NEW REPORT: Lawyer Spending on TV Ads Growing Six Times Faster than All Others
At yesterday's 16th Annual Legal Reform Summit, ILR released a new study which found that lawyer spending on television advertising is growing faster than all others, and online legal key word advertising is among the most expensive in America.
The report, Trial Lawyer Marketing: Broadcast, Search, and Social Strategies, found that in 2015 lawyers are projected to spend $892 million on television advertising alone, 68% more than they spent in 2008. Lawyer television ad spending grew six times faster than all other television ad spending during this period.
The report also found that 23 of the top 25 Google key words linking ads to user searches are for personal injury law firms.
The study's release garnered significant national media coverage:
- "AkinMears, a plaintiffs' firm in Houston that works primarily on personal injury and product liability mass torts, was the biggest legal TV spender overall, estimated to have poured more than $25 million into broadcast commercial spots this year." (Reuters)
- "While the report indicates that AkinMears is spending a lot of money to attract clients through television advertising, the firm may be scaling back that spending as it attempts to obtain clients by purchasing an interest in them from other lawyers, according to allegations in a lawsuit filed on Sept. 29 against the firm by a former employee." (Texas Lawyer)
- "There was a time when lawyers felt that the idea of buying advertising to promote their services was unseemly and beneath them - they were professionals, after all. But as anyone who watches commercial television can attest, those days are long gone." (Houston Chronicle)
- "Ads targeting prescription drugs were the most popular, drawing an estimated $57.3 million, followed by medical devices at $45.7 million and asbestos at $45.6 million. Litigation finance followed close behind at $39.6 million." (Forbes)
- "One Orlando firm — Morgan & Morgan PA — ranks No. 2 in the country for spending $24 million this year on just TV advertising. In addition, Orlando and Tampa have more lawyer advertising TV commercials than anyplace else in the country." (Orlando Business Journal)
- "Tampa Bay usually takes pride when it turns out to be No. 1 in national rankings. But to be this year's U.S. metro area most barraged by TV commercials from trial lawyers may not be what this market had in mind." (Tampa Bay Times)
- "ILR pegs the Tampa region as the biggest in the country for the amount of legal ads that run on television. With 164,781 spot ads on record for 2015, the Tampa metro area is trailed by Orlando with 142,607 and Atlanta at 123,501." (Patch.com)