Winning Awards: What Does Really Get Your Professional-Services Business?

 There had been that anecdote floating around: Media genius and cunning businessman Roger Ailes (forget his personal flaws for now) told staff at Fox this: The business at Fox was not about getting awards. It was about the number of eyeballs Fox attracted. And Ailes mandated that they follow his unique formula to keep growing that viewership.

Okay, Business.com reports, yes, awards can be a multi-dimensional tool for branding, client/customer loyalty, recruitment and actual sales. I would add: When award winners are honored at the ceremonies that's a useful networking opportunity. During the galas they can even showcase themselves for their next job. 

But, are the goodies which could theoretically be associated with awards as abundant as they might have been in a less complicated era in business? Or, more specifically, in a less competitive time for top law firms such as Paul Weiss? It's a dog fight for new business and for recruiting and retaining brandname talent. 

Paul Weiss sure does receive awards. Just recently, Paul Weiss itself tells us on its website:

 "The Financial Times has named Paul, Weiss a finalist for 'Most Innovative Law Firm in North America' and in three other practice-specific categories as part of its 2024 Innovative Lawyers North America awards."

That's not a negative, of course. 

But how much of a positive is it in nailing down new business and increasing Profit Per Equity Partner? Top talent is focused on how much of the latter a law firm will provide, along with how many resources and how much power. Awards the firm has received? Probably not even relevant in recruiting and retaining.

Now to the client side. The way business operates for law firms and much of professional services is that prospects come to them not because of firm's brand per se but because of the brand of the stars in specific categories such as antitrust. That star power is derived from a concrete track record of wins in client assignments. Not awards. And that track record can build a bulging book of business. 

Suppose the antitrust practice's signature is not only about wins but also, for example, awards for innovation? Well, prospects are not satisfied with those "generics." They demand to know what particular innovative approaches will be incorporated into case management? 

Overall, awards may provide nice window dressing. Professional services can leverage that - for what it's worth. But that could have reached the point of diminshing returns. 

Life is hard. Business is even more difficult these days. Get answers – and relief. Jane Genova is a results-driven intuitive coach, tarot reader and content-creator related to careers. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)