26 noted that their organizations are concerned about ESG as a business imperative. It’s an imperative for so many because companies are being measured in this area, and the quality of their efforts are increasingly linked to their business success. Investors will screen a company for ESG risk, and if you don’t score well enough, there is a potential risk they will not fund the company. When choosing a law firm, personal connection is the highest source of influence, according to about 70% of respondents in Nishlis’ survey. This could be through a previous relationship, legal engagement with a given firm or lawyer, or a personal recommendation. In recent years, GCs continue to push for a better service to justify fees, especially in this economic climate. When selecting a law firm to work with, client service unsurprisingly comes in at number 2, behind a high standard of professionalism. This mirrors the way many corporate clients behave in their own operations and with their clients. Given the current global downturn, legal fees, which were at #4 in the last survey, climb to 3rd place. More GCs are active today on LinkedIn, with two-thirds of GCs proactive on the social media platform, as opposed to under half two years ago. With that in mind, it is important to make time to reach out and strengthen those connections. As the Nishlis survey underlines, GCs point out the importance of client updates and content in general. However, many law firms have been reluctant to oblige this, thinking it is a burden. In a market saturated with content, value-add, readability, and relevance will be key. A survey of General Counsel in the UK and US by Passle supported this, revealed that 77% of GCs spent 5 hours or more staying up to date each week – although not in a structured time slot, with weekends most popular, followed by time after work, during lunch and in between meetings. More interestingly just 8% of GCs thought law firms enough timely, relevant content to the market. In the Passle report, 61% of GCs would prioritize suppliers that kept them up to date with the latest industry developments and best practices and 100% of GCs felt that law firms had a responsibility to keep their clients and prospects informed about news and developments that include legal updates, industry trends, industry appointments, and content that could generate ideas and opportunities. Newsletters, webinars and podcasts are over 1/3 of the ways GCs receive updates, with many visiting a law firm’s website weekly or monthly to consume the relevant updates there.
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