Introduction

Podcasts have rapidly gained popularity in recent years as a versatile and engaging form of media. Often described as on-demand radio or audio-based shows, podcasts allow individuals to listen to audio content at their convenience, whether during their commute, workout, or relaxation time, and cover a wide range of topics, have captivated audiences worldwide and opened new avenues for information, entertainment, and storytelling.

With the increasing accessibility of smartphones and audio streaming platforms, podcasts have witnessed a surge in popularity. Based on a recent study conducted by Statista, in July 2021 on the global consumption of podcasts, there has been a consistent and significant growth in the number of podcast listeners worldwide. The study indicates that the number of podcast listeners has steadily increased over time and is expected to continue rising. In 2020, the global count of podcast listeners reached 332.2 million internet users, and this figure has further expanded to 383.7 million in 2021 (see here). This rise in popularity presents a unique opportunity for law firms to leverage this medium for their business development efforts.

The purpose of this article is to explore how podcasts can become a new and influential element in law firm business development strategies. We will provide the various advantages that podcasts offer to law firms seeking to enhance their brand visibility, establish thought leadership, and build connections with potential clients. Therefore, by understanding the potential benefits of incorporating podcasts into their marketing and business development plans, law firms can tap into an innovative and rapidly expanding medium to strengthen their presence in the legal industry.

The Power of Podcasts In Business Development

Advantages of Podcasts as a Medium for Business Development

Podcasts have emerged as a potent tool for law firms in the field of business development, hence, offering a multitude of advantages to broaden their reach and strengthen their presence. 

The following is the list of advantages:

• Reaching a Wider Audience (Target Audience): Podcasts have witnessed a significant surge in popularity and accessibility and making them an ideal medium for law firms to connect with a broader range of potential clients. With millions of podcast listeners worldwide, law firms can tap into a global audience and engage with individuals who may not be reached through traditional marketing channels.
• Building Thought Leadership: Podcasts provide law firms with an effective platform to showcase their expertise and establish themselves as industry thought leaders. The law firms can enhance their credibility, attract clients, and position themselves as trusted authorities in their respective fields by sharing valuable insights, legal analysis, and updates on relevant topics
• Personalized Storytelling: One of the unique aspects of podcasts is their ability to facilitate personalized storytelling. Law firms can utilize this medium to share personal stories, experiences, case studies, top deals or even highlight their brand client companies, thus, creating a stronger emotional connection with their listeners. 
• Brand Visibility: Podcasts offer law firms an opportunity to increase their visibility in the market and contribute to brand recognition. Through a quality content podcast, law firms can build a loyal listener base, attract new followers, and expand their reach within the legal community and beyond. As listeners share, recommend podcasts, and give their opinion(s), the firm’s brand awareness and reputation can grow organically.

TAILORING PODCASTS FOR LAW FIRM BUSINESS DEVELOPMENT 

The Key Considerations in Podcast Creation for Business Development

The following considerations will help law firms customize their podcasts to maximize their impact and achieve their business development goals:

• The Target Audience: Understanding the specific audience that the law firm wants to reach is essential. Law firms can tailor their podcast content to cater to their interests and needs. This targeted approach shall ensure that the podcast resonates with the intended listeners, thus, increasing engagement and attracting potential clients.
• Select Relevant Topics: Choosing podcast topics that align with the law firm’s expertise and appeal to the target audience is vital. The podcast becomes a valuable resource when it addresses the subjects that are relevant to the firm’s specialization and addresses the interests of the audience, and this ultimately establishes the law firm’s credibility, and expertise, and positions them as a trusted source of information.
• Engaging Storytelling and Format: Law firms can utilize storytelling elements such as personal anecdotes, case studies, or real-life examples to create an emotional connection with the audience. Additionally, experimenting with different podcast formats, such as interviews, discussions, or narrative storytelling, adds variety and maintains the audience’s interest.
• Guest Interviews and Collaborations: Incorporating guest interviews and collaborations with industry experts, clients, or other professionals (legal/non-legal) can bring valuable benefits to the law firm’s podcast as these guests provide diverse perspectives, insights, and expertise, enriching the content and increasing audience engagement. Furthermore, guest appearances can expand the podcast’s reach as guests promote their episodes to their own networks, potentially attracting new listeners and broadening the law firm’s audience base.

Practical Steps to Integrate Podcasts into Law Firm Business Development Strategies

1. Planning and Preparation: This shall involve the following:

• Identifying the podcast’s goals and objectives.
• Defining the target audience and researching their interests.
• Creating a content plan and outline.
• Developing scripts or episode outlines for structured discussions.
• Setting up the necessary equipment, including microphones, recording software, and editing tools.
• Considering production aspects such as sound quality, editing, and branding.

2. Distribution and Promotion: Once the podcast episodes are recorded and edited, law firms should focus on distributing and promoting them to reach a wider audience. The firms can host the podcast on popular podcast directories, such as Apple Podcasts, Spotify, or Google Podcasts, or create a dedicated podcast website or integrate it into the law firm’s existing website, or leverage social media platforms to announce new episodes, engage with listeners, and share valuable snippets or highlights, etc.
3. Consistency and Long-Term Commitment: ThelLaw firms should establish a consistent release schedule, whether weekly, bi-weekly, or monthly, to maintain audience engagement and expectations, regularly improve the podcast’s quality by seeking feedback, refining content delivery, engage with listeners by responding to comments, questions, or suggestions, consider incorporating listener feedback and requests into future episodes, etc. 

EXAMPLES OF LAW FIRMS LEVERAGING PODCASTS

1. Dhir & Dhir Advocates & Solicitors: The firm makes podcasts on topics including ESG & Arbitration, ESG & Directors, and many more. You can view their podcasts here. 
2. Akin Gump Strauss Hauer & Feld LLP (American Law Firm): The podcasts made by the firm provide a global perspective, discussing diverse subjects such as U.S. elections, Asian trade, economic sanctions, foreign investment, and more. It is specifically designed for those who appreciate a broad outlook on global affairs. You can view their podcasts here.
3. Shardul Amarchand Mangaldas’s IBC Podcast: For all those who are interested in the Insolvency and Bankruptcy domain, the firm made a podcast on ‘The Prosaicview Podcast on IBC’. You can view the podcast here.
4. Goldberg Segalla (New-York based Law Firm): The firm’s podcasts are based on topics ranging from Technology, Risk, and the Law, the California Consumer Privacy Act, and Child Victims Act to Title VII Cases Before the Supreme Court Regarding LGBTQ Discrimination, Biometric Privacy, and Deed Forgery in Real Property Transactions. You can view their podcasts here. 
5. Herbert Smith Freehills (London-based Law Firm): The firm makes podcasts on topics such as Shareholder Activism, ESG in Australia, Public M&A, IP Law, etc. You can view these podcasts here.