[The first in a series of Q&A discussions on successful thought leadership with recipients of JD Supra's 2023 Readers' Choice awards:]

In sports, a utility player can play several positions competently. There's no set description for that in law, but if there were, that might be how colleagues would describe Nick Losurdo. He's spent time in-house at an SEC-regulated options exchange, at the Securities and Exchange Commission as Counsel to a Commissioner, and in private practice advising broker-dealers, exchanges, and other SEC registrants on regulatory, policy, transactional, enforcement, and other issues.

Thought leadership is an integral part of his practice – Nick tries to write on every significant trading and markets development from the SEC and most of what FINRA publishes – and in 2023, he became one of JD Supra’s most-read authors in Securities law.

Why did you get started writing?

When I started building my practice at Goodwin, it became apparent how critical thought leadership is. First, because this is a sales and services business – you’ve got to look at practicing law through that lens: you have to sell yourself and the firm multiple times every day and then deliver on that sales pitch. Thought leadership is an integral component of my sales approach.

If I don’t write, I don’t read, and I’m inevitably behind the competition and, frankly, behind the clients, too.

Second, my written work lets me get in front of readers to show that I see the challenges they face – a proposed rule or guidance from a regulator – through their eyes. More importantly, it allows me to share insight and context that clients and other readers might not even consider. That's why writing is a big part of my sales approach and practice.

I advise clients. That's what I do. So my articles and blog posts can't just summarize developments; they have to guide readers, make recommendations, and counsel clients not only on their options but what I think they should do. That's why – and how – I write.

And finally, writing about developments at the SEC or FINRA makes me a better lawyer. I’ll explain: right now, regulators are extremely active. The magnitude of rulemaking, guidance, and enforcement actions is currently greater than ever, even more so than the period immediately following the 2008 financial crisis. Writing about these developments forces me to read about them as they happen rather than, say, when a client asks me to explain this or that change.

If I don’t write, I don’t read, and I’m inevitably behind the competition and, frankly, behind the clients, too.

And it works: maybe 15% of the articles we write translate into a new client. Even if it were just 5% it would still be worth our time.

Writing is the way I stay ahead of the issues. It keeps me sharp and thinking creatively about solutions for my clients. I mean, anybody can read the material that's put in front of them. But if you don't have an active client asking about the issue and you're not going to write about it, you can’t truly digest and understand it.

There’s actually one more reason. People who know me know I can be a bit of a wise guy in person. I like to interject fun into my relationships with clients. Writing lets me do that, too, to editorialize with humor and wit about the rulemaking that affects my broker-dealer clients as I provide punchy analysis and insight.

So what is your writing process? How do you pick your topics?

It’s actually more a case of the topics picking us – as I said, regulators are busier than I ever remember them being, and I worked at the SEC! We try to write every time they propose a new rule or adopt new guidance. And right now, we’re inundated with new rulemaking and guidance and other needle-moving actions every week, even multiple times a week.

...writing has given me more confidence in my ability to articulate the ideas I have in my head.

That often means when the issues are significant, I drop everything to crank out two to three pages of insightful advice. But that doesn’t always work: recently, for example, the SEC came out with some proposals around cybersecurity requirements for various registrants. There’s a lot to unpack and it will be an iterative approach this time.

I say that to illustrate that while speed is obviously critical in this business, sometimes you need to take time to get the analysis right, talk with colleagues, clients, and peers, and think through the nuances. You don’t want to write so fast that your work is full of bad ideas.

Most of your updates are bylined by multiple authors. How does that work?

Most of the time – but not always – there’s a core group of two or three of us on our team who take the lead on the articles. Then we ask our colleagues in related areas to add analysis or address relevant issues outside of our specific areas. It's a collaborative process that showcases the thought leadership of the people who are best positioned to weigh in on the issues.

That goes both ways – I was recently asked to contribute to a piece on bank regulation that touched on issues for broker-dealers. My contribution was relatively minor compared to other authors listed. But we harnessed the group dynamic to deliver really insightful guidance to clients.

Why do you think you’re so successful at connecting with readers?

You mean other than inundating them with content weekly (he says jokingly)? I think it's because my work helps them, because I am committed, and because I care about providing useful advice.

I get metrics from JD Supra and from our website people that show people are reading our content, but we get the best insight when we get emails from clients or random contacts who say they saw my piece and that it was really nice.

...writing gave me an excellent opportunity to showcase my capabilities as I built my practice.

I pride myself on the thought leadership we produce: our content is insightful, engaging, and fun to read. Equally important, it effectively communicates the importance of the issues as well as the nuances and subtle details that people might not otherwise pick up. People pick up on that and return when we publish new insight. I truly enjoy the process and the end product, and I think that comes through in my written work.

How has writing supported your business growth?

I think the two work in tandem: growing my business has always provided a valuable incentive for me to write. I’ve actually been at Goodwin two times: I first joined as Counsel after several years in-house and at another firm, then went to the SEC. The firm’s entrepreneurial spirit was a big part of why I came here in the first place, and writing – which the firm has always supported and encouraged – gave me an excellent opportunity to showcase my capabilities as I built my practice.

...my articles and blog posts have to guide readers, make recommendations, and counsel clients not only on their options but what I think they should do...

When I returned in March 2020, thought leadership allowed me to pick up right where I left off. That was a different time, of course, and writing helped me keep focused during those slow dark days early in the pandemic when clients were focused on the health of their people more so than business initiatives and regulatory developments. I could have just been twiddling my thumbs, but instead I was writing as a way to connect.

And it works: we earn new client relationships that start with our written work. I’d say that maybe 15% of the articles we write translate into a new client. Even if it were just 5% it would still be worth our time. That’s part of the reason why we've continued to write – if we weren't getting results, I would've stopped ages ago. But thought leadership continues to yield positive outcomes in terms of both new and existing clients.

Do you have any advice for lawyers just getting started in writing for thought leadership?

Just do it. I'm not a great writer by nature – maybe I’m still not – but I work hard at it. That’s important for me. And I’ve grown as a writer: I think my writing is fun to read, but it's also more helpful to my readers and provides better guidance. That's a direct result of forcing myself to write.

I really believe writing makes me a better lawyer who has a more focused appreciation of both the regulatory issues and other challenges facing my clients. What's more, writing has given me more confidence in my ability to articulate the ideas I have in my head, and it's shown me that people are actually going to be receptive to my guidance.

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