Greentarget

Executive leadership

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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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If you’re looking for tangible ways to improve your PR or professional services firm’s commitment to diversity, equity, and inclusion (DEI), you’re not alone. DEI is a key business priority for a majority of C-suite executives and in-house counsel, according to Greentarget and Zeughauser Group’s 2022 State of DEI Content report — and the most frequently mentioned area where decision makers want guidance from their service providers is on how to recruit and retain diverse talent. 

That report got me thinking about what leaders could learn from my perspective garnered from wearing various hats at Greentarget: a former intern, a current senior associate and intern coordinator, an Asian-American woman breaking into a historically and predominantly white industry, and — last but not least — a member of Gen Z who, like many of my peers, prioritizes the social impact of my work and the inclusive values of my employer. 

Two years ago, I navigated a remote internship with Greentarget in the midst of the pandemic. Last summer, I returned for an in-person internship. And today, not only am I an associate serving clients in the legal and professional services industries, with a focus on media relations — I’m also a coordinator on Greentarget’s intern team, responsible for recruiting, training, and overseeing our intern classes (whose seat I was in not too long ago), as well as expanding our diversity recruiting strategy and partnerships. 

My internships played a direct role in influencing my decision to further my career in public relations at Greentarget, not only by giving me hands-on PR experience — but also by fostering a workplace with an authentic commitment to DEI, allowing me to envision myself as a team member, mentor, and leader whose perspective would be encouraged, rather than curtailed. And as value-oriented Gen Z professionals continue entering the job market, decision makers at professional services firms can and must take proactive steps to recruit and retain young talent. 

1. Demonstrate an Authentic Commitment to DEI at Your Firm

Gen Z is the most diverse generation in American history. We actively tune into DEI conversations and want to work for organizations that align with our values. And we expect employers to go beyond the performative when it comes to creating a diverse, equitable, and inclusive atmosphere. 

Tackling issues of diversity and inclusion is not easy, and it’s not about establishing quotas or simply boosting your numbers. Rather, it’s about creating a workplace culture where diverse talent wants to invest their professional energies. Getting started can feel intimidating, and DEI initiatives can and should be ongoing. But the good news is there are thoughtful ways to start embedding DEI into your culture that aren’t overly complicated or expensive. 

At Greentarget, we started a book club that gives interns and employees an avenue to explore DEI-focused topics. Reading Minor Feelings, for example  — an autobiography by Korean American author Cathy Park Hong — particularly resonated with me. Not only was I able to voice how my Asian-American identity has impacted me personally and professionally, but our whole team engaged in open discourse about the Asian-American psyche, and how we can be more culturally competent in the workplace.

If you’re looking to start a similar initiative at your firm, don’t be deterred by your level of understanding about a given identity or aspect of DEI. Initiatives like our book club are, after all, about education: providing a platform for your team to share their experiences, and actively listening for insights and opportunities to become a more socially conscious professional and person.

It’s also important to give interns a seat at the table, and for them to see employees from underrepresented backgrounds taking part in the business, including as decision makers. One way we do this is to invite interns to participate in many of the same professional learning opportunities that associates and leadership team members attend — from company-wide trainings on media relations and strategy, to brainstorms during which we discuss current events and explore new pitching angles. Of course, it’s also important for interns to see diverse employees in action, whether in client-facing roles or leading internal initiatives. Representation matters.

2. Elevate Diverse Voices Internally and Externally 

It can be challenging for people of color and members of underrepresented groups to speak up and share ideas freely at work. And frankly, it can be especially intimidating to interact with powerful (often white male) senior executives. 

This is as true for associates as it is for interns.

That’s why people in positions of power within your professional services firm should look for ways to open doors of opportunity and amplify diverse voices. This can be as simple as:

  • Asking questions and truly listening to the answers 
  • Encouraging interns and young associates to share their ideas and giving them merit 
  • Staying curious about perspectives and lived experiences that differ from your own  
  • Seeking input about ways to improve your culture 
  • Offering one-on-one mentorship and support 

It’s also important for your interns to see you promote diverse perspectives through your owned and earned media efforts. Greentarget is deliberate about representation on our own Insights page. We use it as a platform to amplify voices from across our entire organization, from our CEO to associates and interns. 

The diverse employees at your firm have unique and compelling points of view that will resonate with your audience. Use your platform to make their voices heard.

3. Provide Interns Access to Meaningful Work 

The best internships offer students a glimpse of what their professional futures could look like. So if you want your internship program to become a powerful recruiting tool that advances your DEI objectives, you need to give interns work they can be excited about.

From day one of my internships at Greentarget, I felt I was part of something bigger than myself. I was able to:

  • Immerse myself in topics that matter to society as a whole — like tax law, healthcare/drug pricing, and labor/employment law
  • Create a start-to-finish media campaign addressing corporate responses to the Black Lives Matter movement and present it to the entire company 
  • Interact with and learn from junior, mid-level, and senior members of the team 

That’s not to say I didn’t also handle lower-level tasks as an intern. After all, I was there to learn the business from the ground up. But employers can elevate even menial tasks if you share the “why” behind each one. For example, I initially overlooked the importance of the media lists I assembled — but by educating my intern cohort on the media relations process and how our work shaped this process, my mentors at Greentarget illuminated the significance of a “simple” task like a media list. 

4. Connect the Dots Between Your Firm and a Larger Societal Impact

The media and the PR industry help shape our understanding of the world around us, from business trends and political news to social issues. Consider what role the media has played in cultivating your awareness of the most pressing issues today — climate change, inflation, racial and gender inequality, presidential elections and geopolitical struggles happening halfway across the world?

When most people read a Washington Post article or watch a CNN segment, they probably don’t think about everything that occurred behind the scenes to produce those pieces. Before I entered the PR industry, I certainly didn’t. But PR professionals like us at Greentarget often play a key role in helping that work come together. 

Reporters often say to me, “My reporting is only as good as my sources.” Journalists rely on trustworthy, expert authorities — lawyers, accountants, consultants, and more — to explain complex issues in straightforward language and provide credibility for the accuracy of their reporting. PR professionals may spend weeks, even months, cultivating the reporter-source relationship behind a three-sentence quote. 

Over the two years since my initial internship with Greentarget, I gained an understanding of the end-to-end media relations process that has illuminated the value in even the most routine tasks. From helping a client articulate their unique perspective on a topic, sharing that perspective with reporters, coordinating and attending an in-depth interview, and eventually seeing our clients’ words from that discussion contribute to a tangible story, I see how my efforts contribute to the larger conversation.

So, how does this apply to you? To reach intern candidates who value the social impact of their work, highlight the larger results of their role. Remind them that when they do research to ensure the stories we pitch are rooted in fact, not fiction, we help fight fake news. And underscore the reality that when they secure a writing opportunity or a quote placement for a source with a diverse perspective, they’re giving that individual the opportunity to shape a broader public discourse. 

As a PR firm with clients constantly grappling with big issues, part of our job is imbuing big stories with their insights — and interns play a foundational role in this process. Developing a media list of healthcare publications or researching energy tax credits might not seem all that exciting or meaningful. But that media list could be used to pitch a story on drug-pricing legislation affecting millions of Americans. That research might prepare an energy lawyer for an interview about sustainable financing that could help businesses or communities tap into programs aimed at reducing their carbon footprint. 

Your interns and associates — especially those who are part of Gen Z — need to see a  connection between their work and the most pressing social issues of our day. Being part of something bigger — something that’s driving progress and change — is a significant motivating force for my generation. 

Create an Inclusive Culture Interns Want to Be Part Of

As an executive leader, you set the tone for your professional services firm. It’s up to you to establish diversity, equity, and inclusion as an organizational priority and empower your team to allocate the necessary time and resources to bring new initiatives to life.

Change won’t happen overnight, and making real strides will require sustained time and effort. But if you truly want to attract and retain a more diverse workforce: now’s the time to get started.

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Challenge

When expert services and consulting firm Berkeley Research Group (BRG) tapped Greentarget to lead its third annual M&A disputes research campaign, the intense economic and geopolitical upheaval made it difficult to predict what the next month would bring—let alone how conditions might shape the landscape for the coming year. Russia had just invaded Ukraine. The conflict added to turmoil in financial and energy markets even as the global economy was still recovering from pandemic-era chaos.

Given the disruptive impact of those headwinds on global business and supply chains, Greentarget’s Research & Market Intelligence team decided to tackle that issue head-on by examining how those economic conditions were influencing global M&A disputes.

Providing independent analyses and expert testimony in these matters is a core BRG competency. Digging deeper into this research angle would demonstrate the firm’s expertise in the international M&A dispute landscape, and raise BRG’s profile among its target audience of disputes-focused lawyers and finance professionals.

But the headwinds were shifting quickly – so Greentarget needed to uncover insights that would still be meaningful and newsworthy several months later when the research published.

Solution

Greentarget’s research team devised a two-pronged approach that included both qualitative and quantitative elements: 12 one-on-one interviews and an online survey of 181 individuals.

During the qualitative portion of the campaign, Greentarget spoke with leading deal and dispute lawyers around the world, including in major financial hubs like Hong Kong, London and New York. BRG provided Greentarget full access to the interviewees, which helped the team explore each lawyer’s unique point of view and guide the direction of the conversation.

The research team used insights gleaned from those interviews to develop the survey, which included a combination of new questions and some from prior years for year-over-year comparisons in the report.

Survey respondents included dispute lawyers, corporate finance advisors, deal lawyers and private equity professionals working in Asia, Africa, the Middle East, Europe and North America – a mix of people from which no other survey captures insights.

The Content & Editorial team combined key findings and charts from the survey with the insights and quotes from the interviewees, weaving in analysis from BRG’s own thought leaders to create a distinctive, newsworthy research report that revealed new trends in M&A disputes. The forward-looking nature of the report also provided utility to readers by mapping out what respondents expected to see in 2023.

Results

The M&A Disputes Report 2022 cut through the noise of an oversaturated M&A media landscape, garnering high-quality coverage in several publications—despite publishing near the end of the year, when dealmakers are busiest.

Greentarget’s Media Relations team secured coverage in global business, legal and financial industry publications, such as Bloomberg, The American Lawyer and Private Equity News. A Legal Dive article on the research was among the publication’s most read of 2022.

The report drove 320 visitors to the BRG website within the first month of its publication and has been viewed over 560 times. The web page that hosted the report had a bounce rate of 38% on BRG’s website (rates between 26% and 40% are considered excellent), while web traffic increased generally. The biography page of a BRG director involved in the survey analysis saw a 14% increase in traffic. On social media, some LinkedIn posts had engagement rates of 5.1%, higher than BRG’s average 3.3% engagement rate on the platform.

BRG also used the report as a business development tool, presenting the data in webinars, client dinners and receptions and the Thought Leaders 4 Disputes Corporate Disputes Conference – a key industry event.

The M&A Disputes Report helped BRG thought leaders deepen their relationships with clients by providing them with data and analysis that directly impacts their practices.  

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Source: CB Insights

Look familiar? As a PR pro who develops content for professional services firms, it certainly does to me.  

Yet the above didn’t take weeks of focus groups, client calls and multiple rounds of editing to produce. Instead – at the behest of CB Insights’ CEO – it was written in less than two seconds by ChatGPT, the new AI-powered chatbot that has made headlines since its public rollout last November. 

Those headlines might have you think that jobs like mine will go the way of the VCR. In my view, though, the real issue isn’t that AI can do my job. Sure, AI can help get things started, draft great SEO headlines, and effectively regurgitate basic information and summaries. But as numerous critics have shown, ChatGPT’s content is rife with inaccuracies and wooden prose – not to mention it’s really bad at jokes.  

Perhaps most importantly, however, it is unoriginal by design. In formulating a response based on its ingestion of existing content on the internet, ChatGPT is essentially just “giving you some text that statistically is likely to represent the consensus view on whatever topic you ask it to comment on.” It’s no surprise CNET articles written by AI have come under fire for plagiarism.

An increasingly AI-powered content marketplace poses particular risks to professional services firms, who, with their stiff, jargon-filled language, already tend to sound alike. And not having fresh content could have real consequences: as our 2022 State of Digital & Content Marketing Report shows, more than two-thirds of respondents (71% of in-house counsel; 69% of C-suite members) cited articles from thought leaders as a critical factor when it comes to researching firms for potential hire.

In other words, if your insights or messaging can be easily imitated by ChatGPT, then why should anyone choose you?

To establish yourself as a true authority, you’ve got to go above and beyond the consensus view to create content that is unique, relevant, newsworthy and, above all, useful. Here are a few writing best practices to help rise above the noise – and outdo anything produced by ChatGPT.

Go deep

In determining whether a certain text was written by a bot, a new app, ChatGPTZero, uses two indicators – one of which is “perplexity.” In a nutshell, the more complex a text, the more likely it was written by a human.

The temptation for professional services firms might be to make things more technical, complex, and jargon-ridden. That’s not the answer. While some more arcane language can be helpful – for example, to signal your expertise to certain target audience – remember that the broader goal is to make your content useful and engaging for busy readers.  

One way to split the difference: be specific. Focus on a particular angle of a particular topic geared at a particular audience. Then deploy specifics to tell a story that makes a complex issue come alive: Frame the piece through a particular news hook, case study, or example; quote experts, cite relevant research or historical documents; use hypotheticals to put the reader in your shoes.

That’s what Jennifer Hull, a client of ours at Berkeley Research Group, did with a recent piece on crypto. Instead of writing a broad take on a subject that has saturated the internet for months, she focused on accounting standards for crypto assets – an emerging, niche issue in the space – and outlined key challenges and unique guidance using specific, timely examples (without being overly technical or dull). After the piece appeared in BRG’s ThinkSet digital magazine, it caught the attention of Accounting Today, which subsequently published a slightly adapted version for their site.

Write with voice

AI-powered content doesn’t typically read as coming from the voice of an individual in all their complexities. That said, neither does a lot of professional services firm content.

Examples like the bland mission statement at the top of this post should serve as a wake-up call to write with voice and personality.

  • Ask yourself: Why should I be writing this vs., say, 100 other intellectual property attorneys –or a robot?   
  • What do I uniquely bring to this topic from my professional experience or personal history?
  • And finally: Can I write like I speak?

To do so, tell stories. Use specific references. Deploy humor, charm, emotion. Draw on your own experiences. Read your piece out loud and ask yourself if it sounds like a human (you!) wrote it.

Vary sentence length and rhythm, too. The other indicator ChatGTPZero tests for, after all, is “burstiness,” described in this recent NPR article as the human tendency to write “some longer or complex sentences alongside shorter ones. AI sentences tend to be more uniform.”

Consider the apology email written by Andrew Benin, the CEO of Graza, a startup that makes squeezable bottles of olive oil. When holiday orders arrived late and badly packaged, he dashed off an 835-word, profoundly human email with this kicker:

“I hope that you stick it out with us on this crazy ride, because damn is Graza tasty, loveable and fun to use…As a small gesture (and keep in mind this email is going out to 10s of thousands of people and we are an 11 month old 5 person business LOL), I’ve created a code wewillgetbetter for $4.43 off any future order (this is truly what we can afford!)”

Authentic, clear, raw, charming, and written in an inimitable voice, the email received a 78% open rate and a resoundingly positive response. Other executive communicators should take note.

Say something new

If ChatGPT’s responses are essentially Frankensteined mashups of existing content – that cuts off (for now) in 2021 – the simple solution is to create something new.

That reinforces our longstanding advice to thought leaders. Don’t just repeat the consensus or tell people what they already know; instead have a unique point-of-view that advances the conversation. To do so, follow these three steps:

1). Frame your topic as a “how” or “why” question. This helps push past a simplistic summary of the issue to a more meaty analysis of why there’s a problem and/or how to address it. It also invites a particular audience and naturally raises the stakes. For instance, to start writing this article I wouldn’t say: I want to write about ChatGPT’s influence on professional services firms. Instead, I’d try: How can professional services firms stand out in an increasingly AI-powered content landscape?

2). Evaluate what’s already been said about the topic. This is where you play ChatGPT – do the research and see what’s already out there. Has what you want to say already been written? If so, try refocusing your question: Is there a more particular audience you can address? A more niche issue that hasn’t gotten as much attention? A timely news hook that can help reframe the piece in a fresh way?

Alternatively, look to yourself: Do you have a unique response to existing solutions? Different solutions to the same problem? A new or more illuminating way to articulate it?

3). Discover what you can uniquely add to the conversation. The key word here is “add.” Don’t contribute to the noise. Engage with what’s already out there and make sure you’ve got a unique and timely contribution. That’s where the two points above come in: leverage your unique expertise, experiences, and voice – and keep the conversation moving forward, not backwards.

Above all, ask yourself: Is this relevant? Newsworthy? Novel? Useful?

That’s what another client of ours, JTC Americas, did in a piece last year about the Community Reinvestment Act (CRA). Despite a flurry of talk about new CRA reforms, the group noticed one element was missing from the conversation that also aligned with its objectives as a specialty fund administrator – namely, that the Opportunity Zones program could help community banks receive CRA credits. By drawing on their unique expertise, they were able to add to a timely conversation about CRA reform in a way that only they could.

The more things change, the more things stay the same

ChatGPT might help with some basic elements of writing. But it won’t change the fact that the most compelling thought leadership, messaging, executive communications, and web copy is generated by real people – thinking human beings with a unique voice, perspective, and expertise.

As The Atlantic’s Annie Lowery wrote in a recent column:

“As a rule, when companies can substitute machines for people, they will.… But even if ChatGPT can spit out a pretty good paragraph on AI, it can’t interview AI and labor experts, nor can it find historical documents, nor can it assess the quality of studies of technological change and employment. It creates content out of what is already out there, with no authority, no understanding, no ability to correct itself, no way to identify genuinely new or interesting ideas.”

Instead, writers could think of ChatGPT (in its current form, at least) as a tool that can free them up from more mundane content production to focus on complex, in-depth work. Thought leaders should do the same.

“In many ways, AI will help people use expertise better,” MIT economics professor David Autor told Lowery. “It means that we’ll specialize more.”

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If you’re an executive leader whose organization is facing a current or potential lawsuit, it’s important to consider a very important question. How do you manage the tension between protecting your firm from liability and mitigating a hit to your reputation? 

Navigating a litigious event is daunting — and there’s plenty to worry about just preparing for the legal battle that lies ahead. On top of that, a lawsuit can also pose a significant threat to your firm’s public image. And since even the perception of guilt can cause you to suffer losses in valuation and revenue, the reputational risk that accompanies litigation can ultimately cause more harm to your business than the litigation itself. 

Complicating this further, your legal team will tell you to keep quiet and avoid saying anything that could damage you in court. But your PR firm should insist that it’s crucial to get ahead of negative blowback and proactively communicate with your audience. 

Here’s why you should avoid adopting an overly conservative response — and five strategies to communicate effectively in the midst of a legal crisis.

Why You Need an Effective Comms Strategy When Facing Litigation 

Whether your firm is innocent or guilty from a legal perspective, staying silent in response to an attack on your firm’s image is not a good option. Why? In the absence of an official statement from you, your audience is much more likely to accept someone else’s narrative — or create one of their own. 

Academic research bears this out. According to William Benoit’s Image Restoration Theory, “The important point is not whether the business is in fact responsible for [an] offensive act, but whether the firm is thought to be responsible by the relevant audience” (emphasis added).

More simply put, perception is reality. So even if (or perhaps particularly if) you’ve done nothing wrong, it’s essential to communicate your side of the story to your audience. 

How Good PR Enabled a Healthcare Company to Gain Market Share

I saw the importance of managing the narrative around litigation first-hand when I represented a healthcare company that had recently acquired a new technology. When they attempted to break into their competitor’s market, the competitor promptly sued them for patent infringement in several countries.

Initially, my client’s IP lawyer persuaded them to stay silent. But the competitor was relentless, releasing well-crafted statements after every milestone decision in court. It spun every decision in its favor. As a result, my client’s sales team encountered significant resistance in the field. 

Further, the client was a publicly traded company, and its stock prices came under pressure as the competition persisted with its full-court press.

The tide turned when the client’s executive leader stepped in. He understood that even if his organization won the legal battle, it could still lose in the court of public opinion. That meant their business’s very viability was on the line — and he knew it was important to speak out.

So we set out to beat the competitor at its own game. We collaborated closely with the client’s legal team to create scenario plans for every lawsuit in each of the several countries where active litigation was underway. We charted out every possible outcome for each milestone in every jurisdiction. We drafted a press release for every outcome that would relay our point-of-view into the marketplace as soon as each milestone was achieved. 

This proactive, well-timed strategy enabled the client to maintain its customer base and eventually preserve the market share it had taken from its competitor. Thanks to executive leadership who understood the need to balance legal and reputation risk, the comms and legal teams were able to work collaboratively. Together, they addressed the compelling issues facing the company beyond the courtroom. 

5 Steps to Manage Your Firm’s Reputation During Litigation

Protecting or restoring your firm’s image as a result of litigation will take a serious concerted effort on the part of your internal team. And though a partner like Greentarget can do much of the heavy lifting to facilitate this process, your Executive Committee members, legal counsel, and other influential figures will need to come together to craft your PR response.

This will require you to take five crucial steps.

1. Conduct Scenario Planning to Plot Likely Outcomes

High-profile, complex litigation can last for months, if not years. Therefore, as we saw in the example above, one of the most important things you can do is put strategies in place to minimize the impact of ongoing negative press.

To think through every likely scenario, ask questions like:

  • What are all the possible outcomes we may need to address?
  • How severe is the reputational threat of each outcome?
  • How could each scenario potentially unfold?
  • How should we respond to each scenario?

Finally, you’ll need to gather any data or supporting information required to inform the appropriate course of action in response to each scenario.

2. Prioritize Your Audiences

The details of your litigation may not affect — or even interest — every segment within your audience. Knowing exactly who you’re talking to is crucial in getting the right message across at the right time. Therefore, it’s important to tailor your response to the audience members who truly need to hear it.

Consider:

  • What audiences have the potential to be impacted?
  • Which audiences will be most affected?
  • What is the chain of influence within the audience environment?
  • How large is the gap between current and desired perceptions within each audience segment?

Then, develop concise, quotable, factual messages based on each audience’s needs. Use supporting details, analogies, metaphors, and other storytelling devices to capture their attention and foster empathy for your message.

3. Determine Which Communication Platforms to Use

Good communication plans are customized based on your audience’s needs. In the same way, it’s important to deliver your message using the mechanisms they are familiar with or accustomed to. 

For example, you might choose to email your current clients because that’s how you normally communicate with them. Employees might expect to hear from you in an interactive town hall setting. But your investors or other key stakeholders might need to meet with you one-on-one.

Managing your firm’s reputation is too important to simply issue a one-size-fits-all message using your largest platform. Personalization is the name of the game. 

4. Identify and Prepare Appropriate Spokespeople to Deliver the Message

It’s also important to consider who should communicate your message to each segment of your audience. As an executive leader, you might be the best person to talk to the media or communicate with your board or other influential stakeholders. But there may be other spokespeople in your organization who would be more effective at reaching certain audiences.

No matter who you choose to speak on your organization’s behalf, make sure they are prepared to master high-pressure environments. Greentarget can provide coaching to ensure each spokesperson knows how to:

  • Deliver key takeaways first
  • Distill important points into memorable soundbites
  • Block unwanted questions and maneuver the conversation back to your desired talking points
  • Stay calm and poised when fielding difficult questions

Just remember: Your choice of spokesperson is also a message. Carefully think through how each audience segment will feel about hearing your message from your chosen representative.

5. Put a Rapid Response Team in Place to Fill In Any Gaps 

There are natural news events built into any litigation (e.g. filing of the complaint; subsequent motions; the verdict). In the scenario planning phase, you created a planned response for each one. 

Still, unforeseen situations are bound to arise. And when they do, it’s vital to have a team in place that’s equipped to respond quickly.

Your rapid response team should actively listen and monitor the situation at all times. By having an ear to the ground, you can stay ahead of any curve balls potentially coming your way.

Bring PR and Legal Counsel Together When Facing Litigation

Although PR and legal counsel approach the challenges of litigation from opposite sides, they ultimately want the same thing: to protect your firm from harm. Since lawsuits typically stem from — or result in — a reputational crisis, your PR strategy and your legal strategy must be linked.

Staying silent in the midst of a crisis is rarely the best option, but you also don’t want to say the wrong thing. To that end, crafting an effective communications strategy in response to high-profile litigation undoubtedly requires expert guidance and support.

That’s why it’s essential to surround yourself with experts who’ve navigated these challenging circumstances before. Greentarget has helped numerous clients direct a smarter conversation throughout the course of litigation. We’d love to help you, too. Just reach out.

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Moments after the Supreme Court announced its landmark Dobbs v. Jackson decision, Ropes & Gray’s chairwoman Julie Jones released a heartfelt statement. In it, she shared her personal and professional reaction to the seismic shift the decision represents. 

Jones acknowledged the differences of opinion her internal stakeholders held on the decision while openly articulating her dismay regarding the reversal of Roe v. Wade. She also made her firm’s position clear, saying, “There will be many opportunities for those interested to contribute on a pro bono basis to the protection of health care rights for women, a cause which Ropes & Gray will continue to champion.”

Jones’ full statement is powerful and authoritative. But from a PR perspective, it’s not so much what she said that’s particularly noteworthy. It’s the fact that she was poised to respond in a meaningful way that sets her apart from the majority of her peers.

More than ever, the professional service firm’s executive committee is called upon to make decisions regarding issues that don’t directly impact their business, or participate in narratives that have not required their participation in the past. Many of these issues and narratives are fraught with emotional risk for certain stakeholder groups, requiring abundant empathy and a strong understanding of their audience. For these reasons, executive committees should consider engaging directly with a PR firm that can provide objective guidance in this new landscape. Here are five ways engaging a strong PR resource can help an executive committee navigate the special situations that are heading its way with greater frequency. 

1. Know When and How to Speak Out on Social Issues

We’ve said it before. In today’s world, social concerns are business concerns. And that means your firm can’t afford to sidestep the hot-button topics your audience cares about. 

That doesn’t mean you need to speak out about everything that’s happening in the world. But it does mean you should carefully examine your values and develop unique points of view on the issues that matter most to your firm and your stakeholders.

For Julie Jones, that meant crafting a statement about Dobbs even before the decision was final. For other firms, it might mean developing positions of authority about tax reform, ESG principles, or climate change. 

Whatever the case may be, a good PR firm can help your executive committee anticipate what’s approaching on the horizon. That way you won’t be left scrambling to respond after another firm has beat you to the punch.

2. Protect Your Firm’s Reputation in Times of Crisis

It can be difficult for any leader, no matter how experienced, to know the best way to handle a crisis. That’s especially true if the crisis in question poses a threat to the firm’s reputation. 

Some accept an unwarranted ding to their firm’s public image for fear of making the situation worse. Others try to curtail the damage by minimizing or downplaying their firm’s wrongdoing or missteps. Neither end of this spectrum demonstrates the authenticity and vulnerability that a difficult PR scenario requires.

That’s why PR counsel is so important in the heat of the moment. We advise clients on how to respond to difficult situations with empathy for their audience. Keeping your audience’s concerns, questions, and needs at the forefront of your crisis communication plan is the crucial first step toward moving beyond the eye of the storm.  

3. Communicate Effectively During Leadership Transitions

Executive transitions — particularly at the most senior level — are news events that are certain to attract the public’s attention. As such, it’s critically important to communicate clearly with clients, stakeholders, and the public before, during, and after key executive changes.

But many executive committees don’t take time to plan for transitions before they happen. And without clear succession plans in place and solid communication plans to back them up, executive committees can miss valuable opportunities to properly leverage the moment when the time comes to announce a transition.

Working with a PR firm before leadership transitions are even on the table enables your executive committee to:

  • Craft compelling institutional narratives about where the firm has been and where it’s headed in the future.
  • Define and articulate your firm’s unique value proposition, which can become the common thread that connects an outgoing leader to an incoming one.
  • Capture and preserve the institutional memory and knowledge of key leaders before they depart. 

Successful leadership changes are carefully planned and expertly communicated. And the best way to ensure your firm experiences a seamless transition is to consider how your audience will view the relationship between the past and the future well in advance.

4. Make Informed Decisions About Client Representation

Your executive committee should engage in healthy debate regarding which clients to represent and which to pass over. That’s particularly vital in the age of cancel culture. It’s become increasingly common for individuals and community advocacy groups to access client lists and pressure firms to reconsider their affiliation with controversial individuals or businesses. 

A PR partner can help executive committees consider questions like:

  • Will representing this client contradict — and therefore undermine — our stated values? 
  • Is this engagement likely to invite threats to our reputation? And if so, are the short-term gains worth the risk?

By engaging a PR firm to help you consider these and other questions, your executive committee can shape a smarter, more strategic process around client selection.

5. Communicate Transparently, Especially With Internal Stakeholders

Two decades ago, the Sarbanes Oxley Act was passed to increase transparency related to corporate governance practices. As a result, corporate boards sought out PR representation to help them manage accurate, transparent disclosures that their public shareholders and other stakeholders could understand and accept.  

Executive committees at professional services firms should take a page from this playbook as they develop internal communication strategies. 

Why? During the pandemic, your employees became accustomed to receiving frequent, transparent, and open communications. They felt they were kept in the loop about rapidly changing scenarios and circumstances. They saw a different side of executive leaders when children, pets, and spouses made unexpected cameo experiences during even the most important meetings and calls. And they continue to crave — and yes, expect — transparency about the decisions you make on behalf of the firm.

A good PR firm knows how to help leaders demonstrate transparency, openness, and authenticity when communicating to (and eliciting feedback from) their employees. 

Don’t Neglect Your Executive Committee’s Unique PR Needs

The executive committee is responsible for stewarding the firm’s wellbeing while simultaneously charting its course for the future. This important work shouldn’t be done in a vacuum, or an echo chamber. A strong PR resource can provide insight into the audience that is necessary to craft a  thoughtful and authentic response to any number of newly urgent and risky issues.  

Of course, the best time to engage a PR firm is before you need one. So even if the skies are currently clear at your firm, let’s talk.

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