Mossack Fonseca has been at the centre of intense media speculation since the story of the Panama Papers first broke and it shows no sign of going away any time soon.
We have already looked at how some of those caught up in the crisis, such as David Cameron have handled the issue.
But what about the law firm itself? How has it responded to this crisis media management situation and to suddenly being at the centre of news around the world?
Well, some of it has actually been quite good.
A quick look at the company’s website shows it is not business as usual. It has created a dedicated microsite on the issue with an extensive range of information. This includes a statement on the media coverage, facts, some frequently asked questions and case by case responses to some of the specific cases which have been reported.
Most journalists reporting on the story will visit your website, so setting up a microsite is a good move in a crisis scenario. Make sure it contains useful information and is easy to find from your homepage. You also need to ensure details for the media department are easily accessible – on the Mossack Fonseca site, clicking on ‘contact’ unhelpfully directs you to follow its social media accounts.
While some of the information on the Mossack Fonseca website is interesting, its main press statement, entitled ‘statement regarding recent media coverage’ is not something I can praise. In fact it is incredibly dull. At a full four sides of A4 it is ridiculously long and unlikely to catch the interest of a time pressed journalist.
Additionally, the language is incredibly formal and inaccessible. And despite its staggering length there are no quotes from any company spokesperson – not only does this fail to give the company a human voice but it also adds to the impression of secrecy which surrounds tax havens.
It is also worth looking at the tone of that statement. It starts by saying:
“Recent media reports have portrayed an inaccurate view of the services that we provide and, despite our efforts to correct the record, misinterpreted the nature of our work and its role in global financial markets.
“Those reports rely on supposition and stereotypes, and play on the public’s lack of familiarity of firms like ours.”
Turning on the media during a crisis is not an advisable move – you need it to get your messages out. Sounding so defensive is also unlikely to gain much public support.
When your reputation is in the firing line you need a short, sharp statement which is attributable and easy for journalists to use. And start on the front foot rather than listing complaints about the coverage you have received.
On social media, pleasingly the company has made no attempt to hide the fact it is in the middle of a crisis. A tweet directing followers to its statement has been pinned. It has opted to retweet a number of supportive articles to show third party endorsement.
The same statement can be found on Facebook, but management of this account seems to have stopped. Perhaps they are trying to be more open, but a lengthy list of critical and even abusive comments makes for uncomfortable reading.
A crisis can strike any company at any time. While many will not receive the level of interest as that faced by Mossack Fonseca there are clear lessons your organisation should take on board.
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