Having just posted yesterday on ‘Directory and Award Submissions‘, I thought it was somewhat timely that the team at BTI Consulting published the results of a survey they have conducted with over 350 corporate counsel which showed:
Only 4% still find rankings valuable
18% like them but aren’t strongly influenced
33% are ambivalent
45% express outright disinterest
Some of the commentary is just brilliant, including this gem:
With limited resources, should our firm prioritize directory or award submissions?
An excellent question.
So good, I thought I would try and answer it in this week’s BD Tips post.
The Goal: Brand awareness
When it comes to gaining brand recognition and visibility – for your law firm and its partners/principals – two leading strategies are directory and award submissions. Both have their own unique benefits, so let’s take a look at each in turn:
1. Directory submissions
Legal directories are comprehensive listings of law firms and individual lawyers. They provide potential clients with information about legal service providers – including leading lawyers in practice areas and client reviews.
Benefits
Increased Brand Awareness: Being listed in a reputable legal directory – such as Chambers, Legal 500, IFLR 1000, WTR or IP Stars, can enhance your firm’s online presence and make it easier for potential clients to find you.
Client Feedback/Testimonials: Most directories have clients feedback/reviews comments. These can be used in Marketing material (such as bids and tenders / capability statements / on your website) to help build trust in your firm’s brand and attract new business.
Cons
Cost: Submissions to all legal directories take significant time and input from fee earners. This time is otherwise billable on client matters.
Time-consuming: Submitting to directories is a time-consuming project.
Long lead time: Thinking just because you’ve submitted to a directory today means you will be listed straight away is naïve. Getting listed in a directory takes time. Like most things, it needs a strategic approach!
2. Award Submissions
Legal awards recognize excellence in various aspects of legal practice. Awards can be given to individual lawyers, law firms, or specific practice areas based on criteria such as innovation, client service, and case outcomes.
Benefits
Prestige: Winning or being shortlisted for a legal award can significantly boost your firm’s and it’s partners reputation and prestige within an industry and beyond.
Marketing Opportunities: Awards can be used in Marketing materials, press releases, and social media to attract new clients and retain existing ones.
Networking Events: Award ceremonies provide opportunities for lawyers to network with industry peers, potential clients, and referral sources.
Cost: Generally, award submissions are cost effective.
Cons
Competition: The process can be highly competitive and there are no guarantees of winning!
But, which should we do?
The decision on whether to do a directory or award submission ultimately depends on your firm’s current brand awareness strategy and goals.
If your firm is looking to improve brand awareness, a legal directory submission might be the way to go.
On the other hand, if your firm’s primary goal is to boost your firm’s reputation and gain recognition within an industry in the short-term, legal award submission can be a much more beneficial tactic.
The fact is that both play a critical role in enabling your firm’s marketing and business development strategy by improving visibility, credibility, and client trust.
In a perfect world, you get to do both.
In an imperfect world: go awards for the short game, and directories for the long game!
As we start out on 2025, the 𝑨𝒖𝒔𝒕𝒓𝒂𝒍𝒊𝒂𝒏 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑹𝒆𝒗𝒊𝒆𝒘 (AFR) has helpfully published a table today (14.01.2025) – ‘𝐁𝐢𝐥𝐥𝐚𝐛𝐥𝐞 𝐡𝐨𝐮𝐫𝐬 𝐭𝐚𝐫𝐠𝐞𝐭𝐬 𝐟𝐨𝐫 𝐟𝐢𝐫𝐬𝐭-𝐲𝐞𝐚𝐫 𝐥𝐚𝐰𝐲𝐞𝐫𝐬 𝐚𝐭 𝐬𝐞𝐥𝐞𝐜𝐭𝐞𝐝 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦𝐬’ – that makes for very interesting reading.
Other than the expected billable hour targets for first year lawyers and comments on alleged “under-billing” practices at major Australian law firms, what caught my attention in the article was this comment:
I might be wrong, but in the event that Hamilton Locke charges clients by the billable hour, then I highly suspect this also translates into a yearly hourly target…
…In the event that HL charges clients fixed fees or some other type of fee arrangement, then I accept this calculation probably sets it apart.
“…over the last two years the number of Am Law 100 lawyers based in Beijing and Shanghai has declined by 25% from 569 to 424. The decline over a five-year period is 35%.”
Over the past 12 months, Chinese Law Firms DeHeng, JunHe, Fangda Partners and Han Kun Law Offices have established overseas offices in Singapore, the U.S., Indonesia, South Korea, Vietnam, and the Middle East
Having worked with law firms around the world for close to 30 years to help establish their overseas offices (with a particular focus on Asia), I’m not sure I have ever seen such a significant shift in an in-bound/out-bound referral strategy.
In my view, we are now at the dawn of an era when Asian-based law firms are referring more work out of Asia than International law firms are referring work into Asia.
The only question that remains then is this: “How are you positioning your firm/practice to benefit from this shift?“.
There are few more personal ways to thank a person for the support they have shown you and your business over the past 12 month than to send them a handwritten Christmas card.
Unlike e-cards, which to be honest I have never been a massive fan of (but can see both the financial and ecological savings if you are sending several hundred/thousand), a handwritten note in a Christmas card adds that personal touch to the message that, to me, enhances the gratitude being shown.
Some tips
If you’re going to send a handwritten note in a Christmas card to a key contact or referrer this year, make sure to:
Provide context: to why the card is being sent. For example: “it been a pleasure working with you over the past 12 months and we look forward to supporting you in the future”.
Personalise it: include a private note about something that happened this year.
Keep it professional: remember, it’s a Christmas card to a client/referrer, so be personal but keep it professional – no saucy joke cards you can find in some stores please!
Keep it brief: again, it’s professional, so keep it brief. The recipient of the card doesn’t have a lot of time to read this card and probably has a few more cards than just yours to read, so make sure to keep this to a couple of well-thought-out sentences at most.
The simple, relatively inexpensive, gesture of sending a handwritten Christmas card can leave a lasting impression on your client. It could well be the small differentiator that you are looking for to stand your business out from its competitors in 2025!
As always, get in touch if you need help with your business development strategy and activities.
“They shall grow not old, as we that are left grow old: Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning We will remember them.”
In professional services, we often talk about “standing out from the crowd“. But the truth is, more often than not, we are in the centre of the crowd! So for this week’s BD Tips Wednesday post on LinkedIn we shared what my daughters’ call the ‘3R Test’ when considering/deciding whether a differentiator really is a differentiator and helps that business truly standout from its competition.
Is it Respectful?
The first test is: Is it respectful? Here, what we mean is: Is it honest/true?
More often then not, professional services firms set themselves out as being different to their competitors with motherhood statements and hyperbole. Stress test the point, and it quickly falls apart.
By way of example, how many professional services firms state that they are “client centric”? Do a Google search and I suspect you’ll get a lot of hits!
Now, leaving side the issue for one second if saying such a statement really differentiates you or makes you another in the pack, a broader question arises: ‘Are they being respectful to their clients in saying this?’
Is it Responsible?
A responsible point of difference is one that actually matters to your customers – not you. By having this point of difference, are you trying to make a difference to your clients lives/business, or are you merely trying to standout from the crowd so your business can win more work?
If it is the latter, i.e. you are only trying to win more work and don’t really care about the customer, then this is NOT a responsible point of difference and therefore is not a true differentiator.
An example here would be a claim that your firm provided an ‘efficient‘ services (note, not effective, which would be different). The questions that arise here are: (a) is this actually true?, and (b) who gains from these efficiencies – you or the customer?
Because, assume your claim is actually true, if you – the service provider – are the net winner from the efficient service delivery – at the cost of the overall service delivery to the customer – then it is not a responsible differentiator, and therefore it is not a genuine point of difference!
Is it Resilient?
Is the point of difference resilient? Will it stand being stress-tested – by your customers and competition? Will it survive your competition’s attempts to copy it (if it really is a point of difference)?
In short, will your point of difference stand the test of time?
Brining it all together
Assuming your stated point of difference can pass muster on the ‘3R Test‘, you have yourself a genuine differentiator and so go forth and knock the competition into next week!
As always, get in touch if you need help with your business development strategy and activities.
A huge part in the success of your business development efforts lies in what I like to call your: ‘Credibility Score‘.
So for my most recent BD Tips Wednesday post on LinkedIn, I walked through why credibility is so important to the success of your business development activities.
Below it a repeat of that post, but before we go there though, why is credibility an issue?
Information overload
The internet has resulted in information overload. We all have access to way too much information.
But ‘information‘ is not the same as ‘knowledge‘ – and professionals work (or should be working!) in a knowledge economy.
Which leads to a bigger problem from the client perspective: with so much information out there, how do I know who to trust?
QED: Credibility!
The ‘5’ Bs on building credibility with your clients
Be ahead of the pack
Industries change and so should your knowledge and skills. Keep up with the latest trends, technologies and practices in your field.
If you can show that you’re aware of new developments and can adapt your approach, you’ll be seen as a credible forward-thinking partner.
Be transparent
The starting point in any attempt to being credible is open and transparent communication.
Be honest about what you can and cannot do.
Talking up what you can do for a client and under-delivering on that talk damages your credibility. So keep it simple: Deliver on what you say you can deliver on!
Be reliable
The easiest way to building long-term credibility is by consistently delivering on your promises. Reliability and consistency in performance over time create a strong foundation of trust. Make sure you follow through on timelines, deliverables, and commitments.
If something goes pear-shape, take accountability for it and work to quickly resolve it!
Be honest
Always tell the truth, even when it’s difficult or uncomfortable. If you make a mistake, admit it. People respect honesty, and owning up to your shortcomings is an important way to build trust.
Also, always maintain ethical standards in your dealings with your clients.
Be committed
Focus on building relationships rather than simply making deals. The more you invest in your client relationships, the more credible and trustworthy you appear.
Regularly check in on your clients, even when you’re not pitching something new.
Being genuinely interested in your client’s long-term success will enhance your reputation as a credible partner.
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As always, get in touch if you need help with your business development strategy and activities.
