• A large biotech company
• A private equity firm At first glance, the CI pro now knows at least 20 of Mr. Lawyer’s clients (some clients had more than one person recommending Mr. Lawyer). Were a firm considering approaching Mr. Lawyer as a lateral hire, they would include this information, and an analysis of the clients, to determine if Mr. Lawyer’s client base was in line with the firm’s business development goals.
If, on the other hand, a firm was competing with Mr. Lawyer’s firm for work from a company in the hotel industry, then Mr. Lawyer’s recommendations might be leveraged to the advantage of the CI pro’s firm. While Mr. Lawyer may point to his recommendations as proof that he has delighted clients in this industry, the competing firm may highlight this as Mr. Lawyer having a better relationship with a competitor company.
REVEALING DETAILS
The company listing is probably the most informative of all areas on LinkedIn. This is where LinkedIn presents trends for each law firm or company based on the data within LinkedIn. This is an important point: LinkedIn only analyzes the information reported in its databases by users. In other words, it does not seek to verify or enrich the data. The data, then, tend to provide a general impression of the law firm, rather than a highly accurate profile. It is also skewed somewhat by the proportionately large numbers of 30-something males using the site.
A certain Am Law 100 firm, let us call it AMLF, is an excellent example of a great company profile. 56 percent of users are male, and the median age is 35 years old. However, 30 percent of all of this firm’s representation on LinkedIn are partners. This suggests that: (1) the partnership is young; and (2) the “Related Companies” section may provide reliable data as to clients and hiring trends.
In the “Related Companies” section of the company profile, LinkedIn has mined its data and determined where companies hire from and where personnel go. In this case, LinkedIn has noted two boutique Am Law listed firms have kindly trained many of AMLF’s attorneys. Interestingly, one firm is a boutique IP firm, the other a commercial litigation firm. This suggests that AMLF is making a concentrated effort to expand specific practice groups.
Furthermore, LinkedIn shows that AMLF, in turn, has provided two smaller Am Law 200 firms with quite a few people. Additional research shows that these Am Law 200 firms are marketing themselves as “family friendly” and providing an excellent work-life balance to potential recruits. Definitely something for AMLF to consider ….
The “Most Connected” section can provide valuable insight into a company’s relationships and people. Although AMLF shows only other law firms in its “Most Connected” section, another Am Law 100 firm, AMLF2, lists two midsize companies that are HQ’d in the firm’s headquarter city. Clients, perhaps?
Two other Am Law firms, one in the top 10 and one in the Am Law 200, however, may be concerned about their people’s connections: Their firm is well connected with two large search firms. One of these specializes in lateral hiring. Either they are being targeted by these recruiters and/or their clients, or other law firms now know their preferred recruitment firms.
STEPS TO TAKE
In summation, more than anything, the wealth of information available on LinkedIn to CI professionals is a result of the law of unintended consequences. Attorneys and firms, possessing the good intention of raising their credibility and visibility, have given out more information than was, in hindsight, wise. Here are some simple steps to take to minimize the negative consequences of an otherwise highly beneficial networking tool:
• Encourage more people within the firm to use the site, and to connect to as many people as possible. Surprisingly, the more varied connections of your firm that your people make, the less likely it is that connections will be concentrated in one or two clients.
• Educate your attorneys. Explain the pros and cons of displaying information.
• Monitor your firm’s profile. If the information is inaccurate, contact LinkedIn.
Shannon Sankstone is the marketing research analyst at Quarles & Brady in Chicago, where she is responsible for marketing and competitive intelligence research. This article first appeared in the Incisive Media newsletter Marketing the Law Firm . Sankstone is a member of that publication’s board of editors.
