1. Market Research Template for Your Firm
Use the following template as a guide for conducting your own market research. Keep this updated yearly for a more effective and efficient strategy.
And remember, delete this page before you’re ready to publish your guide!
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2. EXAMPLE RESEARCH Delete this page before you publish
Know Your Community
Study up on your market to better understand your clients.
Demographic Information
When you know more about who shapes your town, you’re able to reach the right people. The examples include demographic and competitor information for Decorah, Iowa, a small town of about 8,000 people. After reviewing our example, use the included template to fill in information about your own community.

3. EXAMPLE RESEARCH Delete this page before you publish
Know Your Community
Study up on your market to better understand your clients.
Competitor Analysis
Top family law competitors. (Fictional firms were used in this example)
J&J Law
Smith and Sons
Overview
“Our approach to law is holistic, personalized and effective.”
“Aggressive, honest, hard working. Working with family law since 1981.”
Target Customers
Teen/young mothers looking for child support (18-24), men and women looking to divorce (35-50 years old)
Wealthy ($75,000+) men and women looking to divorce (35-50 years old)
Marketing
Billboards, bus ads, heavily relies on word-of-mouth, has website (no blog), online reviews
Magazine ads, billboards, PPC, paid social campaigns, blog, legal directory listing, online reviews
Strengths
Known around town, family-friendly, low cost appeals to younger, less established clientele
Large marketing budget, strong digital footprint, top rank online
Weaknesses
No social media presence, low ranking on search engines, dependency on word-of-mouth
Expensive price point, aggressive/arrogant content tone (can turn customers off if not careful), outside of city center
Competitive Advantage
Longevity of firm, local
Well-established firm, a variety of practice areas
Competitive Matrix
Common factors considered when hiring an attorney. The rating is from 1 to 10, 10 being the highest.
J&J Law
Smith and Sons
Our Firm
Easy to Contact 8 10
Location 4 9
Reasonably Priced 5 7
Reputation 6

4. [Your Law Firm’s Name]
Market Research
Last updated: December 24, 2018

5. [Law Firm’s] Market Research
Demographic and Competitive Findings from [Year].
Demographic Information
The information below includes demographic and competitor information for [City, State], a [description of city/town] of about [population] people.
You can find the following information about your own town by visiting the American Fact Finder page of the U.S. Census website. Additional information to include would be education level, business patterns and occupation details. Change out the charts below with your own data by right clicking on each and selecting “Edit Data in Excel.” And remember, delete these instructions before saving this document.

6. [Law Firm’s] Market Research
Demographic and Competitive Findings from [Year].
Competitive Analysis
Top [practice area] competitors.
You’ve got competition and you probably know who it is. Identify your top two or three competitors and list them below. Then begin analyzing their business by visiting their website, looking at their social media, talking to past clients, reading their marketing collateral, etc. to better understand their strengths and weaknesses. Delete these instructions when completed.
Competitor 1
Competitor 2
Overview
Target Customers
Marketing
Strengths
Weaknesses
Competitive Advantage
Competitive Matrix
Common factors considered when hiring an attorney. The rating is from 1 to 10, 10 being the highest.
Build your competitive matrix by using the information you gathered above and evaluating the top four or five factors your clients consider when looking for an attorney. Delete these instructions when completed.
Competitor 1
Competitor 2
Your Firm
Factor 1
Factor 2
Factor 3
Factor 4

7. [Law Firm’s] Market Research
Demographic and Competitive Findings from [Year].
Takeaways
Now that you have the research out of the way, it’s time to figure out what to do with it. Answer the below questions to begin understanding steps to take for an even more successful business in the future. Delete these instructions when completed.
1. What does your ideal customer want from you?
2. What sets you apart from other firms in your town?
3. What are your competitors doing well? What can they work on?
4. What is the best way to communicate to prospects?
5. What improvements can be made for a better client experience?
6. What’s your brand image vs. your competitors’?
7. Do prospects have a need for additional services from you?
8. What practice area(s) can bring you the most revenue?