If you’re just making ends meet in your law practice, you may be here to find out how you can bring in more clients to make your bottom line a little more comfortable. But the truth is, there’s more riding on your law firm’s marketing campaign than ever before.
In the past few yeas, while the economy has been on a downward spiral, many high school and college graduates opted to enter into the law profession. Law schools encouraged the practice, writing out loan after loan to all these new students, keeping themselves ahead of the competition with the promise of high interest rates in the years to come. Students could avoid unemployment and defer debt for nearly a decade—and they’d be guaranteed to get a good job when they graduated.
Or so it seemed. Now it’s graduation day for a whole generation of young lawyers, and they’re flooding the workforce faster than the economy can make room for them.
A recent article published in The Wall Street Journal does the frightening math for young lawyers entering the profession:
- The Bureau of Labor Statistics estimates that there will be roughly 21,880 new jobs for lawyers each year between 2010 and 2020.
- Since 2010, law schools have produced more than 44,000 graduates each year.
- There are now twice as many graduates as there are jobs.
What does this mean for your business? It doesn’t matter if you’re an established attorney or the newest young lawyer on the block: you’re going to have to fight for every single client to stay afloat in the next few years.
Will you be able to compete? Call 888-791-2150 today to get our law firm promotion tips directly or click the link on this page to download a free sample chapter of our Great Legal Marketing book.