Attorney marketing has become so competitive, pushing attorneys into exploring different ways of attracting potential clients. Today, smart lawyers are heavily dependent on the lead generation process since it helps them attract potential case leads, increasing the chances of acquiring new clients.
The ultimate goal in the attorney lead generation process is to attract leads, qualify them and turn them into high-paying clients.
The process is often complex and not always transparent for most attorneys, especially if you buy leads from third parties or outsource.
Many attorneys reach out to self-proclaimed legal lead generation companies thinking they will access highly qualified exclusive attorney leads, only to be disappointed.
If you are a lawyer looking to buy case leads from external parties, it is critical to understand the difference between non-exclusive and exclusive attorney leads.
In this post, we focus on explaining the difference between the two while highlighting the pros and cons of each. So, let us get started.
What Are Exclusive Attorney Leads?
Exclusive attorney leads are not rocket science, and the name says pretty everything. These leads are usually sold to only one attorney. It means that an exclusive lead is only yours and yours alone. It can never be resold to another lawyer because you literally own the prospect.
One of the greatest benefits of working with exclusive attorney leads is that you don’t have to worry about another lawyer calling the same lead you received from your lead generation partner.
Trust us, there is nothing more frustrating than reaching a case lead that has just been sold to another lawyer before it was transferred to you.
The most common type of exclusive attorney leads is a live transfer via a click-to-call functionality. In this case, a prospective client dials a number that connects him/her directly to the attorney's office.
While exclusive leads allow attorneys to have dibs on certain prospects, they have less of a chance to be actually selective about case leads.
Pros of exclusive attorney leads
- The leads are generally of high quality and highly qualified.
- Only you and your teams have access to the lead, no one else.
- Exclusive leads provide you with a better possibility to target specific demographics and try out different things.
- It gives you the advantage of being the first one to approach the prospect.
- If your overall brand awareness is low, buying exclusive attorney leads can lead to better conversions.
- Allows you to refine and custom-target your audiences.
Cons of exclusive leads
- The biggest drawback of working with exclusive attorney leads is that they cost more.
- The quantity of leads might not be as high as you wish.
- Also, the higher the lead price, the more likely potential fraud will occur if the lead generation company fails to implement appropriate security measures.
Key Characteristics of Exclusive Leads
Some of the unique characteristics of exclusive leads include;
- Exclusive leads have higher contact rates: The higher contact rates usually lead to relatively higher conversion rates. However, it is still essential for your team to reach out to the lead as soon as possible since the prospect is still researching online and may land on another attorney site.
- They put less pressure on your team: Your paralegals and marketing teams don't have to call the lead immediately because you are the only attorney reaching out. But you should still reach out quickly to avoid losing them.
- Offer greater opportunity to realize short-term and long-term goals: If you are close to hitting your target as the month or year winds down, receiving more exclusive leads can push you over the edge. They can also help you build a trustworthy brand over the long term, maximizing your return on investment.
What Are Non-exclusive Attorney Leads?
Non-exclusive leads are also known as shared leads. They are the exact opposite of exclusive attorney leads because they are sold to more than one attorney. Depending on the lead generation company, a single lead can be sold simultaneously to three to five law firms.
So, how does that impact the prospective client? First, they get relentless calls from different lawyers for days or even weeks. This turns out to be irritating, and eventually, most of them stop answering the calls after a day or two.
Since there is increased competition for buyers, the fastest team tends to win the lead. The most significant advantage of the shared lead model is that the lead price is much lower than the price for exclusive attorney leads.
The lower price enables lawyers who opt for stiff competition to buy large lead volumes to increase their chances of converting a few of them into clients. The model works well for highly experienced attorneys with a strong online brand and optimal sales processes.
Pros of non-exclusive leads
Does it mean everything about non-exclusive leads is terrible? Probably not. Here are some of the advantages of these types of leads:
- Shared leads are generally cheaper than exclusive attorney leads.
- Non-exclusive leads provide you with an option to compare and analyze who offers the best price per lead and other amenities.
- The lead volume is usually higher.
Cons of shared leads
- It may be hard to convert non-exclusive leads if your online brand awareness is low or if you don’t have a proactive team that can act quickly.
- The model increases the chances of bad leads being forwarded to your law firm just for the sake of it.
- It creates a lack of transparency because you don't have insights into how many times the lead was sold and to whom.
- The conversion rates are relatively low due to the stiff competition.
Exclusive vs. Non-exclusive Leads: Which Is the Best One for You?
No matter the option you choose, the most important thing you need to do is ensure you are entirely comfortable with the investment you make. Ensure you pay close attention to the return on investment each lead provides and see if it makes sense.
Typically, if you purchase non-exclusive leads, you will spend less, but you may end up doing a lot of work with little or no ROI.
At PALO, we believe in making your work easier and helping you grow your legal practice business. That is why we only sell highly qualified, and 100% exclusive attorney leads. We provide you with complete control over the leads we generate to help you achieve your law firm goals.
Talk to us today to learn more about our attorney pay-per-call marketing program. Our team is always ready to serve you!