Just like any other business, law firms need leads to grow. They need new clients to stay profitable and competitive. But leads are not free.
But are legal leads more expensive than other leads? The simple answer is yes. Legal leads often come with a higher price tag than other leads. In this article, we’ll briefly explain what determines the cost of a legal lead and why it’s more expensive.
Factors that Determine the Cost of Legal Leads
- Competition
- Exclusive Law Firm Leads
- Non-Exclusive Legal Leads
- Real-Time Leads
Competition
The rules of demand and supply also apply to legal leads. The legal industry is super competitive. Every law firm wants to get its hands on the best leads as quickly as possible.
That means they’re willing to pay top dollar for quality leads. Naturally, this drives up the cost and makes them more expensive than other leads.
While the high number of companies offering these leads should naturally bring the price to an equilibrium, very few offer quality. With only a handful of platforms providing quality, the price remains higher than in other industries.
At Legal Leads Digital, we are among the few companies offering quality legal leads at competitive prices.
Exclusive Law Firm Leads
As their name implies, exclusive leads are only offered to one law firm. That means you won’t share the same contacts with your competitors. They are exclusively yours to convert into clients and work with.
While this can benefit your law firm, it certainly drives up the cost of these leads. But they can also be more profitable in the long run since you don’t have to compete with other firms for the same clients.
At first glance, these leads may seem expensive, but the overall acquisition cost is less than what you would pay for other methods, such as advertisement.
Non-Exclusive Legal Leads
These leads are shared among multiple law firms and offer a cheaper alternative to exclusive ones. Non-exclusive legal leads are often attractive to beginner attorneys just starting their careers.
While the cost per lead is relatively low, only the most aggressive attorneys win the prospects. Plus, the competition may increase the cost of converting them to new cases.
Real-Time Leads
Real-time leads are far more expensive than exclusive or non-exclusive leads. These leads are generated as soon as requested, making them more likely to be higher quality.
Plus, you will receive the leads in real time since the process is automated. This makes them attractive to experienced law firms that expect a quick response time with their prospects.
How to Pick the Right Leads
Every law firm gets leads from time to time. While these leads might bring new business, there is also a chance they might not amount to much. Knowing how to pick a great leader will go a long way to help you figure out if you should pay for a lead or not. Here are a few pointers:
- Get exclusive location leads since bringing these clients on board is easier.
- Treat leads as time-sensitive and respond to them fast.
- Use more than one communication channel. Mix emails with calls.
- Find a way to track your leads effectively.
- Ensure you follow up on leads that convert to clients and follow up on their cases.
- Work with experienced lead providers. It will go a long way to ensure that whatever leads you to get leads to new clients.
In conclusion
The price tag on legal leads should not deter you from investing in them. Depending on your needs, exclusive and non-exclusive leads can be more cost-effective than advertising or other lead acquisition methods.
Legal Leads Digital offers all types of legal leads at competitive prices. Our real-time leads are second to none, and our customer service is top-notch.
If you’re looking for quality legal leads at competitive prices, look no further than Legal Leads Digital. Contact us today for more information about our services.
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