Moving forward, Firm Outcomes will be providing an overall update relative to the market based on what I am seeing nationwide. With my background running a national firm, his insight as to what is going on in every major market across the country is going to be invaluable.

March was a tough month. Typically, March is one of the best months of the year, not only in regards to lead volume, but a high intent to start mixed with the ability to pay more than usual due to tax refunds. The first two weeks of March started off well, but things turned south quickly. Starting mid-month, search volume dropped off significantly, leading to lower lead volume and an average higher price per lead. Even those searching weren’t ready to pull the trigger.

I noticed a pattern that is holding true. Once a state was locked down, volume tanked for a week as leads got used to the “new normal” of living with COVID-19. After about 10-12 days, search volume started to pick back up, but still not at a typical level. I expect the overall market to be slower than normal in April, but the market is also showing signs that once the uncertainty of COVID-19 is behind us, there will be a significant uptick in bankruptcy filings. According to The Wall Street Journal, there is over 1 trillion in bad debt right now… the highest levels since 2008. Additionally, 15% of US consumers have already tapped into credit to pay their monthly expenses, and another 17% have tapped into their savings.

Volume was down in March, and cost was up. We have changed our messaging to let all prospective leads know that your firm is open. A lot of firms are cutting budgets, so it’s a great time to continue to be in the market as there will be less competition. I expect May to be a huge month with CARES stimulus checks coming and a stronger-than-normal summer. I am recommending that our firms get ready to increase their advertising budgets.

The full integration of Total Attorneys into Nolo took a big hit on lead quality. Lead quality is down and it’s a fact, not a myth you think you are seeing. Transfer rate of Nolo leads has been down 10% since before COVID-19, which is a reflection on lead quality. Firm Outcomes leads continue to transfer at 2X the rate of Nolo and didn’t see much variation in the second half of March.

Our firms saw a much higher engagement level with document collection in March than in previous months.

Your practice qualifies for a payroll protection loan, which is essentially free money with no repayment required. I would recommend that you look into and take the loan. Please feel free to reach out to me with any questions.

The next few weeks will be slow then it will begin to pick up. Have your resources ready to act fast or have everything you need implemented for a busy season, just a delayed busy season this year.