Because of its versatility, thought leadership can play a pivotal role in helping law firms execute on their strategic plans.
Many law firms have strategic plans that cover how their attorneys (and executives) want to grow the firm.
Some are formal plans, memorialized in a document available for anyone at a firm to read. Others are informal, existing only in the minds of one or a few partners.
Regardless of the form a firm’s strategic plan takes, that firm and its attorneys can use thought leadership to help them execute those plans.
Here are six ways thought leadership can do that.
#1: Thought leadership helps law firms double down on established practices
When a law firm’s strategic plan calls for it to continue growing its established practices that clients, referral sources, and the local or national legal community already know it for, consistent thought leadership regarding those practices can help reinforce the firm’s stature and position in the market.
Every time that a past, current, or prospective client or referral source sees the firm publishing thought leadership regarding one of its established practices, that content reminds them of that firm ’s qualifications to be seen as a go-to firm regarding those practices (and/or the industries it serves).
#2: Thought leadership helps law firms bring in the types of matters they want more of
When attorneys at a law firm publish thought leadership content about the types of matters they want more of—which should be content that also shows that they have the requisite knowledge and wisdom to assist clients with those types of matters—they’re positioning themselves to clients and referral sources as ready, willing, and able to take on that work.
Our blog post “Your thought leadership should talk to the clients you have today — and the ones you want tomorrow” goes into more detail about how thought leadership can help law firms as they expand or niche their practices.
#3: Thought leadership helps law firms bring in matters in an industry they want more work in
By producing thought leadership regarding industries they want more work in, attorneys can position themselves as knowledgeable about those industries and able to help organizations in them with their legal and business issues.
This content need not be focused on legal issues, though it certainly can be. Content regarding developments and trends in an industry can suggest to industry participants that the attorneys producing that content have their fingers on the pulse of that industry. This positions the authors as people who are familiar with industry-specific legal or business issues, and who can thus help an organization in that industry solve the legal or business problems they’re facing.
#4 Thought leadership can be a tool to build bonds with current or would-be referral sources and co-counsel, or other third parties
If a law firm has identified referral sources, co-counsel, or other third parties it wants to build or cultivate relationships with, the firm’s attorneys can co-produce thought leadership with those individuals as part of their relationship-building efforts.
Whether that means co-authoring articles, inviting individuals to appear on an attorney’s videos and podcasts, or something else entirely, co-producing thought leadership provides an opportunity for an attorney to get to know a third party, show them that the attorney is knowledgable and wise about issues relevant to the third party, and help that third party market themselves (once the content is published) in a way they likely wouldn’t have done themselves and probably aren’t used to.
Those third parties will remember the generosity of their co-creator(s) and will likely find ways to reciprocate that generosity.
For more information about the benefits of co-authoring and co-producing thought leadership with others, check out our blog post “Solidify relationships with clients and referral sources by co-creating thought leadership with them.”
#5 Thought leadership can support a law firm’s recruiting efforts
When a law firm’s strategic plan addresses recruiting particular types of attorneys and/or staff, the firm’s thought leadership can help it position itself as an attractive place for those attorneys and/or staff to work.
Of course, substantive thought leadership can persuade prospective lateral attorneys and staff that a firm should be worthy of their consideration for a job change based on the knowledge, wisdom, and expertise the thought leadership conveys about the work the firm does for its clients.
But thought leadership that focuses on a firm’s philosophies and stances on business-of-law/practice-of-law-type initiatives like professional development, remote working, pro bono, parental leave, and the like can signal to prospective lateral attorneys and staff that the firm would be the right fit for them when it comes to additional considerations beyond the areas of law it practices.
Here too, we have a blog post, “Five ways thought leadership can be a magnet for talent,” that goes into more depth about how thought leadership can help law firms with their recruiting efforts.
#6 Thought leadership can support a law firm’s strategic plan calling for more . . . thought leadership
Ok, ok, this one is a bit full-circle. By publishing thought leadership in support of executing on their firm’s strategic plan, attorneys also satisfy what is likely to be another aspect of that plan: publishing more thought leadership to support their marketing and business development efforts!
Rare is the law firm strategic plan that doesn’t address marketing and business development. Rarer still is the firm whose strategic plan’s marketing and business development elements do not encourage increased publication of thought leadership.
Thought leadership as a strategic plan sidekick
No matter what a law firm’s strategic plan has to say about the areas it will prioritize to help it accomplish its business goals, thought leadership can play a role in helping the firm, its attorneys, and its administrators execute on that plan and accomplish those goals.
