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November 2020 Update ~ Bankruptcy Trends During COVID-19

Tue, 17 Nov 2020 16:42:27 -0700

It’s been a few months since our last bankruptcy trends update. In that time (usually one of the busiest for bankruptcies,) we’ve seen federal unemployment assistance end, national stimulus talks stall, an election, and Coronavirus spikes across the country. So, the question is - what impact has this had on the bankruptcy industry?

To help all of us tackle this question, we’ve, once again, compiled data from LeadQ bankruptcy inquiry campaigns, Google analytics and trends, and EPIQ/AACER Court Data to get a big picture view of the current situation. And, hopefully, be able to predict what might come next.

Let’s break down four key statistics and their impact - Google searches, Chapter 7 filings, LeadQ campaign impressions, and qualified inquiries. We also have a new section in this blog about the top 10 states to watch over the next few months.

NATIONAL BANKRUPTCY TREND DATA

It’s impossible to use one data source to get an idea of national bankruptcy trends. This is particularly true because of the varied time it takes a consumer to go from researching bankruptcy options to hiring an attorney to filing. That’s why we look at both leading data - Google searches - and trailing data - Chapter 7 filings.

Google does not release exact search data, but its search trends tool rates the popularity of search terms over time. It’s an invaluable tool for checking trends and behavior across Google Search, Google News, Google Images, Google Shopping, and YouTube.

Searches are rated in popularity from 0-100 with 100 being peak popularity and 0 meaning there is not enough data to even rank the term. There is no direct conversion rate for volume, but search popularity is an excellent indicator of the national mindset on a topic.

Search volume stayed fairly static over the Summer which was to be expected. It’s generally a slower time of year for bankruptcy, unemployment assistance was still in place (or only just ending,) and stimulus talks seemed to be in full swing. The big jump from 62 - 68 from September to October is indicative of a change in mindset and needs for the months ahead.

Unsurprisingly, we see a similar trend over the Summer months with our trailing data in the form of Chapter 7 filings. These people likely researched and then hired an attorney 1-3 months before filing. Therefore, September/October filings are as a result of initial interest from approximately June/July.

What will be particularly interesting to see, as filing numbers come in for the last few months of the year, is whether the significant search trend jump for September can be seen in filings before the end of 2020.

LEADQ BANKRUPTCY TREND DATA

With clients and active bankruptcy marketing campaigns running all across the country, LeadQ has unique access to real-time data. By connecting key information from campaigns in multiple states, we map trends from coast to coast to get an immediate snapshot of how many people are searching for bankruptcy attorneys in any given month.

LeadQ advertising is designed to capture potential clients when they are ready to retain an attorney - as opposed to just beginning to research options with the broader search terms we see in Google Trends data. This more focused look uses our business data to show true trends from month to month.

We can clearly see the steep drop from March through June and then a steady increase over late Summer and Fall. A boost in the Fall is to be expected for a “standard year” and is heartening to still see in such an unusual year as 2020.

Following impressions, the next logical step is to track conversions to qualified bankruptcy inquiries - ie potential clients. The below Qualified Inquiries chart tells a similar story to the impressions chart above. After a steep drop from March, we saw a low Summer and then a steady climb over the past few months. It’s good to see that those searching are indeed converting and taking the step to reach out to local attorneys.

To clarify, this chart shows distilled numbers from all calls and emails to LeadQ clients into only those determined qualified for bankruptcy.

TOP 10 STATES TO WATCH

Have you seen similar trends at your practice over the past few months? Are the Fall months showing steady increases? If your business state is in this graphic your boom may be on its way. These states have either higher bankruptcy search trend numbers than the national average or rank in the top 10 for states with greatest per capita Chapter 7 filings - or both.

WHAT COMES NEXT?

The holiday season is notoriously slower for bankruptcy attorneys, and we anticipate this year to be similar. So, let’s focus on the beginning of 2021. Just this week, newyorkfed.org reported a record $10 trillion in mortgage debt after Q3 2020. We see a big surge of bankruptcies coming in the first few months of the year, and we’re not the only ones. In September, Forbes quoted the co-founder of NACBA as saying:

“All of us in the field are expecting bankruptcies to spike up dramatically, probably later this year and even more so into the New Year as the longer-lasting effects of the pandemic hit people in the wallet,” Ike Shulman, bankruptcy lawyer and co-founder of the National Association of Consumer Bankruptcy Attorneys (NACBA)

Researcher Deb Gordon at moneygeek.com predicts, “A surge of personal and commercial bankruptcies seems inevitable in the wake of the coronavirus, but it hasn’t hit yet.” The Washington Post interviewed six experts for an October 27th, 2020 bankruptcy piece, “including law professors, academic researchers, consumer advocates and other bankruptcy attorneys, [all] agree that a wave of personal bankruptcies is unavoidable.”

So, what does that mean for you? It means that now is the time to get prepared. Make sure your administration and procedures are organized and effective, set up online and phone consultation options if you haven’t already, and most importantly, start building a marketing plan now. When this inevitability hits, you want to make sure that you are set up to help as many people and retain as many clients as possible.

LeadQ is here to help make sure your marketing is in place for 2021. Their campaigns have been adapted specifically for the current COVID-19 environment and are proving successful encouraging people to take care of their troubles sooner rather than later. If you want to find out more about their programs and check availability in your area, fill out the form below.

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LeadQ is a leader in new client acquisition programs for bankruptcy attorneys. With their unique performance-based approach, clients pay only for the “qualified” bankruptcy Inquiries generated. LeadQ has, for the last 12 years, been successfully helping attorneys across the country grow their firms. To learn more, fill out the contact form below and a representative will reach out to you.

August 2020 Update ~ Bankruptcy Trends During COVID-19

Mon, 17 Aug 2020 15:06:57 -0700

We all have the same question. Is the promised “bankruptcy boom” on it’s way? After the success of the first “Bankruptcy Trends During COVID-19” infographic in June 2020, the team at LeadQ knew clear data was needed to help answer this question for their clients and attorneys across the country.

Once again, data compiled from LeadQ bankruptcy inquiry campaigns, Google analytics and trends, and EPIQ/AACER Court Data gives a big picture view of how the Coronavirus is impacting the bankruptcy industry.

Let’s break down four key statistics and their impact - Google searches, Chapter 7 filings, LeadQ campaign impressions, and qualified inquiries. Keep reading for a regional breakdown and a forecast for August 2020.

NATIONAL BANKRUPTCY TREND DATA - JULY 2020

Combining leading data - Google searches - with trailing data - Chapter 7 filings - provides a picture of national bankruptcy needs.

Google does not release exact search data, but their search trends tool rates the popularity of search terms over time. It’s an invaluable tool for checking trends and behavior across Google Search, Google News, Google Images, Google Shopping, and YouTube.

As indicated below, an increase in ten points from April - June/July is a massive uptick in search rates for “bankruptcy attorney.” This “leading data” suggests many more people will be looking to file over the next few months.

On the opposite end of the spectrum, we have trailing data in the form of Chapter 7 filings. These people likely contacted their attorney one to two months before actually filing. Therefore, June and July filings are as a result of initial interest from approximately April/May.

Heading into June there was a 72,000 deficit in filings from 2019. After July the gap has started to close with the filing deficit dropping to ~50,000. This is encouraging news for the months ahead.

LEADQ BANKRUPTCY TREND DATA - JULY 2020

With clients and active bankruptcy marketing campaigns running all across the country, LeadQ is uniquely positioned to see industry changes in real-time. It will be no surprise to hear the bankruptcy industry took a big hit in April 2020. But, bankruptcy clients didn’t disappear, they were put on hold.

LeadQ campaign impression data is a direct, real-time snapshot of how many people are searching for bankruptcy attorneys in any given month. As LeadQ clients will know, LeadQ advertising captures potential clients when they are actively searching and ready to retain an attorney. This may be the most important statistic we have to show true trends during this time.

Searches in LeadQ campaign areas increased by nearly 10,000 in July. This is excellent news as typical seasonality has bankruptcies falling from a peak in March through to July when they start to pick up again in August.

Following impressions, the next logical step is to track conversions to qualified bankruptcy inquiries - ie potential clients. Here you can clearly see the real-time depression from March to April with a slow but steady increase over May and June. July was clearly a banner month with a 48% increase in qualified inquiries.

To clarify, this chart shows distilled numbers from all calls and emails to LeadQ clients into only those determined qualified for bankruptcy.

REGIONAL BANKRUPTCY TREND DATA - JULY 2020

For data a little closer to home, LeadQ also looks at qualified inquiries on a regional scale. While still broad strokes, breaking the country into West, Midwest, Northeast, and South offers an interesting view. While a general upward trend can still be seen, the differences from coast to coast could be attributed to timing of state lock-down and openings.

WHAT COMES NEXT?

So, now the big question - what will happen in August? Across the country, the federal $600/week unemployment benefit ended at the end of July. There have been a lot of promises from the government about potential new federal unemployment benefits, but so far nothing has been decided or implemented.

Also, August is a historically low month for bankruptcies with many people pushing thoughts of money troubles to the side in favor of vacations and getting children back to school. It’s likely many people will wait and see what the next few months will bring before making a move toward bankruptcy.

So, will the boom happen in August? LeadQ doesn’t think so. The first two weeks of the month have been steady but without a massive rise indicating a rush in need for bankruptcy attorneys. LeadQ will continue to monitor and share their data with clients and the community. In the meantime, their campaigns have been adapted specifically for the current COVID-19 environment and are proving successful encouraging people to take care of their troubles sooner rather than later.

Come back next month to see what happens in August.

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We'd love to hear from you about your firms experiences during COVID-19. Did you see a similar growth period of June and July? Are courts currently working virtually? Please share in the comment section below.

Why Your Phone System is Your Law Firms Most Vital Sales Asset

Thu, 30 Jul 2020 10:34:09 -0700

Seven out of ten callers will hang up if they reach voicemail and move on to the next option. Let that sink in. That means for every three voicemails a receptionist picks up after lunch or an attorney has on their cell when they get out of court, seven people hung up and called a competitor instead. Setting up a comprehensive phone system may be the single most important thing a law firm can do for their business.

In this article, the experts at LeadQ share how their most successful law firm clients organize their phone system. LeadQ is a leader in qualified inquiry programs for bankruptcy attorneys. Their customized marketing programs offer potential bankruptcy clients both online forms and direct phone numbers to contact a local attorney. In 2019, 84% of all contact was via phone. This, and their unique program structure, means their employees hear hundreds of initial inquiry phone calls a month.

Here are four important points from LeadQ to keep in mind when setting up a law firm phone system.

1. Who answers the phone?

While not always possible, it is preferable for an attorney to answer the phone. This direct and personal contact sets firms apart from the competition and primes a trusting relationship with a possible client. It’s important that an attorney introduce themselves as such.

LeadQ says, “some lawyers don't say they are the lawyers right away. The caller says 'may I speak to the lawyer' and the lawyer says something like 'you're talking to them' which some callers find very embarrassing and then start apologizing before they've even had a conversation.”

If an attorney is not available to answer phone calls, it is less important who answers and more that the person is trained. Paralegals, office managers, and receptionists should all be trained to encourage appointment setting and be able to answer common questions.

2. Customer service training

Every customer-facing employee at a firm should be trained in basic phone etiquette and any standards and wording specific to each firm. LeadQ recommends a standardized, simple phone answering protocol.

Example - “Hello, this is [law firm,] my name is [name] [role] how can I help?”

An intake form for employees to use will ensure the conversation stays on track and that all necessary information is collected. It’s important to stay professional and refer to callers as Mr and Miss once they have given their last name rather than defaulting to first names right away.

The ability to professionally answer basic initial questions is vital. Employees don’t need legal training to answer questions about pricing and the next steps. Confidently explaining that they cannot give out pricing without an initial consultation is always better than feigning ignorance or avoiding the question. Anyone answering phones should also be able to explain the basics of what will happen at a consultation and any payment plans or $0-down offerings that may be applicable.

Rina K, LeadQ Call Specialist, urges firms to stay away from directories that require callers to press a number or extension. “It’s always better to have a person answer as quickly as possible, even if they need to transfer the phone afterward. We have so many people hang up before the extension options have even been explained.”

3. Voicemail messages

Even with the best phone set-up possible, some calls will inevitably go to voicemail. While this will lead to some callers hanging up, the length of a firm’s voicemail message has a significant impact.

According to LeadQ, messages less than 15 seconds long have a success rate of almost 70% with only 30% of callers hanging up. Messages between 15 and 30 seconds long have a steep drop with a 50%/50% call to hangup rate. Messages longer than 30 seconds have a mere 20-25% success rate with the majority of callers hanging up before the message has finished.

LeadQ best short message example - “You have reached [firm.] Your call is very important to us, so please leave a message with your name and number."

Rina K at LeadQ suggests turning off any automated message instructions. “I hear lots of personalized messages that end and then a recorded voice takes over and tells the caller to leave a message after the beep and then hang up, etc etc. This doubles the message length and everyone knows how to leave a message these days, so it's really not necessary.”

4. Answering services

Solo attorneys and firms with smaller staff may want to consider hiring an answering service for weekends and after hours. While answering services often cannot set appointments and typically only take messages, this is still preferable to a voicemail system when a call will not be returned immediately.

All answering service companies are not created equal and it is worth testing multiple companies to find the right fit. Give their employees a standardized greeting and question set, if possible, and ensure it is used every time.

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It’s clear that phone system organization is a key factor in new client acquisition. The experts at LeadQ have over a decade of experience in building bankruptcy marketing campaigns and helping attorneys optimize their intake process. To learn more about their unique performance-based approach, fill out the form below.

We'd love to hear from you about your experiences setting up a phone system, customer service training, and working with answering services. What have you found the most successful for your firm? Has this article encouraged you to change your voicemail? Please share in the comment section below.