Growth Stats: Factors For Law Firms Looking to Grow In 2024
Major trends in the U.S. economy and population point to an increasing demand for legal services that could have your firm blasting past your competitors in 2024.
Utilized correctly, these statistics can not only inform strategies for new revenue streams, but open the gates to an untapped goldmine all across the U.S.
Despite meteoric growths in population, economic participation, entrepreneurship, and purchasing power– Hispanic populations are still some of the least represented by legal services.
Given these factors, prudent law firms ought to learn more about their local Hispanic communities.
The demand for legal services is there. The spending power is there. All they need is a law firm willing to take that next step.
- By 2024, more than 72 million Hispanic people will live in the U.S., and they will command $1.7 trillion in purchasing power.
- The 2020 U.S. Census saw a 5.1 million person decline in the U.S. White population.
- The U.S. saw an 11 million person increase in the U.S. Hispanic population, making up 20% of the US’ entire population.
- According to the 2019 Census, there were 4.5 million Hispanic-owned businesses in the U.S. This figure is growing.
- From 2018 to 2019, the number of Hispanic-owned businesses in the U.S. grew by 7%.
- 90% of Hispanics are in the Meta Ecosystem (Facebook, Instagram, WhatsApp, etc).
- Recent research has shown that 70% of Hispanic millennials appreciate companies who reach out in meaningful ways.
- 67% of Hispanics seek legal help for immigration or car accidents.
- 56% of Hispanics use digital channels find their attorneys
- 63% of Hispanic legal consumers contact an attorney within a week.
Experts in bilingual marketing can build you a self-sustaining system that…
- Has clients lining up through your door without you having to lift a finger
- Raise your brand awareness through the most powerful marketing vector: word of mouth
- And lets you focus on winning more cases and directing your practice the way you want to
Get a free strategic consultation with Abogados NOW, the Nation’s Leader in marketing attorneys to Hispanics in the U.S.
