MANCHESTER, England, July 23, 2013 /PRNewswire/ --
The UK's top 50 law firms spend over £3 million a year with public relations agencies - new research out today reveals.
The research, carried out Legal News Service (LNS) also finds:
- Failing to inspire the confidence of the partners and excessive cost are the biggest frustrations law firms have with PR agencies.
- While some firms spend over £150,000 per year with their PR agency, firms most typically spend between £50,000 and £100,000.
- PR agencies most commonly spend the majority of their time drafting and distributing press releases - rather than strategic initiatives or meeting with partners or journalists.
- Every firm in the UK top 50 considers PR to be of value, although budgetary restrictions prevent some firms from instructing an external PR agency.
- Nearly half of the UK's top law firms believe that PR agencies should charge fees of between £500 and £700 per day - anecdotal evidence suggests many actually charge more. Not one firm surveyed believes PR agencies should charge in excess of £1100 per day.
- The UK's leading law firms most commonly instruct PR agencies on a "retainer" basis, paying for a set number of days or hours per month.
"For PR agencies spending the majority of their time drafting and distributing press releases - which is essentially a straightforward process - the legal profession is a multi-million pound cash cow," said Bob Bion, Director at Legal News Service.
"Firms are spending thousands of pounds every week on very basic PR services," he added.
"To stay relevant, the market needs to evolve - at the moment it is too easy for PR agencies to charge high fees for really not doing much. It is no surprise that law firms are concerned about how much they are being charged. "
"Over the last decade we have seen a movement towards the commoditisation of many professional services to make them more cost-effective. If elements of law can be commoditised then legal PR definitely can. The legal PR market needs a shake-up."
About the market research
42 of the UK's top 50 firms (ranked by turnover) responded.
About Legal News Service
Legal News Service (LNS) - http://www.legalnewsservice.co.uk - is the new way for law firms to draft and distribute press releases.
Contact Bob Bion: email@example.com or +44(0)845-838-1673
SOURCE Legal News Service