Bankruptcy lawyers help individuals and businesses navigate complex bankruptcy laws and procedures. Their clients typically face overwhelming debt and need expert guidance filing for relief under Chapter 7, Chapter 11, Chapter 13, or other types of bankruptcies. But before they can help their clients, they must first find their clients, which can be a challenge. Bankruptcy attorneys can't rely solely on word-of-mouth and referrals, since some clients are less than willing to tell acquaintances or friends about this situation.
Bankruptcy is often a last resort for people in tough financial situations. Many are reluctant to seek legal help until their situation becomes desperate and also have limited budgets for retaining an attorney. Lead generation is critical for bankruptcy law firms to succeed and grow. They must find effective ways to reach potential clients at the right time when those individuals are researching bankruptcy options and ready to hire an attorney.
This guide will explore some of the most effective strategies for generating leads for attorneys. We'll discuss what constitutes a good bankruptcy lead, five ways for bankruptcy attorneys to get leads for free, what a good cost per lead is for a bankruptcy attorney, and whether law firms can pay for leads.
What Is a Good Bankruptcy Lead?
Picture this: You're a bankruptcy attorney with a thriving practice. Clients walk through your door regularly, eager for your help navigating difficult financial situations. You can take on the cases you want and negotiate competitive fees.
How did you get to this point? By generating the right kind of "bankruptcy leads" - quality connections with people who need your services and are ready to hire you.
But not just any old contact info will do. A good bankruptcy lead has four key traits:
- They are actively researching bankruptcy. This means they've done some basic research, understand the process, and know hiring an attorney is the next logical step.
- They are willing to talk. They aren't just curious - they want to have an in-depth discussion with a bankruptcy lawyer to determine the best path forward for their specific situation.
- They can pay for legal services. This means they have the resources and are willing to invest in quality legal representation to resolve their financial issues.
- They plan to hire within 60 days. Their financial situation has become urgent, and they intend to retain an attorney within the next few months. Timeliness is essential in bankruptcy cases.
So in summation, a good bankruptcy lead is someone who has gone beyond just Googling "how to file for bankruptcy.” They understand the complexities, want expert legal advice, can afford it, and need it sooner rather than later.
These are the needle-in-a-haystack contacts that will become paying clients for your firm. Generating enough of these valuable leads is the key to building a steady stream of bankruptcy cases - and financial stability for your practice.
5 Ways for Bankruptcy Attorneys to Get Leads (For Free!)
While many paid marketing strategies can be effective, there are also several ways for bankruptcy attorneys to get leads without the price tag. In this section, we'll explore five effective ways for bankruptcy attorneys to get leads for free. They are local SEO and Google Map Pack, reviews and word-of-mouth, SEO marketing, content marketing, and social media marketing.
— Local SEO and Google Map Pack
Local SEO is an effective way for bankruptcy attorneys to increase their online visibility and attract more potential clients in their area. When people search for bankruptcy attorneys in their local area, Google often shows a map pack of three businesses at the top of the search results page. This is a great opportunity for bankruptcy attorneys to get their business in front of potential clients.
So, a well-optimized Google Business Profile can help attorneys appear in the Google Map Pack, a visible section at the top of the search results page. For example, a bankruptcy attorney in Chicago could create content focused on keywords like "Chicago bankruptcy lawyer" or "bankruptcy attorney in Chicago." This will improve their chances of ranking higher in local search results.
— Reviews, Referrals, and Word of Mouth Marketing
Positive reviews and testimonials can significantly impact a bankruptcy attorney's chances of obtaining new clients. Encourage satisfied clients to leave reviews on platforms like Google, Yelp, or Avvo. Encourage satisfied clients to leave reviews on your Google Business listing and other review sites, such as Yelp and Avvo. Proper review management is also important to address and resolve negative reviews professionally.
Referrals are when existing clients recommend your business to their friends and family. This isn't always as relevant with bankruptcy attorneys, but is still very important. Networking with other professionals, such as accountants and financial advisors, can lead to referrals and new clients as well.
Additionally, create a referral program for satisfied clients to incentivize them to spread the word about your bankruptcy practice to friends and family. This also helps with word-of-mouth marketing when people talk about your business to their friends and family.
— SEO for Bankruptcy Lawyers
Search engine optimization (SEO) marketing is the process of optimizing your website so that it ranks higher in search engine results pages (SERPs). This can be done using various techniques, such as keyword research, on-page SEO, off-page SEO, and technical SEO.
- Keyword research: Utilize tools like Google Keyword Planner, SEMrush, or Moz Keyword Explorer to identify relevant keywords that potential clients may search for, such as "bankruptcy attorney," "chapter 7 bankruptcy," or "debt relief lawyer."
- On-page SEO: Optimize website pages with target keywords in titles, headers, meta descriptions, and throughout the content. Ensure the website's structure, URLs, and image alt tags are search engine friendly.
- Off-page SEO: Build high-quality backlinks to establish the website's credibility and authority. Engage in guest blogging, participate in legal directories, and leverage local SEO strategies, including creating consistent NAP (Name, Address, Phone Number) citations.
- Technical SEO: Ensure the website is easily crawlable by search engines, optimize page load speed, improve mobile-friendliness, and fix any broken links or crawl errors
— Content Marketing
Content marketing involves creating and distributing valuable content that attracts and engages your target audience. We can't stress enough how vital this aspect of marketing is. When you provide valuable content that helps your target audience solve their problems, they are more likely to remember you when they need your services.
A bankruptcy law firm can utilize various types of content, including:
- Legal blog posts: Publish informative and educational articles addressing common bankruptcy concerns, debt settlement and management tips, or emerging legal trends. For example, a bankruptcy law firm could create a blog post on "The Pros and Cons of Filing for Chapter 7 Bankruptcy."
- Case studies: Share success stories and outcomes of previous bankruptcy cases handled by the firm to establish credibility and showcase expertise.
- FAQs and guides: Create comprehensive, frequently asked questions (FAQs) and detailed guides that address common bankruptcy questions and processes.
- Videos and webinars: Host webinars or create videos discussing bankruptcy law, providing insights on different bankruptcy chapters, and explaining the benefits of hiring a bankruptcy attorney.
- Infographics and visual content: Use visually appealing infographics or images to simplify complex bankruptcy concepts or provide quick tips.
— Social Media Marketing
Social media platforms offer vast opportunities for bankruptcy attorneys to connect with potential leads amongst the wide stream of users. Platforms such as Facebook, Twitter, LinkedIn, and Instagram can share informative content, promote services, and engage with followers. Here are some platforms and their potential uses:
- LinkedIn: Establish a professional presence, connect with other attorneys, join relevant legal groups, and share informative articles or legal insights.
- Facebook: Create a business page, engage with local communities, share blog posts or videos, and run targeted ads to reach potential clients.
- Twitter: Share legal news, updates, and links to informative content. Utilize relevant hashtags to increase visibility and engage with followers.
- Instagram: Share visually appealing content and showcase the firm's culture, philanthropic activities, or testimonials from satisfied clients.
What Is a Good Cost per Lead for a Bankruptcy Attorney?
The cost per lead (CPL) for a bankruptcy attorney can vary depending on several factors, including the specific marketing strategy used, the size of the law firm, the target market, the desired ROI, and the competition. To calculate the CPL for bankruptcy law firms, you must divide the total marketing budget by the number of new leads.
The fees a bankruptcy lawyer can charge vary widely depending on the type of case, individual circumstances, and location. But on average, most Chapter 7 bankruptcy cases are between $1,500 to $3,500. Chapter 13 cases tend to range from $3,000 to $5,000.
If a bankruptcy attorney seeks to acquire a new client paying around $3,000 in legal fees, then a reasonable cost per lead would be about $100 to $200. Here's how the numbers breakdown:
At $100 cost per lead:
The lawyer would need to convert at least 15% of their leads into paying clients to break even. For example:
- $100 Cost per Lead
- 15 Leads needed to offset $1,500 in average legal fees
- 150% Lead Conversion Rate (15% of 100 leads)
At $200 cost per lead:
A slightly higher conversion rate would be needed to offset the same $3,000 fee.
- $200 Cost per Lead
- 15 Leads needed to offset $3,000 in average legal fees
- 30% Lead Conversion Rate (15 of 50 leads)
Generally, a cost per lead under 15% of the average fees is acceptable for bankruptcy attorneys. So for $3,000 to $5,000 cases, anything under $200 to $300 per generated contact is a good target.
Of course, individual bankruptcy law firms' lead conversion rates and legal fees will vary significantly. But these examples illustrate how to think about what constitutes a reasonable cost per lead relative to the fees typically collected.
Can Law Firms Pay for Leads?
Yes, some law firms as an option to quickly boost client acquisition to legal lead generation businesses. However, the quality and cost-effectiveness of paid leads can vary widely. Firms have little control over the volume, source, or qualification of leads they purchase from bankruptcy lead generation services. Many paid lead sources also offer no guarantee that contacts will convert into paying clients.
A better alternative to bankruptcy lead providers is partnering with legal marketing agencies like Grow Law Firm that generate high-quality leads and provides a consultative approach. This ensures an optimal cost you pay per lead while delivering a steady flow of high-intent prospects that match the firm's practice areas and objectives.
How Much Do Bankruptcy Leads Cost?
The cost of bankruptcy leads can vary widely depending on the source and quality of the leads. On average, bankruptcy leads can cost anywhere from $20 to $200 per lead, depending on the market competition level and the lead quality. Higher-quality leads, such as those generated through referral programs or from previous bankruptcy clients, may be more expensive than lower-quality leads generated through mass advertising.
It's important for bankruptcy law firms to carefully evaluate the cost and quality of paid leads before investing in them. While paid leads can be an effective way to generate new business, they can also be expensive. They may not always result in a positive return on investment. So, rather than just buy bankruptcy leads blindly, Grow Law Firm helps bankruptcy attorneys qualify each contact based on needs, desired outcomes, geographic fit, and financial capacity to hire an attorney.
Generate More Bankruptcy Leads with Grow Law Firm
We've discussed ways for bankruptcy attorneys to generate leads through free and paid strategies and what constitutes a good, cost-effective lead. However, many law firms struggle to consistently produce the right kinds of prospects needed for sustainable growth. Juggling multiple marketing tactics can be time-consuming and distract from legal practice.
Working with a reputable legal marketing agency like Grow Law Firm can provide a more targeted and effective approach to lead generation while also helping to maximize the law firm's return on investment. Grow Law Firm is a full-service legal marketing agency specializing in helping firms generate bankruptcy leads and grow their business. Our services include SEO, PPC advertising, content marketing, social media marketing, and website design, and we're eager to help you grow your revenue and succeed.