The legal industry is abuzz with the recent news of Milbank’s bold move to increase associate salaries, setting off a domino effect among its largest and most prestigious competitors. While this salary race is a headline-grabber, for most firms it’s worth exploring alternative, cost-effective ways to boost morale and job satisfaction. One such method is the ego and business boost achieved through reputation-building FAME earned media campaigns.
FAME is targeted, earned media campaigns designed to highlight the achievements and expertise of individual attorneys within a firm. Unlike traditional, broad-spectrum PR efforts, FAME is about creating a personalized spotlight. It’s about telling the unique stories of your rising stars, celebrating their successes, and positioning them as thought leaders in their respective fields.
FAME earned media campaigns offer a unique, cost-effective, and impactful way to boost morale, enhance individual profiles, and by extension raise awareness for your firm and help drive business.
The Power of Recognition
Recognition in the workplace goes beyond monetary compensation. A study by the HR consultancy, OC Tanner, indicates that employees who feel recognized and valued are 37% more likely to be satisfied with their jobs, exhibit higher levels of engagement, and stay longer with their firms. FAME campaigns tap into this need for recognition by providing attorneys with a platform to shine, both within the firm and in the broader legal community.
Cost-Effective and Impactful
In the context of the current salary wars, budgetary constraints are a real concern for many firms. FAME earned media campaigns offer a cost-effective alternative to salary increases. With a typical campaign costing around $7,500 and lasting 3 to 12 weeks, firms can make a significant impact without the long-term financial commitment of a salary hike.
Tailored for the Individual
What sets FAME apart is its bespoke nature. Whether it’s a new or lateral partner, a partner who just won a significant case, or a team member elected to a prestigious position, each campaign is tailored to the individual’s achievements and areas of expertise. This personalization not only boosts the individual’s profile, but also enhances the firm’s brand by association.
A Strategic Year-End Move
As firms evaluate their year-end budgets and plan for the next fiscal year, FAME earned media campaigns present an opportunity to use remaining funds in a way that benefits both the firm and its attorneys. It’s a strategic move that acknowledges the hard work of your team members and reinforces your firm’s commitment to their professional growth.
So, while salary increases are undoubtedly important, they are not the only way to show appreciation for and investment within your team. FAME earned media campaigns offer a unique, cost-effective, and impactful way to boost morale, enhance individual profiles, and by extension raise awareness for your firm and help drive business.