Social Media Influence recently underscored the rapid acceleration of new business generated by engagement on social media, citing a “study by Austin-based PulsePoint Group and the Economist Intelligence Unit, which indicates companies that…embrace social media are seeing ‘four times greater business impact’ than their less socially engaged peers.”
And as Kevin McKeown of LexBlog, noted recently: ”Lee Frederiksen, Ph.D. and managing partner of Hinge Marketing has published research based on 500 professional services firms which “…demonstrates that firms with a higher proportion of online new business leads grow faster and are more profitable.”
Dramatic expansion in the ability to connect globally
As OpenView Venture Partners, a venture capital firm focused on helping technology companies has outlined: “Social media lowers many geographical barriers that would previously have hindered expansion. Social media profiles and content can now be seen and shared from anywhere on the planet, thereby offering businesses significant opportunities to increase brand awareness and engagement.”
Asia’s law firms have “virtually no appetite” for social media
“Local law firms in Asia,” as The Lawyer reported last week, “with the exception of those in Australia, demonstrate virtually no appetite for social media communication, research by benchmarking company Living Ratings has found. The findings are the result of research into the social media trends of 60 firms, both international and local, in three jurisdictions, Australia, Hong Kong and Singapore.”
“The study showed that King & Wood Mallesons, Slater & Gordon and Ashurst are the top firms in the Asia Pacific [region] for use of social media” – as Australasian Legal Business also reported, citing the same study.
McKeown highlighted what Lew outlined in her post earlier this week. And it applies directly to Asia’s lawyers:
“In today’s age of algorithms, who you are is in part determined by your digital footprint, which means that if you network for business then you will need to network online. Why? Because while business is in some ways the same as it ever was (based on mutually beneficial relationships), social media has turned the way we form those relationships on its head. You may look around and think that you (or your peers) don’t use social media and are still doing fine, but this is not looking in the right direction. Almost two billion people use social media right now and that trend shows no signs of abating with predictions it will reach 2.55 billion by 2017. Professionals need to look ahead and adapt the way they connect and communicate to keep up with this change.”
Asia’s lawyers would be wise to head the advice of Dionne Lew and others I’ve cited — and make a change reflecting Asia-Pacific’s legal industry-leading lawyers — by adopting considered social media engagement. Why? The bottom line is – your customers are increasingly making buying decisions based on their engagement on social media and will expect you to be on social media also. What’s more, more buyers of your services from throughout the world will be adopting social media in the future. And if you’re not there and your competitors are – chances are you’re likely to lose business as a result.
Interested in improving your law firm’s social media efforts? Contact John Grimley, Editor & Publisher of Asia Law Portal, for a discussion: