This survey and accompanying press release published by Martindale Hubbell? doesn't say this outright but it's illuminating that a survey by a legal directory company reveals that at least a fifth of law firms' annual revenues are derived from referrals received from other firms.
It'd be even more interesting to measure law firms revenues derived from referrals by print or online publications
Here's their press release
New survey shows 26 percent of law firms indicate that more than 20 percent of their annual revenues are derived from referrals received from other law firms
A recent study of the global lawyer-to-lawyer referral market reveals that 26 percent of those surveyed claim more than 20 percent of their annual revenue is derived from referrals. However, 27 percent of respondents claim their firm doesn't track referrals.
The study ?Lawyer-to-Lawyer Referrals: A Global Perspective? commissioned by LexisNexis? Martindale-Hubbell? and conducted by independent strategic consultancy Fathom Consulting, examines a number of issues that affect the referral market, including: the proportion of annual turnover derived from referrals; referrals between regions; main types of work referred; key attributes for firms that service referrals; expected change in volume of referrals over the next 12 months and strategic approaches to protect/increase the levels of referrals received. Building on themes identified in initial qualitative research, 734 legal professionals from mid- and large size law firms in Asia, Western and Eastern Europe, Latin America and the US participated in the survey during February and March 2010.
To access the full report, sign up to Martindale-Hubbell Connected at: http://www.martindale.com/connected . Registration is free! Once registered join the ?Lex Mundi? group. You?ll find it in the ?Association? category of the Group section.
Join our free webinar: ?Global Lawyer to Lawyer Referral Market? June 29th 1300 UK / 0900 EST
This webinar will share key insights from the ?Lawyer-to-Lawyer Referrals: A Global Perspective? study and examine the dynamics and importance of referrals between law firms throughout the world specifically:
???? Trends in referral processes, how they are tracked and the importance of existing relationships
???? The affect of membership of legal associations on firm?s referral strategies
???? Marketing/Business Development activities and their effect on law firm?s referral work
Panelists will include Lex Mundi members from across the globe and the webinar will be moderated by Derek Benton, Operations Director, Martindale-Hubbell International.
For more details sign up to sign up to Martindale-Hubbell Connected at: http://www.martindale.com/connected now.
