Law Firm Marketing Plan
Law Firm Marketing Plan
Law Firm Marketing Plan
rm Mar
ket
ingPl
an
Wy’
Eas
tLaw Fi
rm
Thisisacompleteexampl
eofamar ket
ingpl
an.Youarewelcometouset
his
contentasaguidewhenplanni
ngyourownmar ket
ingact
ivi
ti
es.
Tocreat
eamar ket
i
ngplanofyourowntogr
owyourbusi
ness,pl
ease
consi
derourpopul
arMarket
ingPl
anProsof
twar
e.Lear
nmor eat
www.pal
oalt
o.com.
Cr
eat
eamar
ket
ingpl
ant
hatget
sres
ult
s
Bes
tsel
li
ngs
oft
war
e.Now power
edbyDuc
tTapeMar
ket
ing.
“Si
mpli
fi
estheprocessofbui
ldingsuppor
ti
ng •F
ocusonac
tionandr
esul
ts!
document
ati
onforyourmarketi
ngagenda.”
•Pac
kedwi
thadvi
ceandexampl
es
•Eas
yfor
ecas
ts&budget
s
“Cr
eateanact
ionplanforyour •Pr
esentyourpl
anwi
ths
tyl
e
market
ingt
ogrow yourbusiness.
”
•I
nst
antdownl
oad!
Versi
on11.
0
$179.
95
Lear
nmor
eatwww.
pal
oal
to.
com
Aboutthismar ket
ingplan
Names,locat
ions,andnumbersi
ntheor
igi
nalpl
anmayhavebeenchanged,andsubst
ant
i
alpor
ti
onsoft
heor
igi
nalpl
ant
extmay
havebeenomi t
tedtopreser
veconf
i
dent
i
ali
tyandpr
opr
iet
aryi
nfor
mati
on.
Guidelinesonusingthisplan
Youar ewelcometousethisplanasast ar
tingpointt
ocreateyourown,butyoudonothavepermissiont
oreproduce,publ
i
sh,
dist
ri
buteorevencopythispl
anasi texi
stshere.Requestsforrepr
int
s,academicuse,andot
herdissemi
nati
onofthissampleplan
shouldbeemai l
edtot
hemar keti
ngdepar t
mentofPal oAlt
oSoftwareatmar ket
i
ng@paloal
to.
com.Forproducti
nfor
mationvi
sitour
websiteatwww.pal
oalt
o.com orcal
l1-800-229-7526.
Copyr
ight©Pal
oAl
toSof
twar
e,I
nc.(
www.
pal
oal
t
o.com)
.Al
lri
ght
sreser
ved.
Confidentiality Agreement
___________________
Signature
___________________
Name (typed or printed)
___________________
Date
5.0 Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
5.1 Implementation Milestones . . . . . . . . . . . . . . . . . . . . . . . 15
5.2 Marketing Organization . . . . . . . . . . . . . . . . . . . . . . . . . 16
5.3 Contingency Planning . . . . . . . . . . . . . . . . . . . . . . . . . 16
Wy'East Law Firm
Wy'East Law Firm (Wy'East) is a boutique technology law firm located in Boston, MA. Wy'East will
be lead by Richard Bloom, a seasoned attorney previously with (name omitted)'s e-group. Wy'East
will service all legal needs generated by technology firms, with specialization on mergers and
acquisitions and qualified stock option plans. Wy'East handles both start-up and established
companies.
In addition to Wy'East's technology practice, they will offer public interest legal work at subsidized
rates. The technology practice will allow Wy'East to be able to provide public interest organizations
legal help at the cost of overhead. All marketing efforts will be concentrated on the high technology
customers. Because Wy'East will be providing public interest work at below market prices, there
will never be a demand question nor a need to market the Wy'East to the public interest groups.
Wy'East will appeal to many high technology companies because of the level of experience and
attention that they offer. Having spent three years practicing at a larger firm, Richard has quickly
become an expert in most issues facing a high tech company. By opening his own firm, Richard will
be able to offer a high quality service with a level of attention that the larger firms are unable to
offer by virtue of their size. Additionally, because Wy'East is a smaller firm, their overhead is
smaller than the larger firms. This cost savings is then passed on to the customer.
These different values that are offered to clients will help Wy'East quickly gain market share in this
niche market.
Wy'East Law Firm is entering their first year of operation. A cohesive marketing plan is required to
ensure future profitability. The basic market need is for an attentive, knowledgeable, specialized
high technology law firm. Wy'East will meet this market need by creating a boutique law firm that
specializes in the issues high tech firms face.
Page 1
Wy'East Law Firm
Wy'East has gathered a fair amount of information about the common attributes of their prized
customers. Wy'East will leverage this information to better understand who is served, their specific
needs, and how Wy'East can better communicate with them.
Target Markets
Technology companies
Public interest organizations
Page 2
Wy'East Law Firm
The profile for Wy'East Law Firm's customer consists of the following geographic, demographic, and
behavior factors.
Geographic
• The immediate geographic target is the city of Boston with a population of 2.1 million.
• A 50 mile geographic area is in need of the services.
• The total targeted population is 623 companies.
Demographic
• Technology companies.
• The companies range from two months to 10 years old.
• Some companies are Internet based start-ups, some are established high tech companies.
• Revenues range from $0 (angel and venture funded start-ups) to $30 million in revenue.
Behavior Factors
• Have special needs and seek out service providers that can address these special needs.
• Their businesses are moving at light speed and their partners need to be able to operate at
a fast pace.
• Are willing to pay top shelf prices for top shelf services.
The Wy'East Law Firm will be providing its customers with high quality legal services and
consultations for any issue a high tech company might face. Wy'East Law Firm seeks to fulfill the
following benefits that are important to their customers.
• Selection- A wide range of services that are unique to a high tech company will be offered.
• Attention- Wy'East will be able to offer the quality of legal analysis that is associated with a
large firm with the level of attention that is only available at smaller boutique firms.
• Competitive Prices- With considerably lower overhead expenses compared to a larger firm,
Wy'East can offer large firm expertise at reduced prices.
Page 3
Wy'East Law Firm
The market trend for law firms, particularly the larger ones that receive a major portion of their
business from higher profile companies, is to create a specialist group within the firm to address
these particular needs.
Since the recent Internet boom, there has been a significant increase in high technology and start-
up legal work. Many of these firms, particularly the start-ups, have been well funded and want high-
end, specialized legal services for their company. To meet these needs many of the larger firms
have created a group within the firm that specializes in this type of work. This allows the larger
firms to leverage the incredible amount of goodwill that they have developed in their firm name
and parlay it into addressing the specialized needs of high tech firms. While this is good for the
firms because it creates an appearance of specialization, which to a large degree is correct, unless
you are Intel, IBM, or HP, the large firms are unable to give the level of attention that many
companies, particularly start-ups require.
While some attorneys that have worked for the larger firms have then moved on to open up their
own boutiques, this movement is somewhat small and unnoticed, to a large degree because these
are just individuals or a couple of people so it tends not too have that large of impact on the local
law community.
Market Forecast
900
800
700
600
500
Technology companies
400 Public interest organizations
300
200
100
0
2002 2003 2004 2005 2006
Page 4
Wy'East Law Firm
The profession of law or more accurately the practice of law has always grown at or better than the
general community. The economy does not seem to have that much of an effect on legal services.
While lawyers often tend to be the butt of many people's jokes, the fact is that the practice of law
is driven by American society, and the litigious nature of Americans. Certainly some lawyers tend
to fuel this perception, but on a whole, lawsuits (or more generally the need for attorneys) occur
because there is demand for the service. This is mentioned because people do not get more or less
litigious depending on the economic climate, they seem to be litigious based on a societal
enculturalization.
This is good news for attorneys who are looking for a relatively stable profession. With the recent
Internet boom, there has been a significant increase in demand for specialized services such as
corporate formation, qualified stock option plans, mergers and acquisitions, as well as shareholder
lawsuits that attempt to pierce the corporate veil (attempting to hold the officers of a corporation
personally liable).
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Technology companies Public interest organizations
The following SWOT analysis captures the key strengths and weaknesses within the company, and
describes the opportunities and threat facing Wy'East Law Firm.
Page 5
Wy'East Law Firm
2.2.1 Strengths
• Strong relationships with many different high tech companies in the area.
• A wealth of experience from years of practice in this field.
• Low overhead that translates into savings passed on to the customers.
2.2.2 Weaknesses
2.2.3 Opportunities
2.2.4 Threats
• A slump in the high technology sector, possibly a fallout from the unbridled enthusiasm of
the last several years.
• The entry of other firms into the boutique high tech niche.
Page 6
Wy'East Law Firm
2.3 Competition
The technology law practice is fairly competitive in Boston. Most larger, more prestigious firms
have attorneys that specialize in technology. Some smaller firms also have attorneys that do work
for technology companies. Lastly, there are boutique firms, like Wy'East. As a service-based
industry, the practice of law is driven significantly by personal relations and reputation. Potential
clients choose attorneys based on reputation and who they are familiar with or are recommended
to. Therefore, if the attorney is providing satisfactory or better service to a client, the client is likely
to form a long lasting business relationship with that attorney and his firm.
Clients typically switch attorneys only if they are unhappy with their current attorney. New
companies find attorneys through networking, who they know or who their friends know.
Wy'East has the advantage that when Richard left (name omitted) he brought 15 of his existing
clients with him to Wy'East.
2.4 Services
1. Technology law services. Wy'East will provide legal services to high technology clients, start-
up companies as well as established firms. While Wy'East excels in mergers and acquisitions
as well as qualified stock option plans, Wy'East has experience in almost any legal field that
tech firms encounter. These clients, billed at a reasonable rate, will subsidize the public
interest clients.
2. Public interest law. Wy'East will serve regional public interest organizations, with a
concentration on environmental and civil rights organizations. For most public interest
organizations, good legal help is prohibitly expensive. By using technology clients to
subsidize the cost of legal fees for public interest firms, Wy'East is able to make significant
contributions back to the community.
Page 7
Wy'East Law Firm
• Professionalism.
• Expertise.
• Meeting the customer's needs to ensure cliente retention and referrals.
Wy'East Law Firm is still in the speculative stage as a start-up organization. The critical issues that
Wy'East faces are related to expansion. It is important for Wy'East to expand, not for the sake of
expansion in and of itself, but because it makes prudent fiscal sense to. Wy'East will continue to
take a modest approach to growing the business. Richard is thrilled to be working on his own,
serving both high tech and public interest clients and is unlikely to do anything that will jeopardize
his ability to enjoy his livelihood.
Wy'East will be courting new technology clients through networking and advertisements in both the
telephone directory and Internet Yellow Pages, Business Journal of Boston, and other technology
specific regional journals such as the Software Association of Massachusetts's (SAM) newsletter. As
stated earlier, Wy'East has a sufficient amount of business as of day one, however, more
technology clients means the ability to perform more public interest work.
Richard will be attending the Boston Venture Group meetings as well as other informal gatherings
of technology companies to network with the different technology firms in the region. These
networking activities along with advertisements in appropriate media forms will allow Wy'East to
steadily grow their list of clients.
3.1 Mission
The mission of Wy'East Law Firm is to provide the Boston community with technological and public
interest legal guidance. We exist to attract and maintain customers and to support the public
interest community. When we adhere to this maxim, everything else will fall into place.
Page 8
Wy'East Law Firm
• Increase the number of clients on retainer or who have a steady account by 4% per
quarter.
• Decrease the customer acquisition costs by 8% per year.
• Continue to build the reputation of Wy'East as the premier high tech boutique law firm
serving the Boston area as well as a highly regarded public interest law firm.
Wy'East's customers can be divided into two groups, technology firms and public interest
organizations.
1. Technology firms. New clients are likely to be from small sized technology firms or start-up
companies. The reason for this is that the larger tech firms usually will go with one of the
larger law firms in town because they typically have a lot of legal work and a large firm can
offer them a wide range of services and do all of the different types of work that is needed.
This type of customer sees an advantage for one firm handling all of their needs, and
rightfully so. A smaller size company has fewer overall legal needs and can be serviced by a
boutique firm. A start-up might also be attracted to Wy'East because of Wy'East's
willingness to accept equity as partial payment for services rendered. Clients that were
brought over to Wy'East from Richard's old firm are typically small firms, but there are a
few larger companies that are using Wy'East for some of their services and kept some of
their other work at (name omitted) where Richard practiced before.
2. Public interest organizations. These clients will be diversified, some are environmental
organizations, others are civil rights groups. While some public interest organizations
receive their legal services for free (pro bono) from some attorneys, there is an extreme
shortage of legal help for these organizations. Therefore, it is quite attractive to these
organizations to have the possibility of receiving top tier legal help at a significantly
subsidized rate. Attracting these clients will not be the problem, the difficulty will be for
Richard to select which organization will receive his help.
• Although the economy has taken a recent nose dive, particularly technology firms,
technology is still a growing sector of the economy. This is evidenced by the fact that 17 out
of the top 25 fastest growing companies according to The Business Journal of Boston are
technology firms.
• Technology is Richard's area of expertise. Richard practiced law at one of the top three law
firms in Boston and was in their e-group, concentrating on technology firms. Richard's
experience coupled with his network of colleagues within the industry makes technology
firms quite attractive customers.
Wy'East will be targeting public interest organizations for one simple, altruistic reason, a desire to
give back to the community. Public interest work is inherently altruistic to some degree. Generally,
Page 9
Wy'East Law Firm
the person performing the work receives a good feeling for their contribution, but in today's
capitalistic society, someone who donates their time at far below market wages should be
considered altruistic.
3.5 Positioning
Wy'East Law Firm will position itself as the premier boutique law firm serving Boston's growing high
technology sector companies. Wy'East will leverage their competitive advantages to achieve this
positioning:
• Experience- Richard brings to Wy'East three years of practicing technology law at one of the
top three firms in Boston. Reputation carries a lot of weight and Richard's time at (name
omitted) means a lot in the Boston legal community and is very attractive to prospective
clients. Additionally, beyond the reputation of working for a coveted firm, is the fact that
the three years spent at (name omitted) provided Richard with big name clients that look
very good on an attorney's resume.
The single objective that Wy'East pursues is to achieve the image of a high-end high technology
law firm, rapidly increasing market penetration within three years. The marketing strategy will
seek to create customer awareness regarding the services offered, develop the customer base, and
work toward building customer loyalty and referrals. Wy'East seeks to communicate it marketing
message through several different methods. The first method is through the use of networking. In
a close knit community, networking is a very powerful communications tool. Having practiced in
this community for three years, Richard has developed an extensive "Rolodex" of contacts. Richard
will leverage these contacts to generate visibility for his company,
A second method of communication is advertising. The advertising will take several different forms.
The first form is the simplest, Yellow Pages ads in the regional telephone directories and on
Internet. These ads will, in essence, announce to everyone who is interested Wy'East's existence
and service market niche. The second form of advertisements will be in the Business Journal of
Boston, a well respected business journal for the community. Within this journal is the Who's Who
in Boston index and a calendar of all the most current local business events.
The last method of advertising is with the Software Association of Massachusetts (SAM), this
association is an active organization that is acting as a cheerleader and band leader for the
software/high technology community in Massachusetts.
Page 10
Wy'East Law Firm
• Pricing- The pricing scheme will be either an hourly rate or a monthly retainer fee. These
fees will be a bit better priced than the larger firms which compete in this market space.
• Distribution- Wy'East's services will be distributed out of their centrally located office space.
• Advertising and Promotion- The most successful efforts will be advertising with industry
specific periodicals as well as a networking effort.
• Customer Service- Richard will ensure that the customer's expectations are always
exceeded. Richard firmly believes that this is the only way to operate a business.
During the initial phases of the marketing plan research and writing, Richard developed two
different surveys that were distributed to officers in high technology compamies. The surveys
explored how the companies choose legal counsel. Specifically, what factors were instrumental in
choosing a service provider, what factors caused them to sever the professional relationship in the
past, in what areas could their attorneys improve, and what are some unmet needs.
The surveys were developed with the help of a graduate student in probability and statistics,
ensuring the validity and usefulness of the surveys. Richard received a 60% return rate with a lot
of thoughtful comments attached. Part of the explanation for the good results was a well written
and administered survey. The other reason for success is that Richard knew a lot of the people that
participated so they went out of their way to assist him.
Page 11
Wy'East Law Firm
This section will offer a financial overview of Wy'East Law Firm as it relates to the marketing
activities. Wy'East will address break-even analysis, sales forecast, expense forecast, and how
these link to the marketing strategy.
The break-even analysis indicates that $12,500 is needed in monthly revenue to break-even.
Break-even Analysis
$15,000
$10,000
$5,000
$0
($5,000)
($10,000)
($15,000)
$0 $4,200 $8,400 $12,600 $16,800 $21,000
Break-even Analysis:
Monthly Units Break-even 125
Monthly Sales Break-even $12,531
Assumptions:
Average Per-Unit Revenue $100.00
Average Per-Unit Variable Cost $0.25
Estimated Monthly Fixed Cost $12,500
Page 12
Wy'East Law Firm
The first month will be spent setting up the office, including a conference room and all of the
computer equipment. During the first month Richard will also be serving some existing technology
clients and some public interest clients. Wy'East projects that if it spends 1/3 of the time on the
technology clients, that that would sufficiently subsidize the public interest clients so they would
only have to cover overhead expenses.
By month six, Richard will again begin actively soliciting new clients. Between month one and six
he will continue networking, though will not be actively seeking customers until now. From month
seven on and there will be a slight increase in clients taken aboard. There will be only a slight
increase so as to create very solid relationships with the new and existing clients. Richard will be
very cognizant of the possibility of growing too fast and not being able to offer the same quality
service to his clients.
$25,000
$20,000
$15,000
Technology companies
$10,000 Public interest organizations
$5,000
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales Forecast
Sales 2002 2003 2004
Technology companies $174,223 $189,525 $195,747
Public interest organizations $16,836 $22,578 $24,547
Total Sales $191,059 $212,103 $220,294
Page 13
Wy'East Law Firm
The marketing expenses are to be budgeted so that they are higher during the first quarter in
order to generate visibility as a start-up company. The expenses will settle back down through the
summer, and then in the fall they will ramp up again.
$1,400
$1,200
$1,000
$200
$0
Page 14
Wy'East Law Firm
5.0 Controls
The purpose of this marketing plan is to serve as a guide for the organization. The following areas
will be monitored to gauge performance:
The following milestones identify the key marketing programs. It is important to accomplish each
one on time and on budget.
Milestones
Office set up
Advertising campaign #1
Advertising campaign #2
Networking activities
Milestones Plan
Milestone Start Date End Date Budget Manager Department
Formal formulation of the marketing strategy 1/1/02 2/1/02 $0 Richard
Office set up 1/1/02 2/1/02 $0 Richard
Tentative agreement for representation of 1/1/02 2/1/02 $0 Richard
several hi-tech companies
Advertising campaign #1 1/1/02 6/30/02 $3,000 Richard
Advertising campaign #2 7/1/02 12/31/02 $3,500 Richard
Networking activities 1/1/02 12/31/02 $3,600 Richard
Totals $10,100
Page 15
Wy'East Law Firm
Richard will be primarily responsible for the marketing activities. Richard will outsource the creative
work.
Page 16
Appendix: Wy'East Law Firm
Table 4.2 Sales Forecast
Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Technology companies $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Public interest organizations $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Page 1
Appendix: Wy'East Law Firm
Table 4.3 Marketing Expense Budget
Marketing Expense Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Networking activities $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Yellow Pages advertising $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Business Journal/ assorted newsletters $600 $600 $600 $600 $300 $300 $300 $300 $650 $700 $750 $800
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Sales and Marketing Expenses $1,200 $1,200 $1,200 $1,200 $900 $900 $900 $900 $1,250 $1,300 $1,350 $1,400
Percent of Sales 0.00% 13.18% 11.20% 7.95% 4.97% 4.88% 4.84% 4.69% 6.18% 6.40% 6.54% 6.76%
Contribution Margin ($1,200) $7,905 $9,514 $13,887 $17,192 $17,538 $17,685 $18,279 $18,963 $19,000 $19,278 $19,318
Contribution Margin / Sales 0.00% 86.82% 88.80% 92.05% 95.03% 95.12% 95.16% 95.31% 93.82% 93.60% 93.46% 93.24%
Page 2