The target market for law firms includes everyone who needs representation or advice related to the law.
When people think of lawyers, criminal lawyers or personal injury lawyers are the first ones that often come to mind. The former, thanks, to shows like Law & Order, and the latter because we see commercials for them all the time.
But there are many other types of law in which lawyers practice their profession and are in high demand. There are attorneys who focus on criminal law, family law, real estate law, business law, etc. There are others who specialize in areas like intellectual property law, tax law, or labor law. The list goes on.
In this article, we will discuss the target market for law firms and understand how they go about selecting one law firm over another.
Who is the Target Market for Law Firms?
The target market for law firms ranges from individuals to large corporations. Individuals may need a lawyer for a variety of reasons such as buying a house, getting divorced, or writing a will.
Large corporations usually have in-house counsel who handles their legal needs but there are times when they need to hire outside counsel to represent them in specific matters. For instance, a corporation might need to hire a labor lawyer if they are facing a lawsuit from their employees.
We can divide this market into the following market segments:
- Businesses and Corporations
- People being accused or suspected of a crime
- Wealthy Individuals
- People involved in personal-injury incidents
- Other lawyers
Let’s look closely at each of these market segments for a law firm.
#1. Businesses and Corporations
Whether you are a small business owner or a Fortune 500 Company, there is always a need for a lawyer. This segment seeks out law firms to help them with a variety of different legal issues.
Businesses and corporations will always need legal assistance, the type needed depends on the type of business. Many businesses and corporations will need legal advice when dealing with areas such as contracts, employment, business transactions, litigation, and taxes.
The needs become more specialized as the business becomes more complex. Some need help with mergers and acquisitions while others need help filing patents and registering trademarks.
This makes companies, businesses, and corporations a prime segment of the target market for law firms.
#2. People being accused or suspected of a crime
This segment of people has found themselves in an unfortunate spot. However, for a criminal defense firm, these are ideal clients.
While no one wishes these unfortunate circumstances on anyone, the need for lawyers to advocate for these individuals is necessary making them a target market for law firms.
People in this segment need law firms that can offer lawyers who are trustworthy, well-spoken, confident, and resourceful. Many qualities go into making criminal defense firms stand out, and one’s ability to zealously advocate for their client and their freedom is number one on that list.
#3. Wealthy individuals
With money, comes more need for lawyers. While it may sound a little funny, it is true. Wealthy individuals are a very lucrative target audience for law firms.
Those with a substantial amount of money are more willing to have lawyers on retainer as well as more willing to pay additional legal fees. Some tend to have more complex legal issues whether it be in real estate, business ventures, or family related.
When money isn’t a limiting factor, these people are willing to spend money on litigating issues they are involved in or arriving at settlement agreements to end something more quickly.
But it must be said that many law firms, from time to time, also accept clients who cannot pay and take on work on a pro bono basis. Even though this work does not pay directly, lawyers find a way to make money from pro bono work indirectly.
#4. People involved in personal injury incidents
This segment of people is large and broad, from a slip and fall to an 18-car pile-up on the highway. Since personal injury can strike anyone at any time, it explains why personal injury attorneys spend so much money on advertising.
Lawyers in this field often deal directly with victims of motor vehicle accidents and product liability cases. People in this segment need law firms that employ lawyers who are good at empathizing with their clients and helping them navigate the legal process.
This target audience tends to require more customer service-based assistance than some other legal fields, so it is important to run a trustworthy, client-centric firm.
#5. Other lawyers
Lawyers, just like non-lawyers, need lawyers and law firms for particular legal advice and services.
Lawyers are not a homogeneous group; each lawyer and law firm specializes in different areas of law. Rarely is one lawyer an expert in every type of law they require assistance with. Therefore, if an estate planning lawyer gets into a car accident, they would likely look for a law firm that specializes in personal injury to help them through the process.
Or, more commonly, not every lawyer specializes in tax law. So, when tax season comes around and they have questions, these lawyers may need to utilize the expertise of a tax lawyer in preparing their documents.
Conclusion
The target market for law firms includes everyone who needs legal representation or assistance.
Businesses and corporations need lawyers for a variety of reasons ranging from simple to complex legal issues including, but not limited to, business transactions, employment, and taxes.
Individuals also need lawyers for a variety of reasons including criminal defense, personal injury, and family law. People who find themselves in the unfortunate circumstance of being accused or suspected of a crime need lawyers to help them navigate the legal system.
Wealthy individuals often have more complicated legal needs and are willing to spend more money on lawyers.
