Greentarget

Special Situations

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We hear it all the time: the next generation of talent—and leadership—wants more. More balance in their careers. More alignment with their values. More engagement with social issues.

The world of professional services firms—buttoned-up places that have traditionally skewed white, male and older, especially in leadership ranks—is particularly vulnerable to emerging stakeholders’ preferences. In a recent poll, less than 40% of Gen Z lawyers said they would like to join one of the U.S.’s largest 200 firms, down from nearly 60% just three years prior. Meanwhile, recent news out of law firm Barber Ranen involving the name partners’ racist, sexist, homophobic, and antisemitic emails (and those partners’ subsequent exit from the firm) is just one more indication that times are changing. Behavior that might once have been papered over now (rightly) carries significant consequences.

The question, then, isn’t whether these generational shifts are here or will have an impact. That’s a fait accompli. Rather, today’s business leaders should be asking how they can best communicate with their younger workers and clients to mitigate risks and set themselves up for success for years to come. Here’s how.  

Get to Know This New Audience

You can look up all the statistics you want: that younger employees care more about corporate culture; that almost 90% of millennial lawyers want flexibility and work-from-home options; that roughly half of accounting and finance students and young professionals cite personal well-being and mental health as a concern and think a great work-life balance is a key attraction factor for employment.

But while that’s a good start, it takes more to operationalize efforts at your own firm. Start by asking some key questions to help hone in: 

  • Who is our audience, internally and externally?
  • How quickly are their expectations evolving?
  • What messages do they need to hear and who should they hear them from?
  • How can we support our messages with tangible actions? 

 Social media listening, focus groups, surveys, and routine conversations with teammates and clients are extremely helpful tools for answering these questions.

For instance, one major law firm we work with held a series of focus groups last year to create messaging that would help attract and retain attorneys in a post-COVID landscape. The resulting messages—highlighting alternative career paths, the firm’s supportive culture, its initiatives around diversity, equity and inclusion, and a robust benefits program—were in large part aimed at this next generation of lawyers. They also helped with the continued evolution of their sponsoring and mentoring initiatives and talent outreach.

You can do the same with clients: Voice of the Client research can help build a multi-faceted understanding of your client’s needs, expectations and pain points—and can update your approach to the coming generation.

Establish and Live Up To Your Firm’s Values 

What does your professional services firm stand for? Why do you do what you do? And what impact do you make in the community, the nation, and the world?

These questions may sound lofty or even squishy to hard-charging business leaders. But these are the elements that millennials and Gen Z care most about. And MIT research shows that even if companies have a set of values written down, far too few are translating them into action in any tangible way.

The good news is since many organizations don’t meaningfully connect their actions to their values, you have an opportunity to set your firm apart in the minds of emerging stakeholders. To do so, you’ll need to look at your existing mission, governing principles, and values and honestly assess how well you’re living up to them. 

For example, if your values state that you’re committed to creating an internal culture that’s welcoming and inclusive, evaluate what building blocks you’ve put in place to make that value a reality. Have you taken steps to attract and retain a more diverse workforce? Are you actively combating harassment at your firm? Are you elevating diverse voices and ensuring people from underrepresented groups have a seat at leadership tables?

You’ll also need to be able to read the room and pivot when necessary. One professional services firm we work with did just that – after a series of acquisitions, the firm realized it needed to step up its executive communications game, particularly when it came to reaching newer, younger and prospective employees. A content campaign of internal emails and byline articles from one of the firm’s leaders brought the organization’s values to life in a personal, authentic way—and aimed to infuse the firm’s work with purpose, meaning, technological innovation, and fun.

Embrace an Authentic, Transparent Approach to Communication

Finally, you’ll need to evolve your firm’s communication style to earn the trust of a younger audience. Follow these best practices as you get started:

  • Carefully consider who to appoint as your firm’s spokesperson in each PR situation. Your CEO or managing partner may not always be the ideal choice, even when you’re countering negative press. A community leader, boots-on-the-ground manager, or third-party expert might be better suited to make your case and establish (or reestablish) trust.
  • Be strategic about the channels you use when communicating with younger audiences. Social media channels—especially YouTube and TikTok—are more effective at reaching Millennials and Gen Z than traditional media outlets. When you do communicate using these channels, be sure to keep a close eye on your audience’s comments and reactions. Staying engaged even in the face of criticism or intense questioning is key to demonstrating trustworthiness.
  • Avoid jargon and corporate speak. Use clear, straightforward language that paints a compelling picture. Don’t be afraid to pull back the curtain on your decision making process or draw on personal experiences. Younger audiences in particular roll their eyes at any hint of obfuscation.
  • Back up your words with action. Authenticity doesn’t just come from words—it comes from meaningful and concrete actions that support those words, whether it’s new hybrid working policies, benefits programs, mentorship opportunities, or DEI initiatives.

The Future is Now for Better Communications and Better Business

It’s imperative that professional services firms recognize the capabilities of Gen Zers and millennials, and work towards meeting their needs as soon as possible. That makes sense from more than a recruitment standpoint. Soon, those generations will also be in need of your services—but only if you take the time to establish trust now.

Taking steps to develop and adhere to strong corporate values, operate transparently and ethically, and understand stakeholder sentiments just make good sense, for your operations today as well as for the future of your business.

Greentarget knows how to develop PR strategies that speak the language of every generation. As a full-service communications firm, we’d love to help you position your firm for success now and down the road. Let’s talk.

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As your professional services firm continues to navigate today’s uncertain economy, it may become necessary to adjust staffing levels and/or cut expenses in other ways. And though these actions are intended to position your firm for long-term success, they can weaken your business if not done thoughtfully and with empathy for your audience.

Take MillerKnoll CEO Andi Owen as a cautionary tale. In April, she urged employees to “leave pity city” in response to complaints that they would not receive bonuses. In her video message, Owen starts off by encouraging employees to “focus on the things we can control.” But as she continues, her thinly veiled frustration starts to seep through. And before long, she raises her voice, wags her finger, and sarcastically scolds her team, saying:

Don’t ask about ‘What are we going to do if we don’t get a bonus?’ Get the damn 26 million dollars! Spend your time and your effort thinking about the $26 million we need and not thinking about what you’re going to do if you don’t get a bonus. Alright? Can I get some commitment for that? I’d appreciate that. I had an old boss who said to me one time, ‘You can visit pity city, but you can’t live there.’ So people? Leave pity city; let’s get it done. Thank you. Have a great day. 

She ends the video by making hand motions depicting an explosion, as if she’s just delivered a mind-blowing, enlightening truth bomb. But the biggest hit she delivered was to her own reputation.

Here’s the actual truth bomb: Empathy for your audience is fundamental to effective communication. And as a leader, you can’t afford to alienate your audience by delivering hard truths the wrong way.

The Business Impact of Empathetic Communication 

It’s never easy to share difficult news about things like staff reductions, bonus/salary freezes, and budget cuts. However, communicating challenging circumstances skillfully is an excellent way to establish your firm’s authority and build trust with your audience.

A communication plan rooted in empathy can:

  • Protect your firm’s reputation with internal stakeholders and the public 
  • Limit the amount of time bad news spends in the news cycle
  • Reassure stakeholders that you know what it takes for your firm to weather the storm and come out on top
  • Reinforce your brand and underscore your organizational values

Even if your firm is in good financial shape at the moment, you’ll most likely need to communicate difficult news at some point. It’s just part of running a business. And since the best way to manage a PR crisis is to avoid creating one in the first place, it’s wise to start working on your playbook now. 

5 Elements of a “Hard Times” Communications Playbook

Your firm’s financial health must guide your decision-making. But your stakeholders’ needs and expectations should be the compass that directs your communication plan. Incorporating the following five elements into your comms strategy will help you make the best of otherwise undesirable situations.

1. Exhibit Compassion

Every decision you make about your business impacts your people in some way. So when you’re communicating news about layoffs, salary freezes/reductions, and other cost-cutting measures, don’t underestimate the human toll the news will take.

Your employees may ask you difficult questions, put you on the spot, and criticize your leadership in response to hard news. Treat them with dignity anyway. You can’t walk in their shoes, but you can remain empathetic and expressgenuine concern for their welfare. 

2. Time the Announcement Carefully

You should always share bad news with employees who are directly impacted before you announce it to everyone else. However, you should also know who your secondary and tertiary audiences are and be ready to cascade your messages to them quickly.

Bear in mind, anything you say internally has the potential to be shared externally. So don’t begin communicating with employees until you’ve put together a plan for responding to questions and concerns from public stakeholders and the media.

3. Use the Right Channels to Communicate to Each Audience

It’s also important to think about how you will communicate difficult messages. Should you send an email? Schedule a video conference? Hold a town hall meeting? Personally speak to employees in small groups or one-on-one? 

There’s not necessarily a right or wrong answer here. But in general, you should do what feels most authentic to your firm’s culture and you shouldn’t simply take the easy way out. 

Firing 900 employees over Zoom won’t win you any goodwill. Again, keep empathy at the forefront when choosing how you’ll deliver the news. 

4. Be Blunt, But Kind

This might seem like counterintuitive advice. But when it comes to delivering hard truths, it’s ok to be blunt as long as the message is anchored in genuine kindness. 

In fact, it’s often better to deliver the truth in a straightforward manner rather than try to soften bad news or minimize its impact. After all, economic uncertainty causes nearly everyone to feel higher levels of fear and paranoia. So sometimes the kindest thing you can do is remove all uncertainty from the equation. 

Don’t beat around the bush or use vague, confusing language. Instead, be transparent and direct. Let your employees know exactly what’s happening and why. Share the business case for the decisions you’re making. And give as many details as you can about what will happen next. 

5. Reassure Your Stakeholders That the Future is Bright

Finally, provide your team with a clear idea of where your firm is headed so you can rally them around a shared set of goals and objectives. This is an opportunity to sharpen your value proposition, streamline operations, and align your people for the path forward.

Your stakeholders need to know that you’re making decisions based on what’s best for the company and, ultimately, what’s best for them, too. To that end, don’t share bad news without also painting a picture of a bright future you can all believe in and work toward.

Communicate Effectively to Guide Your Firm Through Challenging Times

In decades past, CEOs and other executive leaders may have had more freedom to communicate bad news in a top-down, authoritarian way. The rules were different, and previous generations of stakeholders and employees were more willing to accept a “this is the way it is” approach to communication.

Whether you accept it or not, that style simply doesn’t cut it anymore. And if you slip into old-school patterns of communication, you can be sure it will come back to haunt you. 

Leading your firm through choppy waters starts by winning the trust of your people. And that, of course, begins with communicating effectively in good times and in bad. So if you need help evolving your executive communications playbook? Let’s talk.

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If the prospect of a publicly traded U.S. law firm seems unlikely, consider that more than five decades ago, there was no such thing as a publicly traded American investment bank. Due to a nearly 200-year-old rule requiring that the New York Stock Exchange approve all shareholders of its member firms, the NYSE didn’t allow them. But thanks to Dan Lufkin, who engineered the 1970 initial public offering of his investment banking and brokerage firm, Donaldson, Lufkin & Jenrette, the NYSE amended its rules and it’s now difficult to imagine the big Wall Street firms like Goldman or Morgan Stanley as private partnerships. But they were. Just like today’s big law firms.  

According to William Cohan, who relays this story in his article, The Next Big I.P.O. Scramble, it may be only a matter of time before a bold and enterprising law firm follows in Lufkin’s radical footsteps and converts its private partnership into a public corporation – a structure that would provide greater access to capital, help streamline law-firm mergers and allow retiring partners to cash out their shares. Like the NYSE once prevented investment bank listings, most state bar associations still have rules against non-lawyer ownership of law firms. But that has begun to change. 

Utah and Arizona have relaxed the American Bar Association rule barring nonlawyers from sharing in law firm ownership. To a fiercely competitive industry that has few options for raising capital, these changes could open a door to a source of affordable growth capital, a liquid market for partners’ equity, and a reliable method for determining a firm’s relative value in a highly acquisitive marketplace. The two states have granted a total of 91 licenses for alternative legal business entities, according to The American Lawyer. Once a major law firm walks through that door, many more could follow. 

Skeptical? If the true story of the investment banking industry’s conversion isn’t a sufficient analog, the rapidly growing appetite for litigation finance, even among the legal industry’s biggest firms, is further evidence that law firms are eager to tap alternative sources of capital to fund their growth.

So if this potential shift becomes reality, law firms that take the IPO plunge will need to communicate frequently with an entirely new audience — public shareholders. And meeting shareholders’ demand for information will require significant, fundamental changes to how law firms share information with stakeholders.

What does this mean for you? Effective shareholder communication is not a switch you can flip on the first day of trading. If you harbor hope that your law firm will someday ring that iconic opening bell, plan to implement the following five tactics well before you file your registration statement. Doing so will support a successful IPO and enhance your ability to communicate effectively with your shareholders going forward, supporting quarterly earnings and other material disclosures, and ultimately an appropriate valuation. 

1. Generate Pre-Filing Awareness

When contemplating a public offering, the way your firm communicates right now matters. Once you file your S-1, or registration statement, you can’t be perceived as promoting the offering as you prepare to begin trading. But you are permitted to continue sharing certain information about your business as you have in the past.  

To establish an appropriate baseline, your external communication plan should include:

  • Announcements of your involvement in major matters, litigation wins, and other noteworthy milestones
  • Timely content conveying unique positions of authority from your firm’s partners and subject matter experts
  • Media interviews that result in your partners’ appearance in the press, sharing points-of-view on issues that matter to clients 
  • Information about your firm’s social impact, e.g. pro bono and DEI initiatives 

Chances are you’re already doing many of these things as part of your owned and earned media efforts. And of course, all of these activities are valuable and worthwhile even if the opportunity or desire to take your firm public never arises. But to set your firm up to communicate more freely throughout the process of going public, begin covering all these bases by ramping up your external comms strategies now. 

2. Establish Metrics for Your Business

Partnerships are evaluated differently than publicly traded firms. The American Lawyer ranks its A-List firms based on these measurements: revenue per lawyer, associate satisfaction, diversity, pro bono initiatives, and the percentage of female equity partners. Firms rank on the AmLaw 100 according to self-disclosed or estimated figures like gross revenue, profits per partner, and revenue per lawyer. This will not satisfy Wall Street.

Law firms weighing IPOs should consider a mix of metrics that your shareholders demand – which would be similar to those disclosed by most listed companies (revenue, income, and earnings per share) – and those that you want your shareholders to track as well, such as realization rate, total billable hours and utilization rates, and client acquisition and attrition rates.  

Regardless of which metrics you choose, you need to identify them before your offering, educate investors about their value and importance during the offering roadshow, and set up systems that allow you to track those metrics on a weekly basis. Weekly? Yes. Most newly public companies trade below their offering prices within six to nine months of the IPO, often because management lacks visibility into their own metrics. This can result in quarterly financial results falling short of expectations and surprising shareholders. And surprised shareholders sell stock.   

Establishing the right metrics now — and tracking them weekly — is the best way to guard against a future market flop.

3. Identify Appropriate Comps

Investment bankers always look at comparable companies when valuing an IPO. And naturally, analysts and brokers will want research on other publicly traded firms like yours in order to better understand your performance and persuade their investors to bet on you. But until several law firms go public, it will be difficult for them to find the comps they’re looking for.

This is another area where being proactive matters. Look for publicly traded firms in industries with similar models, like consulting, to give analysts and investors the comps they’ll need to evaluate your business.

4. Adopt IPO Disclosure Policies and Procedures

As a law firm, you’ll likely have a leg up in understanding the regulatory landscape that listed companies must navigate, particularly regarding the disclosure of material information. But it’s still worth mentioning that once you’ve filed to go public, leadership and other members of the firm can no longer engage in casual conversations about financial performance and news that might impact your valuation. 

According to SEC guidelines, anything your firm discloses to one person must be disclosed to everyone. And if you share material non-public information — even if it’s done unintentionally — you could be accused of enabling insider trading.

5. Ramp Up Internal Communications 

When the time comes, it will also be essential to communicate openly with employees about your IPO and protect your firm from confidentiality breaches and legal liability. 

Employees would need to understand: 

  • The rationale and business case for the IPO
  • How the shift from a partnership model to a publicly traded model will impact them
  • Specific guidelines regarding what they can and cannot say to outsiders about their work
  • Guidance on how they should answer questions they’re asked about your IPO
  • Examples of common confidentiality breaches (like sharing information with a spouse, friend or a colleague from another firm) 

Keep in mind that going public would represent a significant organizational change. To win employee buy-in and support, you must be proactive about managing the change internally. 

Going Public Requires a New Approach to Law Firm Communication 

Embarking on an IPO could be an incredibly exciting, all-eyes-on-your-firm moment. To leverage the opportunity a public offering could present, you must start planning early. 

But it’s not enough to launch successfully. You’d also have to sustain (and build on) your success quarter after quarter and year after year. And all the while, you need to communicate with a level of openness and transparency that might feel totally foreign. 

You don’t have to make this leap alone. The Greentarget team has experience helping clients navigate the IPO landscape, and we speak the unique language of partnership-based law firms. So if your firm explores going public, we’d love to walk with you every step of the way.

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No matter how hard your firm tries to keep M&A talks under the radar, it’s inevitable that employees and other stakeholders will notice and start speculating about a potential changeover. And when rumors and leaks attract unwanted media attention, it’s only natural to focus on controlling the public narrative.

But it’s a mistake to de-emphasize internal communications in the process. While employees are your strongest brand stewards, they are the likeliest source of leaks. By proactively discussing a potential merger or acquisition with them at the right time, senior leadership may be able to stop (or at least significantly reduce) the spread of unhelpful rumors or misinformation around your upcoming deal. 

Even better, with a thoughtful internal comms strategy, you can empower employees to become advocates and champions of your message which, in turn, prepares your organization for a smoother post-M&A integration process. Or if a deal happens to fall through, it’s important to communicate internally why it was abandoned. 

Either way, there’s no upshot to avoiding an internal dialogue with your senior leadership, who have a line of communication to employees. It’s important to provide them with the tools to communicate to their teams about prospective deals—whether or not they close.

The Dangers of Neglecting Internal Comms During Deal Making

Employees expect transparency and vulnerability from employers now more than ever. And because they can easily amplify their own voices on platforms like Fishbowl and Reddit, you have a vested interest in helping them internalize positive, believable and strategic messages about the inevitable organizational change your M&A deal will usher in if a deal is completed. 

In particular, employees need to understand:

  • The business strategy that’s driving the merger or acquisition. Communicating the “why” of organizational evolution is a vital part of gaining buy-in and support.
  • Where your firm is headed. Paint a picture of the new work you’ll be able to take on thanks to the deal. Give employees a reason to be enthusiastic about the next stage. 
  • How the deal will affect their jobs. Even if you can’t give specific information outlining forthcoming changes to positions, roles, and responsibilities, address the elephant in the room and let employees know when they can expect to hear more, and from whom. 

Failing to communicate can result in:

  • Leaks. Whether accidentally or intentionally, employees who feel anxious and reticent are more likely to let sensitive information slip.
  • Misinformation. If you don’t provide employees with a narrative regarding your M&A transaction, they may receive and spread false details, or fill in knowledge gaps themselves. 
  • A culture of mistrust. Although every organization will always have its skeptics and cynics, you don’t want your internal culture to be defined by suspicion. A lack of trust can erode morale and impede your organization’s forward momentum.
  • Employee attrition. M&A deals can threaten employees’ sense of job security–which means they might start looking for another position, rather than risk sticking it out only to lose their job later on. 

To ensure a successful post-merger or post-acquisition integration, you need key talent to stay on board. Here’s how to communicate effectively and win their trust.

Seven Stages of Communicating About M&A Internally

As important as it is to regularly communicate with internal stakeholders, the fact remains that there’s a right and a wrong way to do it. Legally, there will be details you can’t disclose until the contract is signed. 

There are basic stages of communicating an M&A deal externally. In what follows, we’ll explain how to align your internal communications plan with those steps, assuming a deal has closed, or will soon. Some stages can even be applied to deals that have fallen through.

1. Rumors and Speculation

You may not be able to provide much detail about preliminary M&A negotiations as rumors swirl–but even a simple acknowledgment of the situation can quell employee anxiety. This is also the time to solidify your comms plan, so you can roll it out once you’re able to share more details. 

Meet with your senior executives and managers to explain the situation at a high level and arm them with talking points. Instead of a knee-jerk response to rumors, employees will appreciate information from a trusted source (e.g., a direct manager) and are more likely to wait for more information than fan the flames of speculation.

Identify your internal audience segments and think through the questions they’re most likely to ask. Then empower regional leaders, practice leaders and front-line supervisors to cascade your message to the employees within their purview. This can be done a number of ways, depending on existing internal communications protocols and cadence. Tools range from a simple statement to an FAQ to an agenda item for a regular staff meeting with talking points.

2. Confirmed M&A Talks 

As soon as you’re able to publicly confirm you’re in talks regarding a merger or acquisition, let employees know, too. Provide the initial rationale for exploring this move and share how it could advance your firm’s overall growth strategy. 

Be careful about the optics as you proceed. If one firm is doing the acquiring and another is being acquired, don’t categorize the move as a merger of equals. Rather, make sure both firms are communicating a unified message that articulates how the deal is a force multiplier for all involved.

Consider how you’ll address concerns about redundancies as well. If you can truthfully tell employees that you don’t expect any reductions in your workforce, say that. If layoffs will be part of the deal, give employees as much assurance as you can without providing false hope.

3. Speculation on Business Case 

Once you’ve confirmed your firm is in talks regarding an M&A transaction, people may begin to dig deeper into your business case. Anticipate that your employees may have questions (or even doubts) about your stated reasons behind exploring the deal. 

To manage this stage effectively: 

  • Leverage the pre-established communications cascade to counter incorrect narratives.
  • Clarify the rationale and restate the business case to reinforce prior messaging.
  • Communicate clearly and transparently about the organizational changes you foresee occurring as a result of the deal.

If you begin to encounter concerns and objections you didn’t see coming, use this moment as a gut check. It’s never too late to make sure your stated business case aligns with your firm’s overarching mission and values.

4. Progress Updates

As talks continue, internal stakeholders will gradually become accustomed to the impending change. They may ask fewer questions and speculate less about what’s coming. Even so, it’s important for you to stay ahead of the narrative and continue communicating regularly. 

The more you can share about the deal’s progression, the more you can turn employees into advocates who advance your message and correct misinformation within their sphere of influence. 

5. Quiet Period Around Closing the Deal

The most precarious point of any merger or acquisition is when it’s time to seal the deal. During this stage, you really do need to go dark and stop communicating externally and internally while the parties involved iron out the final details.

But if you’ve adhered to a proactive internal comms strategy, you’ve laid the groundwork and have made your business case with stakeholders. That means you can afford to hold the line and maintain silence for a short period of time until you can make an official announcement.

6. Official M&A Deal Announcement

When it’s time to announce your merger or acquisition, do your internal audience the 

courtesy of sharing the news with them first. 

For your employees and stakeholders to truly embrace and champion this change, they need to know:

  • Specific details regarding how the deal will be structured, especially if there will be changes to how employees should talk about and deliver your firm’s brand promise.
  • The best way to respond to client inquiries and concerns.
  • Any immediate changes to the way roles and responsibilities are structured — as well as an overview of changes that will be rolled out over time.

Although the news of the deal should come from the top first, use the communications plan you’ve already established to further socialize the message and anticipated merger integration activities and roles across the organization.

7. Post-Announcement Integration

In this final and ongoing stage, it’s time to turn your organization’s collective eye to the future. What will your firm achieve in the coming week and months? How do you plan to bring your separate entities together? What efficiencies and synergies do you expect to achieve as a result? And who can employees turn to when they have questions and concerns along the way? 

It’s wise to ramp up face-to-face communication strategies during this transitional period. Use group meetings, forums, and town halls to underscore the shared values that will guide your continued integration efforts.

Keep Internal Stakeholders Engaged During Your Merger or Acquisition

Partners and employees are the lifeblood of your firm. And in order to advance your M&A-driven growth strategy, you need these key advocates to be properly informed and on your side. A deal is an opportunity to reiterate firm strategy and get your people excited about the future.

That’s why you can’t afford to go silent when a merger or acquisition is on the horizon. It’s imperative to get ahead of the rumor mill, address speculation head-on, and give employees the “why” behind the business strategy you’re advancing. 

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It’s no secret that law firm profits and productivity slipped last year, as 2021’s legal bonanza gave way to a more challenging stretch in which many firms found themselves with too many lawyers, and not enough work to go around.

Demand for legal services dropped 1.9% in 2022 compared to 2021, while expenses increased 7.9%, according to Wells Fargo’s Legal Specialty Group. Some law firms have already laid off lawyers and staff, while others may be considering reductions.

Last year, when the war for lateral talent still raged, we recommended that firms emphasize culture over profits in their legal media interviews as a way stand out in an environment where strong financial performance was the rule.  

But as legal demand dries up while expenses climb, law firms need to adjust their messaging accordingly. Below, we outline considerations as firms prepare for those discussions.

What to Expect During the Interview

Economic uncertainty continues dominating headlines and will be a recurring theme in conversations between legal media and law firm leadership. Expect questions about how your firm plans to navigate the unpredictable financial environment in the coming year, from reining in expenses and headcount to balancing fiscal restraint with the need to invest in technology and talent.

With law firm mergers gaining momentum after a pandemic-era dip, legal reporters may ask whether your firm is open to a combination to grow headcount, expand its regional footprint and/or expand capabilities. Smaller firms and those with softening financial results should prepare for questions about potentially being acquired by larger or more prosperous firms.

The legal media knows your firm’s expenses increased last year, but you can talk about how they grew in 2022 and how you plan to manage them in 2023. On a more granular level, expect journalists to ask how your firm dealt with overcapacity last year – and how it plans to address the issue in 2023. Are you instituting programs to fill lawyers’ unused time through expanded pro bono work or business development initiatives?

Headcount Reductions

Nobody wants to talk about this. However, the legal media has widely covered the firms that have already reduced their headcounts in 2022 and 2023, and reporters will not shy away from questions around this topic.

If your firm plans to lay off attorneys and staff, make sure to announce those reductions internally before discussing them with members of the media. Keep in mind that any memo sent to lawyers and staff will be leaked – so when drafting the announcement, have your external audiences in mind, too. 

If your firm has already reduced its attorney or professional staff ranks, interviews can help contextualize those decisions by framing them around your firm’s overall 2022 performance and strategy for 2023.

Real Estate, Technology and DEI

Where and how lawyers work will also be top of mind. Hybrid and remote work continue to be topics of interest. Firms should expect questions about changes to in-office policies and whether they remain open to fully remote hires.

Reporters will likely ask about firms’ physical footprints, too. Firm leaders should plan to discuss any changes in office space, and the adoption of strategies like hoteling. If your firm has a hiring strategy for 2023, this interview offers a great place to share it with potential talent.  

Leaders should also expect questions about their firms’ technology investments. Has your firm splashed out on new software or platforms in the past year? Does your firm plan to scale back technology spending in the coming year?

Prepare for questions about potential retrenchment in other areas – including diversity, equity and inclusion (DEI), which many firms prioritized after the social and racial reckoning of 2020. Reporters may ask about what measurable progress you made against those commitments last year, and whether your firm plans to cut or pause its DEI and/or talent development initiatives amid profit pressures. Consider sharing your organization’s DEI targets and how you plan to meet those goals in the coming year.

Reflect on 2022 – And Map Out What’s Next

When preparing your talking points about 2022, think about how you would characterize the year at a macro level. Be prepared to talk about the practices, regions and industries that drove growth last year, and where your firm saw shifts in demand. This is a great opportunity to discuss notable matters from 2022, so ensure you have those details on hand.

During these interviews, firm leaders can discuss their strategy for 2023. Any major investments your firm plans for the year – office openings, new practice group focus, ancillary practices – should be shared here if possible.

Explain where the firm will focus this year in terms of practices and initiatives, as well as areas where you will be creating efficiencies. Where do you anticipate increased demand? Leaders should plan to talk about practices that may be ripe for growth, such as bankruptcy and restructuring, data privacy and security and regulatory.

With the economic outlook for the legal industry still uncertain, firms can find value in being transparent about financial results, strategic plans and cultural considerations – topics that will resonate with current employees and potential talent.

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Following the widespread racial reckoning of the past few years, legal and executive decision makers are paying closer attention to diversity, equity, and inclusion (DEI) issues than ever before. It’s no surprise, then, that these leaders are looking for useful content to help them navigate an increasingly complex set of DEI-related challenges and initiatives within their organizations–especially given the heightened focus on environmental, social and governance factors. 

But Greentarget’s latest research shows decision makers aren’t finding the depth and breadth of DEI guidance they need from their professional services providers.

This presents a tremendous opportunity to position your firm as an authority on this evolving and complex subject. Crafting thoughtful content that demonstrates your firm’s understanding of DEI pain points and challenges— and how those differ between legal and C-suite executives — can spark conversations with clients seeking to advance their organizations’ DEI agendas. And if your own progress on this front is especially compelling, it can reinforce your authority and even serve as a roadmap for clients to follow.

To that end, here are three content strategies to champion a DEI-focused sea change at your firm and beyond.

1. Collaborate With Diversity Chiefs to Create Your Recruitment and Retention Narrative 

According to the 200 executives we surveyed for Greentarget and Zeughauser Group’s  inaugural State of DEI Content Report, in-house counsel and C-suite executives are seeking actionable guidance on how to recruit and retain diverse talent. In fact, 69% of law firm CMOs said that clients ask for content around this topic more than any other.

However, our research found those same decision makers think their professional services providers have room for improvement when it comes to advancing their own DEI goals.

While CMOs tend to link those internal challenges to a shortage of qualified candidates, diversity officers say firms could move the needle by expanding their recruitment strategies and looking beyond traditional talent pools. Retention plays a significant role in improving DEI metrics — especially at leadership levels. After all, if junior and mid-level associates leave, they never have a chance to advance into managerial and senior positions.

Tell a Better DEI Story

CMOs need to collaborate with diversity officers to advance an authentic and compelling DEI narrative — one that moves beyond optics and percentages.

Like clients, diverse candidates want to see what the numbers say about DEI at your firm. And they want to see more representation of people who look like them in your content. But more than that, they want evidence that your firm is serious about creating and maintaining an inclusive and welcoming culture. Your current employees want this, too.

By working closely with your firm’s chief diversity, equity and inclusion leaders, you can:

  • Uncover and highlight ways your firm is maximizing contributions from individuals in traditionally underrepresented groups — and help them to secure strategic work
  • Elevate diverse subject-matter experts through earned media, thought leadership, and publishing efforts that showcase a range of perspectives in your content
  • Create narratives that foster a stronger ethos of belonging and support

It’s important to avoid a “check-the-box” mentality here. Your content should reflect a genuine commitment to growth. Achieving this kind of authenticity requires you to demonstrate a willingness to listen to people whose lived experiences differ from your own.

Once your firm has walked the walk in this area, you can more effectively help your clients address their own recruitment and retention challenges.

2. Communicate a Broader DEI Value Proposition to Stakeholders

As the chief marketing officer, you shape how your firm is seen by your stakeholders. Through the lens of your organization’s mission and values, you make the case for the value proposition your firm offers to the world. As one GC put it: “Marketing has the credibility and expertise to tell stories about the journey of the underrepresented so that they are in a position to secure more strategic work.” 

Deepening your commitment to DEI while also advising clients on their most pressing DEI priorities bolsters your value and strengthens your position as an authority. 

How? Our 2022 State of Digital & Content Marketing Report shows that corporate legal and C-suite executives look for — and trust — expert advice in the form of articles, webinars/conferences, research reports, and traditional media. Meanwhile, editors and reporters at traditional media outlets want diverse sources to bring richer and more varied perspectives to their journalism. That’s historically been a challenge in areas such as business and financial media, where “expert” voices have typically been white and male. 

Being deliberate about elevating and promoting diverse subject matter authorities in your external comms and content strategy underscores your organization’s breadth of talent and experience. And it’s a powerful way to distinguish your firm in the market.

3. Tailor DEI Content to Your Audience’s Needs

Creating content that’s centered around your own firm’s DEI initiatives is undoubtedly valuable, especially since it’s a way to establish your credible POV. But producing content that addresses the range of pressing DEI topics and issues with which clients are grappling today is arguably what they will find most useful.

Our research shows that key decision-makers unanimously want more content on DEI issues. But understandably, the types of content they’re looking for differ based on the role they hold in their firm.

What the C-Suite Want from DEI Content

Chief executives and management teams think about DEI in broad terms. As such, they tend to view the issue as they would an operating plan — something that requires goals, milestones, and metrics in order to make and measure progress. Since much of their DEI agendas are board-driven, they want advice on developing tangible KPIs so they can report quantitative progress.

You can meet their unmet need by infusing your owned media content strategy with guidance on issues such as how to incorporate DEI as a strategic priority and who should be involved in developing and implementing key initiatives.

What In-House Counsel and Other Departments Need

By contrast, corporate legal officers and other leaders who are responsible for implementing DEI initiatives are looking for detailed, tactical advice to help them carry out their firm’s strategic vision. For example, legal officers want advice from law firms on the “right” way to focus on social justice and speak out on sensitive social issues. 

Other DEI topics that resonate with in-house counsel include:

  • How to create affinity and/or peer mentoring groups to foster a deeper sense of belonging and grow diverse leaders
  • Ways to broaden recruitment practices to attract a wider pool of qualified candidates
  • How to clear the path for members of underrepresented groups to share their ideas and feedback
  • Strategies to increase buy-in and support from mid-level managers and employees across the organization

Despite these different priorities, C-suite and legal department leaders alike need to understand this important truth: Using a business case alone to justify DEI initiatives can actually erode their effectiveness by undermining underrepresented groups’ sense of belonging. Therefore, it’s also important to reinforce the moral aspect of diversity, equity, and inclusion.

In other words, your content strategy should emphasize that caring about DEI is not just good for business. It’s the right thing to do.

Start a Smarter DEI-Focused Conversation

Creating a truly equitable and inclusive workplace — and communicating about it effectively — can be a challenging and messy process. And we all know that real, meaningful change doesn’t happen overnight.

You, your firm, and your clients will undoubtedly face difficult conversations and navigate challenging circumstances along the way. The team at Greentarget can help you participate skillfully as you seek to direct a smarter DEI-focused conversation at your firm and beyond. Just reach out — we’d love to hear from you.

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