Experts & Views
Have you received an email that says “Congratulations! You have been nominated for ___ Firm of the Year award”? That email might have given you a feeling of pride and maybe you opted-in for the award; OR you weren’t sure about the credibility and chose to ignore it.
Deciding which awards or nominations hold credibility when you get such an email might not always be straightforward, but there are some noticeable characteristics which point at dubiousness.
In the last couple of years, there has been a rise in emails from magazines claiming to have recognised certain deals as Deal of the Month. These too have their tell-tale signs which help determine if there is fallacy in the claims.
It sure is funny when emails are sent to the same law firm, for multiple deals, within the same month claiming that each of those deals has been recognised as the Deal of the Month.
Considering marketers often face queries on whether an award or nomination is credible or not, it is inevitable for marketers to not have a list of foreign magazines or publications that give “prizes with a price tag”. Usually termed as the “publications blacklist” or a list of “pay-to-play” awards, such lists are maintained by most marketers to help their organisation make sound decisions.
These “pay to play” awards have proliferated in the legal industry as well as the financial services and investment banking universe. Apart from turning the “vanity game” into a thriving business to make profits and prey on the uninformed, such publications also end up being a nuisance in the day-to-day life of lawyers and professionals.
There might be many reasons for law firms or lawyers to opt-in for these awards, some of these being:
Whichever the reason, we hope this post helps in taking a more informed decision when you see another email in your inbox which states “Congratulations! You have been nominated for ___ Firm of the Year award.” If unsure, a simple search on the internet can prove to be helpful.
There is plenty of information floating on the internet about such magazines from foreign jurisdictions. So, it’s safe to assume that majority of the international law firms and those in the Indian legal industry are aware of the lack of credibility of these accolades. Thus, touting these in any firm or practice profiles being shared with international law firms might not add any value to the credentials.
Whether the clients (of lawyers) appreciate these accolades in a credential list is debatable, considering the award is being given by a magazine that the client hasn’t heard of much and is usually not published or sent to many Indian decision-makers.
Please do not hesitate to:
- share your thoughts or insights by using the comments section of this blog; or
- contact us if you have a question; or would like a peek at LexBlurb’s list of Top 15 Publications Doling Prizes with a Price Tag.
We are happy to help with any queries you may have.
This blog post is intended for information and knowledge-sharing purposes only. It does not intend to offend any firm/ professional/ publication. Those commenting on it are requested to stay on topic, respect other people’s opinions, avoid profanity, offensive statements, illegal content and anything else that might violate our standard terms and conditions.
The magazines or publications being discussed in this blog post are foreign publications, and not to be confused with the Indian awards being organised or published that have a thorough research and submission process/ methodology.