How to get bankruptcy clients is something that successful law firms continually work at and strive to perfect. The need for effective marketing strategies has, arguably, grown more important than ever as the rate of consumer bankruptcy filings dropped 14 percent from June 2011 to June 2012, according to www.uscourts.gov.
On the other hand, while filings may have peaked in many local markets, a sluggish economic recovery will likely maintain a robust demand for bankruptcy services for many years to come. Moreover, with right strategy and resources, you can continue to grow your firm and find new market opportunities.
Dissecting Market Trends
To know how to get bankruptcy clients, you need to keep an eye on both national trends and local marketplace factors. Needless to say, this information goes well beyond the annual change in bankruptcy filings. Right now, there are two huge trends that are likely to affect your practice:
First, according to a May 2012 report from the New York Federal Reserve, “since the peak in household debt in the third quarter of 2008, student loan debt has increased by $293 billion, while other forms of debt fell a combined $1.53 trillion.”
Many law firms do not target their marketing toward students since federal student loans are not eligible for bankruptcy resolution. However, with record-setting tuition inflation, many students are maxing out their federal aid and seeking private loans. This said, you may not want to stray too far from your bread-and-butter.
Credit cards, mortgages, and medical bills will likely remain the primary movers for bankruptcy filings. However, now may be the time for your attorney advertising, social media, and community outreach to diversify from real estate businesses and health providers to college campuses and job fairs targeted at new college grads.
The other major industry factor is the move by consumers toward online shopping outlets. Aside from popular merchandise, many people are using the Internet to research and select their local service professionals—from home improvement professionals to insurance agents to auto mechanics. And legal services are quickly becoming part of this trend.
In fact, it’s entirely possible that you’re losing clients by failing to join an online lead generation service, like Total Attorneys. (On a related note, it’s also important to develop a mobile format for your website. Strapped for cash, many consumers today may stop paying for an Internet connection in their home and instead rely on their smart phones and mobile service to search and browse the web.)
How to Get Bankruptcy Clients More Effectively and Efficiently
With our aggressive online marketing and detailed service request forms, we offer an effective and efficient way to capture prospective clients. By asking our online users to indicate the reason they are considering bankruptcy and to give a rough estimate of their debt, income, and assets, we can implement better client qualifying criteria, work to reduce any unserious queries, and empower you to send a more effective response during the initial contact phase.
Moreover, our practice management platform is a powerful resource to organize and pursue prospective clients, as well as track and process payments from your current client list.
In this way, you can spend your time more productively and you can spend more of it doing what you love—practicing the law and helping people get out from under their financial burden.Sources: Citation 1, Citation 2