Creating a buzz about your business
Fast-evolving social media habits are changing the way people find, consult and engage law firms. Boase Cohen & Collins Partner Alex Liu examines how the legal profession, like every other business sector, is adapting to the digital revolution.
Hong Kong, 28 August 2020: Around 83% of Hong Kong’s population use social media, according to the most up-to-date statistics from the Research Office of the Legislative Council Secretariat. While the highest rate of use is among people aged 10-24, at around 90%, the older generation are catching up – the figure for people aged 45 or over is 78%, up from 50% four years previously.
Not only are more people than ever using social media, they are spending a greater amount of time on it, an average of 12.9 hours per week, an increase of 2.5 hours in four years. And their reading preferences are changing as well. Personal sharing and status updates are still important, of course, but social media is accessed for news, learning, shopping and finding professional services.
Such popularity also raises legal and ethical concerns. With a proliferation of fake accounts and increasing online networking between strangers, cases of both social media deception and the amount of financial loss involved have risen 10-fold in just five years, according to the Security Bureau. There are also rapidly increasing instances of data privacy breaches, doxxing and cyberbullying.
These pressing issues aside, social media is a behemoth no business – law firms included – can afford to ignore. According to Boston-based legal marketing specialists Practice Alchemy, more than 80% of prospective clients research law firms online prior to engagement, while some 35% of lawyers obtain clients through social media, with this number increasing rapidly every year. Around 53% of in-house counsel disregard retaining outside firms because of poor online presence.
Other statistics reinforce this emerging picture of the online legal landscape. In one nationwide survey of US firms, 70% confirmed they had obtained some new business solely via their website. Another found that 77% of firms said they had attracted new business through some branch of their online presence, either their websites, blogs or e-newsletters. It’s been reported that some 54% of people are more likely to hire a lawyer who is active on social media.
Clearly, if a law firm and its lawyers fail to maintain a robust and engaging online presence, they are missing out on potential new business. However, I’m happy to report it is not a mistake we are making at Boase Cohen & Collins, where we maintain a busy and regularly updated website. What do we write about? We comment on news stories, give our reaction to cases or law changes and write blogs regarding legal trends or pressing issues. We highlight our lawyers’ activities, such as attending conferences or fulfilling speaking engagements. And we cite examples of pro bono work and community outreach. We share these posts on our official BC&C pages on Facebook and LinkedIn and through our firm’s Twitter account. Individual lawyers can share them further.
This is not vanity, just plain business sense. Most professional services – except those restrained by codes of conduct – do likewise. Smart content sharing and reader engagement drives brand awareness and boosts website traffic. It keeps your firm in the spotlight and generates leads.
In staying in step with the digital revolution, being mobile-friendly is crucial. According to leading world market and consumer data specialists Statista, in the first quarter of 2020 mobile devices (excluding tablets) generated almost 52% of global website traffic. In fact, many emerging digital markets have skipped the desktop internet phase entirely and moved straight to mobile internet via smartphone and tablet devices, India being a prime example.
However, amid this modern marketing growth, a note of caution. Everything discussed so far – including online presence and social media outreach – is not a solution in itself. Digital marketing works most effectively as a supplement to traditional business development – that is personal meetings and networking. Yes, the coronavirus has played havoc with this part of doing business, but life will eventually return to some sort of normality.
Virgin Media published some key statistics about face-to-face meetings and business travel. It found that 84% of executives prefer to meet in person. Around 75% believe it leads to more social interaction and bonding. And a whopping 95% of executives believe face-to-face meetings are essential for building long-term business relationships.
The best businesses, including those in the legal profession, embrace the brave new world of digital while never losing sight of what has made them successful in the first place – stellar reputation, client trust and excellent service. Forget these and social media will be the first place you read about it.
Alex Liu has been a Partner in Boase Cohen & Collins since 2000. His key areas of practice include commercial and corporate litigation, investigations by governmental bodies such as the Securities and Futures Commission, Independent Commission Against Corruption and Commercial Crime Bureau, insolvency and debt restructuring, intellectual property, defamation, real property and commercial contract drafting. He can be contacted at alex@boasecohencollins.com.
Law firms have to embrace the digital era or miss out on potential new business.
