Information in this article does constitute legal advice, is for informational purposes only and may not constitute the most up-to-date information. Readers should contact their attorney for advice to any particular legal matter.
Bankruptcy attorneys didn't go to law school to learn how to market their services. Luckily, we specialize in bankruptcy leads, and we're here to help you get free bankruptcy leads for your solo practice or staffed bankruptcy attorneys. In this article, we'll cover eight ways to get bankruptcy leads today.
First up, let's talk about three free ways to get bankruptcy leads:
- Google Local 3-Pack: Make sure your Google My Business listing is up-to-date and optimized for local search.
- Search Engine Optimization (SEO): Optimize your website for keywords related to bankruptcy law and your location.
- Word of Mouth: Encourage satisfied clients to refer their friends and family to your practice.
If you're willing to invest some money, here are five paid ways to get bankruptcy leads:
- Bankruptcy Calculators: Offer a free bankruptcy calculator on your website to attract potential clients.
- Google/Bing Ads: Use pay-per-click advertising to target people searching for bankruptcy attorneys in your area.
- Facebook Ads: Use Facebook's targeting options to reach people who may be considering bankruptcy.
- Bankruptcy Lead Services: Purchase leads from a reputable bankruptcy lead service.
- Billboards/Buses/Signs: Use traditional advertising methods to reach a broader audience.
Finally, you can also consider using Avvo, Thumbtack, or other lawyer search websites to get bankruptcy leads.
By using a combination of these strategies, you can attract more bankruptcy leads and grow your practice.
What Are Good Bankruptcy Leads
When it comes to bankruptcy leads, the ideal prospects are those who need to file for bankruptcy and have the funds to hire an attorney. However, it's not always easy to find such leads. In fact, we've bought leads in the past who needed to file for bankruptcy but had no money to do so.
Another challenge is finding leads who have enough assets to make the process worthwhile. Some leads may have only social security income, making them "judgment proof" and not worth pursuing.
Despite these challenges, there are still various options to consider when it comes to bankruptcy leads. It's important to explore different avenues and strategies to find the leads that are the best fit for your business.
Free: Getting Bankruptcy Attorney Leads on Google Local Business 3-Pack
If you're a bankruptcy attorney, you may be wondering how to get more leads. One effective way is by getting on the Google Local 3-Pack for Google My Business. This refers to the first three businesses that show up when someone searches for a specific business. It's considered the "holy grail of SEO," but it's not easy to achieve. However, you can increase your chances by getting many positive reviews from clients. If you're interested, you can check out some bankruptcy software for attorneys reviews to help you out.
We've actually created an entire guide to help bankruptcy attorneys get free leads from the Google 3-Pack. It's worth checking out if you're serious about boosting your business.
Let's take a look at an example. If you search for "bankruptcy attorney San Francisco" on Google, you'll see the Google Local Business 3-Pack. This is where many people find bankruptcy leads.
We're currently researching whether it makes sense to help bankruptcy attorneys manage their Google maps ranking. While we're still figuring that out, I'd like to share some tips on how to rank on the Google Maps Local 3-Pack in case you'd like to do it on your own. First, you'll need to set up a Google My Business account, which I highly recommend. This is where people can leave reviews about your business.
So, how do you rank in the Google Local Business 3-Pack to get more bankruptcy attorney leads? Our hypothesis is that it's a combination of the following factors:
- The number of reviews and the ratings of those reviews
- Responding to reviews
- Your business hours
- Where you're located in relation to the searcher
By paying attention to these factors, you can increase your chances of showing up in the top three results on Google and attracting more clients.
Free: Using Search Engine Optimization (SEO) to Get Bankruptcy Leads
Have you ever searched for something on Google and wondered why certain websites are at the top of the search results? That's where Search Engine Optimization (SEO) comes in. SEO is the practice of optimizing your website to provide helpful, contextual content to the reader. The goal is to rank higher on Google's search results page, which can be achieved through factors like page speed, on-time reading, and user interaction. Another important factor is whether other websites link back to your site, which can increase your ranking.
If you're a bankruptcy lawyer looking to improve your website's SEO, check out bankruptcyleadsmarketing.com's comprehensive guide on the subject. However, it's important to note that paid ads are separate from SEO. While quality content is still important for paid ads, it's possible to move up the rankings with less quality content.
For example, if you search for "Chapter 13 calculator," you'll see three ads followed by one organic search result. The ads are labeled with "Ad" next to the title, indicating that they are paid ads. Most bankruptcy-related searches will have a combination of ads and organic listings.
If you're interested in learning more about general SEO practices, check out AHREF's beginner SEO guide. Moz and Hubspot also have excellent guides on the subject. Remember, the key to successful SEO is providing helpful content to your readers.
Free: Word of Mouth
Getting bankruptcy leads through word of mouth referrals from customers may not be very effective since debt issues are not something people often discuss with their friends and family. However, you can still receive leads from other attorneys who do not specialize in bankruptcy law.
For instance, a family attorney helping a couple through a divorce may require a bankruptcy attorney to refer their clients to. You can establish a relationship where you exchange family-related legal matters for bankruptcy leads.
There are several ways to do this, and some attorneys may even opt for a paid arrangement under the guidelines of 11 U.S. Code § 504 - Sharing of compensation.
Paid: Bankruptcy Calculator Leads
Have you ever visited a bankruptcy attorney's website and noticed that they have a lot of visitors, but not many of those visitors actually turn into leads? A bankruptcy attorney in Tennessee recently asked us why we don't white-label our bankruptcy calculators and allow them to embed the calculator on their website. We thought this was a great idea and realized that our calculators could be hugely beneficial in turning low-performing pages into high-performing bankruptcy lead pages. We've already built the bankruptcy calculators and are now considering offering them to attorneys who want to embed them on their website. The best part? There are no upfront costs, no monthly retainer, and no need for engineering resources. We'll do all the work to add the calculator to the appropriate pages. Plus, we're offering the first 10 bankruptcy leads for free. After that, it's just $9.99 per lead. The only requirement we have is that your website has some visitor traffic. If you're interested in learning more, please join our waitlist. We generally only build products that attorneys want, so your input is important to us. Don't miss out on this opportunity to turn your website into a high-performing bankruptcy lead page.
Paid: Google / Bing Ads
When it comes to finding bankruptcy attorney leads, many lawyers and lead services rely on Google (and occasionally Bing) search engines. The reason for this is that these platforms allow you to identify the search intent of potential clients. For instance, if someone searches for "file bankruptcy now" or "bankruptcy attorney near me," it's likely that they have a strong intention to file for bankruptcy. While we've found more success with Google over the years, we still run Bing ads to ensure we don't miss out on potential leads.
However, navigating Google ads can be challenging for a couple of reasons:
1. Google puts new users on the easier, simple version
Google Ads can be a challenging system to navigate, even for experienced professionals. Having worked at Google from 2012 to 2015, I can attest to its complexity. If you're new to the platform, it can be overwhelming.
However, when you first sign up for Google Ads, you're placed on a simplified version of the platform. This is likely intended to help you succeed without becoming too overwhelmed. However, I've found that this simplified version can be too basic, making it difficult to achieve success. Take a look at the test I ran below, using the simplified version:
2. The High Intent Bankruptcy Search Terms Are Often Very Expensive
Imagine paying $50 for each person who clicks on your ad. Yes, you read that right, it's not per lead or client, it's per click. This is the reality of Google's auction system, where you're competing against other bankruptcy attorneys, lead services, or debt settlement companies for the same keywords.
Unfortunately, this means that the cost per click for popular keywords like "file bankruptcy now" can be quite high, making it difficult for smaller firms to compete. However, with the right strategy and targeting, it's possible to make the most out of your ad budget and reach the right audience.
How much should you target to spend on marketing for bankruptcy leads?
The cost of acquiring a customer, or CAC, refers to the amount of money you spend to obtain a new customer. It's important to keep this cost low to maximize your profits. In my opinion, a CAC should never exceed 50% of the revenue generated from a customer. For instance, if you charge $1,500 for a Chapter 7, you should aim to spend no more than $750 to acquire that customer. However, it's ideal to aim for a CAC of 33-35% for maximum profitability.
By keeping your CAC low, you'll be able to allocate more resources towards other aspects of your business. This can help you expand your operations, improve your services, and ultimately attract more customers.
That being said, keeping your CAC low can be a challenge. It requires a well-planned marketing strategy and effective lead generation techniques. However, with the right approach, you can keep your CAC low and maximize your profits.
Paid: Facebook Ads
Have you tried using Facebook and Instagram ads to generate leads for bankruptcy attorneys? If you have, you may have noticed that the results are not as successful as using Google and Bing Ads. But why is that?
It seems that the main reason lies in the intent of the users. With Facebook and Instagram, you can segment your audience more effectively, but it's difficult to know who is actually searching for information related to bankruptcy.
On the other hand, when it comes to Google and Bing, the intent of the user's search is directly related to bankruptcy. Unfortunately, you cannot specify your audience like you can on Facebook.
However, don't lose hope just yet! With the right tools, it is possible to generate bankruptcy leads through Facebook. It's a strategy that we will be testing more thoroughly in the coming months and years. To learn more about this approach, check out this article.
Paid: Bankruptcy Attorney Lead Services
If you're looking for access to bankruptcy leads, one option is to use bankruptcy lead services. These companies specialize in marketing to find individuals who are interested in bankruptcy. With so many firms providing bankruptcy leads, it's a good idea to test different services to see how their leads perform for you. Some of the larger bankruptcy lead services include 4Legalleads, NOLO, and Lawyer Marketing.
Ascend is also a growing player in the bankruptcy lead space, having expanded from just two bankruptcy attorney partners to over 125 partners in 2023. Unfortunately, we have limited availability in the US as we only send exclusive leads. However, you can learn more about our offering and reach out to us at our website.
When using a bankruptcy lead service, there are four things to keep in mind:
1. Exclusivity
It's common sense, but not all bankruptcy lead services operate ethically. Some of them sell the same lead to multiple firms, which may seem like a good deal since the cost per lead is lower. However, this means that you'll be competing with other firms to reach out to the individual first. As a result, your conversion rate may suffer. Plus, imagine how the potential client feels receiving calls, texts, and emails from multiple bankruptcy firms.
To avoid this, it's best to work with a bankruptcy lead service that has a policy against selling the same lead to multiple firms. This way, you'll have a better chance of reaching out to the individual before your competitors and increasing your chances of converting the lead into a client.
2. Pricing
It's crucial to comprehend pricing when it comes to bankruptcy lead services. One thing to consider is how many pricing tiers they offer. Personally, I've always been wary of firms that solely offer price per lead. If you have high-quality leads, it's more advantageous to opt for price per qualified lead, which means you only get paid when a lead becomes a client. On the other hand, if your leads range from poor to great, price per lead may be a better option, as the conversion rate may be lower. However, this isn't always the case. That's why I appreciate bankruptcy lead services that offer different pricing tiers.
3. Disputes
When it comes to bankruptcy lead services, it's important to keep in mind that not all leads will be perfect. Even with Ascend's API verification of phone and email, there may still be some wrong or bad numbers that slip through the cracks. Unfortunately, this means that you may end up paying for leads that you're unable to contact.
However, it's not all bad news. Many bankruptcy lead services allow you to dispute bad leads, so it's important to confirm this before signing up. This way, you can ensure that you're not wasting your money on leads that won't pan out.
Overall, while there may be some challenges when it comes to bankruptcy lead services, it's still a valuable tool for those in the industry. By being aware of the potential downsides and taking steps to mitigate them, you can make the most of this service and grow your business.
4. How Firms Get Their Bankruptcy Leads
When it comes to bankruptcy lead services, it's easy to assume that they gather leads through a bankruptcy-related website. However, this isn't always the case. In fact, some bankruptcy attorneys have shared horror stories about receiving "bankruptcy leads" from individuals who had no intention of filing for bankruptcy.
This highlights the importance of finding a reputable bankruptcy lead service that uses ethical and effective methods to gather leads. By doing so, you can ensure that the leads you receive are qualified and interested in your services, which can ultimately save you time and money in the long run.
Paid: Billboards/Buses/Signs
Have you ever noticed how personal injury attorneys seem to be everywhere? Billboards, buses, signs - you name it. But have you ever seen the same level of advertising for bankruptcy attorneys? The truth is, it's not as common.
While some bankruptcy attorneys may advertise for leads, it's not as prevalent as it is for personal injury attorneys. One reason for this could be that personal injury cases tend to generate more revenue. Another factor is that personal injury attorneys are targeting people who have recently been in a car accident, and these individuals are likely still driving on the streets, making them easier to reach.
However, this doesn't mean that bankruptcy attorneys aren't looking for clients. In fact, some attorneys have reported seeing more bankruptcy attorney advertising in certain areas, such as Orlando. Regardless of the type of attorney, advertising for leads can be a challenging and competitive process.
Paid: Avvo/Thumbtack/Lawyer Search Websites
Have you received an email inviting you to become a sponsored source on a legal search website like Avvo or Thumbtack? These sites can be great for promoting legal services, but they may come with a monthly retainer or pay-per-lead fee.
It's important to consider the amount of traffic the site receives before committing to a monthly retainer. For instance, a lawyer I spoke with paid $700-$800 a month to be a sponsored attorney on a legal search website. However, he wasn't sure how many leads he got from the site, which means he could have paid up to $10,000 a year without ever receiving a single lead.
Before you invest in a legal search website, do your research. Check out sites like Avvo to see how many leads they generate for lawyers in your area. For example, you can see the number of bankruptcy leads generated in Memphis, Tennessee, by visiting this source. Understanding how many leads you can expect from a source is crucial for calculating your return on investment.
Conclusion
Despite a nearly 60% decrease in bankruptcy filings from two years ago, people are still seeking bankruptcy relief in 2021. Even in early 2022, there hasn't been a significant increase in filings. If you're familiar with bankruptcy law, you may be wondering how to effectively generate bankruptcy leads, whether through free or paid options.
It's worth noting that many attorneys have been disappointed by bankruptcy lead providers in the past. That's why we offer a 100% no-risk trial, where you can test 10 leads for free. If you don't reach a certain threshold in attorney fees, there's no cost to you. Our company has grown significantly, from partnering with just two attorneys in 2019 to over 120 partners in 2022, with very low attrition rates.
If you're interested in learning more, please reach out to us!