We all like to win awards and achieve recognition from national and international publications. In the past few days, the legal industry has witnessed various law firms/partners have received numerous awards and accolades by distinguished publications like, Asialaw Profiles, Asian Legal Business, IFLR 1000, Iam 1000, Corporate INTL, Finance Monthly, Corporate Livewire, CEO magazine, many more. These awards aren’t just statistics but demonstrated indicators of the constant hard work and the client’s continued trust in the firm. Upon scrutiny the awards received can be bifurcated in two broad categories – legal industry-centric publications and non-legal industry-centric publishing houses. These two categories can be further segregated into two segments, highly recognised and obscure publications. A multiple regression analysis of any achievement received reverts back to the impact it creates – virtuous or sub-standard.
These publications, listing and surveys do not only help in building credibility but also elevate the firm’s perception and positioning in the industry. We get excited to others achieving various titles and awards in various categories. Awards are the outcome of the hard work, dedication and client servicing. It also brings great PR opportunities for the winner.
Entering the arena for a recognised award helps you benchmark yourself against others in the industry. The name being highlighted in the prestigious magazines acts as a marketing strategy for the firms in front of clients, employees and potential leads. Engaging and enabling your brand’s name to grow further with participation in implausible award nominations not only will build your client base but will also bring quality candidates for the hiring process quickly.
On one side, award/listing plays a vital role in building the brand and maintain the positioning amongst the peer group. Whereas on the other side, choosing an award without evaluating the opportunity, may diminish your position and hamper your goodwill.
As a thought leader or legal practitioner, you must be receiving several emails nominating the firm/partners for various categories for different awards. Wherein, not every award/opportunity is worth considering. There goes a lot in knowing about and judging an award that you have been nominated for than just reading a bit about it on the web. There have been quite a few examples of such cases where the magazines are notorious for awarding hundreds of firms without any background check for compensation in barter. We have also seen some directories/listings, building up the database without taking prior consent from the law-firms/partners. It is highly crucial and critical to evaluate every such opportunity. Any wrong decision while choosing the platform can lead to irreparable losses.
Whenever such an opportunity knocks on your door make sure to thoroughly analyse the background and prospects of getting your name linked with it. Check the background of the award – including metrics such as – the age of the award and its popularity. Don’t forget to check the website – rankings, popularity over social media, any key personnel or a renowned brand associated with it and the sponsors. Also, ask a few basic questions to yourself – do you think the values of the awards match with those of your firm? Is it in par with awards that the firm has received prior? Since you would not want to lower down your reputation by any means, it is best to align the interests.
Examine the other firms who have been associated with it and have received awards in different categories from the award previously. It will help you evaluate the standards of the awards. Don’t forget that jurisdiction plays a vital role – an internationally and nationally recognised brand can help you elevate the position of the firm while looking to make a mark internationally.
A firm while being nominated for awards often faces questions on the lines- why are these awards credible and second, what makes these awards different? While you might not be able to consider all the factors, we at Yellow Wire Consulting can advise our clients what works, holds credibility and is best for your firm.