in your content.
- Rely on events to reach this demographic; they are too busy.
- Try to reach small business operators through legal news sites or syndicators.
Up next: How to connect with small business clients when a legal need arises.
To learn how to attract, win and retain work from small businesses, download Firesign’s report, From Referrals to Recon: How Small Businesses Hire Lawyers.