| Although a somewhat pretentious-sounding expression, | | | | strategic level. Once this relationship is established the |
| the “term thought leadership” has gained | | | | door is open to providing services to deal with these |
| widespread usage across the business service and | | | | trends. |
| technology sectors and increasingly those working in | | | | Researcher Fiona Czerniawska identifies six reasons |
| law firm marketing. A quick Google search reveals | | | | for seeking to establish thought leadership: internal |
| over one million pages using the expression, including | | | | knowledge sharing; recognition among clients; |
| numerous consultancies paying it for the privilege of | | | | reinforcing relationships; lead generation; differentiation; |
| their link appearing when the term is input. | | | | and/or agenda setting. Generally, the more senior-level |
| Whether you like the term or not, it is about the | | | | an audience you need to reach, the more your |
| inarguably beneficial practice of establishing a clear | | | | material needs to be at a strategic, public policy and |
| lead in a market through identifying major trends early, | | | | ‘agenda setting’ level: the lower down the |
| aligning your services with meeting the consequences | | | | corporate hierarchy, the more technical and specific |
| of these trends, positioning your firm as the market | | | | the content should be. |
| leaders and, ideally, charging a premium through being | | | | For example, one of my clients embarked on a |
| recognised as the leader in this area. | | | | thought leadership campaign because its senior |
| Where it differs from more established marketing is its | | | | banking clients had stopped coming to its partners for |
| emphasis on building a reputation for expertise through | | | | their opinion when they had a major problem. This is |
| sharing new ideas with clients and other | | | | exactly the sort of reputation problem that a campaign |
| opinion-formers – ideas that are interesting, relevant | | | | of insightful research can address when backed up by |
| and thought-provoking. (As opposed to much standard | | | | a strong and persistent marketing campaign, providing |
| practice of hitting prospects over the head with a fat | | | | the firm with strong content and insights to enable it to |
| brochure full of credentials). Simple in theory, but much | | | | re-engage at board level, combined with media |
| harder in practice. Perhaps as a consequence the | | | | coverage providing a public reaffirmation of them being |
| term has become widely debased by people using it | | | | leading commentators. |
| to cover many forms of marketing communications | | | | This of course highlights an important aspect to bear in |
| The main tool consultancy and larger accountancy | | | | mind. Thought leadership campaigns are hard work, |
| firms use to position themselves as having leading | | | | time-consuming and are a long-term investment. The |
| expertise is through commissioning research into the | | | | final report won’t market itself – seminars, |
| opinions of executives or other decision-makers. | | | | meetings, PR, mailings, newsletters, articles and |
| Indeed this is such a common tactic for them that the | | | | presentations are all needed to rapidly disseminate |
| large accounting firms issued more survey-based | | | | insights while they are still fresh, using the relationships |
| research in January than all the leading law firms | | | | generated to gain appointments for your firm. Clearly a |
| combined in the whole of 2007. | | | | plan is required and resources identified. An |
| But even when the large law firms did invest in opinion | | | | understanding managing partner or departmental head |
| research, their output falls wide of the mark with many | | | | is essential. |
| merely presenting the research findings with little | | | | How to start a thought leadership programme |
| interpretation or development of the implications from | | | | Firms should not see thought leadership as equating to |
| their findings. | | | | doing an opinion survey or other forms of research |
| One example of the right approach was a report | | | | into emerging issues. Certainly surveys are good ways |
| published last year by Osborne Clarke into the sourcing | | | | of getting robust and interesting material for reports, |
| strategies of large businesses. Research as part of | | | | but if you can’t afford opinion research there are |
| this, undertaken by Acritas, allowed Osborne Clark to | | | | other options. First, you need interesting hypotheses |
| identify that two thirds of businesses now take a more | | | | and developing these is key. Your own experience |
| collaborative ‘open-book’ approach to working | | | | may point you in good directions, but you need to |
| with their suppliers, forming the basis for them to | | | | beware of lawyers with strong views or a narrow |
| provide advice on the implications of this shift to a less | | | | perspective (including yourself) being too prescriptive. |
| adversarial relationship with suppliers. | | | | Perspectives from clients and industry participants are |
| However, thought leadership is not something that is | | | | needed. |
| reserved for big firms who can afford research | | | | I recommend starting with discussion dinners where |
| agencies. Smaller law firms, especially those who find | | | | clients and your colleagues discuss industry issues in |
| themselves competing against teams in large firms, | | | | the broadest terms. Not only are these easy to do and |
| have the most to gain by combining their nimbleness, | | | | convivial, the insights emerging from these, if facilitated |
| lack of client conflicts and coal-face insights to help | | | | properly, will be hugely beneficial in informing your next |
| them stand out. | | | | steps, aside from any additional business development |
| So why should lawyers care about being thought | | | | opportunities such events can generate. Thorough |
| leaders? | | | | desk research (that is, reviewing research by other |
| Lawyers have always attempted to establish their | | | | firms and bodies) is important. It will throw up ideas, it |
| intellectual firepower through publishing erudite articles | | | | may well provide useful data, and it certainly will help |
| on rulings and other legal developments. However, | | | | you avoid investing in research that someone else has |
| such articles are generally only read by other lawyers | | | | recently done. Certainly, the insights from this alone |
| so this has become of less relevance in today’s | | | | may well have opened up numerous opportunities for |
| business world. The challenge for lawyers is to | | | | engaging with clients and as content for a PR |
| combine their understanding of the law with emerging | | | | programme or the basis for further, more detailed, |
| trends, interpreting the consequences of these in order | | | | research programme. |
| to engage with clients and prospects at a more | | | | |