One of the most noticeable changes in City life in the past
decade has been the willingness of professional firms to put
themselves about. When I started in this business, accountants,
lawyers, chartered surveyors and actuaries were not even allowed
to advertise.
The ban became unsustainable when these firms began to evolve
from professional firms to those run as businesses. After that
it was only a matter of time before they went the whole hog into
PR and marketing.
Today, a substantial proportion of the 300-plus emails that
get sent to me every week are from professional firms. They have
acted on a deal, and offer comment; they have read a government
paper, and offer comment; the stock market has moved, and they
offer comment; or they have produced a survey, and they offer
comment.
Most of these communications have an appendix headed ‘Notes
for Editors’, which should provide background information
that helps the journalist understand the story. However, professional
firms seem to think the purpose is to deliver a shameless plug. ‘Company
X is a law firm that advises the world’s leading companies,
financial institutions and governments on their most challenging
transactions and assignments. With offices in major financial
centres, we deliver an outstanding service to our clients anywhere
in the world.’
This is not PR, it’s indifferent marketing- as journalists
are wont to discover if they ask an unsolicited question. It
is interesting how few companies know how to react when probed
on something that goes beyond their established comfort zone,
and enters areas where opinion and judgement come into play.
Such enquiries ought to play to their strengths- they are professionals
after all – but the opposite is too often the case.
When pursuing something arcane last week, almost no one was
prepared to provide me with a view. It became obvious that talking
to the press was allowed only when it could be based on written
documents produced by the firm. Anything beyond this risked being
uncontrolled, so was not allowed. That is not PR, it is advertising.
(Re produced from PRWeek March 2007)
