CITY law firms are increasingly looking to independent PR firms for advice on strategies despite having in-house PR teams.
Macfarlanes is the latest firm to start discussions with agencies, as it seeks to raise the profile of its practices in the UK and internationally, reports PR Week.
It is understood they have held discussions with a number of agencies in relation to the account, thought to be worth a six-figure sum annually.
Macfarlanes has previously used agency support on a project basis, but this is the first time it has looked to formalise an agency relationship.
Ian Martin, a partner at Macfarlanes, confirmed an agency procurement procedure was under way and said it was looking for agency help to raise its profile in two key areas. “Our private equity and private client work is very high profile, but we are now looking at how we raise the profile of those other practice areas to the level they deserve.”
It is believed the firm is looking to boost awareness of its restructuring and litigation practices as it has made significant hires in those areas this year, and identified them as growth areas post-credit crunch.