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Do I Really Need a Lawyer?:

Millennials and the Law

Presented By: Bennett CollenCEO, Cognate

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Millennials :

1980 2000

Biggest in U.S. history

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Millennials :

“Impatient”

“Narcissistic, lazy, indecisive”

The “Peter Pan” generation1

1 Searcy, Dionne New York Times “Marketers Are Sizing Up the Millennials” 2014

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Millennials :

Have- Lower employment levels - Smaller incomes - Less money than previous generations2

Want- More Choices, Selectivity -Personalization, Customization of products & services-Interaction, authenticity

2 Goldman Sachs Global Investment Research

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Why Bother? :

80 million millennials in America

Represent ~ ¼ of entire population

$200 billion in annual buying power3

~75% of workforce by 20304

3 Schawbel, Dan Forbes “10 New Findings About the Millennial Consumer” 20154 The US Bureau of Labor Statistics

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Behaviors :

Aren’t influenced by advertising 1% say an ad would make them trust brand more3

Social Review blogs, ask peers before

making purchase

“Digital native” Engagement, using new platforms

3 Schawbel, Dan Forbes “10 New Findings About the Millennial Consumer” 2015

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Set in Our Ways :

Spending habits won’t change- $30 billion will transfer from Baby

Boomers to millennials5

- 57% said money won’t change spending habits

Brand loyal* - 60% “often or always” loyal to

brands they currently purchase

5 Accenture3 Schawbel, Dan Forbes “10 New Findings About the Millennial Consumer” 2015

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“Do I really need a lawyer?” :

Embrace new platforms / tools

Be authentic, build trust

Provide value at their price point