Thursday, July 17, 2008

What Does it Mean? PR Tips for Lawyers

Attorneys who can answer the question, "what does it all mean?" have a better chance of getting media coverage in turbulent market cycles, according to our recent post.

Wall Street and Main Street hate uncertainty, so the enterprising attorney or law firm who can demonstrate a leadership approach in these tough times stands a better chance of gaining increased visibility and possibly market share.

Here is a case in point. Yesterday, The Wall Street Journal published an article entitled "Law Firms Gear Up -- and Wait -- For Anticipated Bankruptcies." The gist of the article is that the number of high value bankruptcies to date is less than expected, leaving some firms that rely on this countercyclical practice with available capacity.

Our key point is to bring your attention to the closing paragraph. The reporter asks: "What does it all mean for the lawyers?"

In this case, the answer to the WSJ reporter's question is found in the quote of a law professor:

"It depends on the firm's business plan," said Jack Williams, who teaches bankruptcy law at Georgia State University College of Law in Atlanta. Mr. Williams predicts that firms that can juggle a lot of short-term engagements are going to do well. "But those who stick with a more traditional approach," like relying on one or two cases that drag on for years, might struggle. "That business plan just isn't going to square with what's going on."

The Rainmaking Lady offers two observations:

  1. You, too, have a chance of getting quoted in the media when you can offer a credible analysis of what given market conditions mean to your clients and constituents
  2. Stay focused on your sales pipeline for new case development. While it's great to hit the ball out of the park with a huge case, it might take a lot of smaller matters to keep paying the bills.

Here's your homework: see how you can put this to work in your law firm marketing program.

1 comment:

Sundeep Malhotra said...


That was a good saying that the focus should be on large cases, but smaller cases would be required to pay off th operational costs.