Thursday, May 10, 2012
But it might be a different story for smaller firms that don't rely on institutional clients and instead have to hustle much more to find and keep the ones they've got. From the National Law Journal:
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Does having a large number of blogs help firms make more money? Or is it a useless distinction . . . ?
What relationship if any does number of blogs have to growth or profitability? There seems to be no direct correlation — six of the 10 firms have moved up in the AmLaw rankings during the past two years, while four have moved down the chart. However, acceptance of blogging seems to indicate something deeper within a firm's culture. Blogging firms appear to be more entrepreneurial. The more scrappy, middle-market firms were willing to take a chance on blogging early, as one component of a larger strategy.
This observation rings true for Mark Silow, managing partner of Fox Rothschild. "Every year we have over 13,000 clients that pay us fees. We do have extremely large clients, but our average client is middle market, and to succeed there, you need to be very entrepreneurial," he said. "This group of clients has been very resilient, so we have continued to grow. This is also a group of clients you need to replenish on a regular basis, so our lawyers are out there hustling."
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Asked about the return on investment from the blogs, Silow had this to say: "We have picked up a number of clients through the blogs, but the greatest value is that they serves as a validator of our expertise and our knowledge. We've received good external publicity as well — trade journals pick up blogs and point to them as great resources."
Of all the Am Law 100 firms, 74 have now launched blogs — 54 new blogs during the past year alone. Still, the top 10 firms continue to lag behind. These firms may be dipping their toes into the water, trying to figure out what most of the legal industry has already realized. Blogging works.
You can continue to read Adrian Dayton's article from NLJ by clicking here. You can also read a series of posts we wrote last year on the blogging and social media habits of attorneys based on law firm size by clicking here for BigLaw, here for mid-sized firms and here for advice to small firms and solos about how to build a social media presence.