If you haven’t paid much attention to Substack or wrote it off as another platform that wouldn’t gain traction, five million paid subscribers and nearly 74 million site visitors say otherwise. And perhaps most telling, Substack received more site visits than The Wall Street Journal and CBS News this past June.
What began as a way for independent writers to distribute digital newsletters via Substack’s website, has evolved into a powerful publishing channel with articles, videos and podcasts covering a wide range of topics from business and politics to tech and pop culture.
But Substack isn’t just for freelancers. As newsrooms become more fragmented, we’re seeing even high-profile journalists exit legacy media jobs, and many are turning to Substack to continue reporting on the news and building direct connections with their audiences. Jim Acosta launched his Substack the same day he left CNN and Joy Reid announced her Substack shortly after her MSNBC departure. The Washington Post recently announced it would be distributing content via Substack.
What does all of this mean for professional services firms looking to leverage Substack and incorporate it into their marketing toolkit? It signals a shift in how expertise is being shared, with Substack emerging as an influential channel for thought leadership. We’re sharing how you can take advantage of it for your firm.
The Substack Format
What makes Substack attractive to journalists is its simplicity. Writers can draft, publish and monetize all in one place without relying on multiple platforms. Beyond traditional newsletters, the format allows for long-form articles, podcasts and videos, giving professionals a variety of ways to reach and engage their audiences.
Adoption is growing not only among journalists, but also among thought leaders and niche experts who want greater control over their message. Unlike traditional media distribution, where content must pass through newsroom editors, Substack offers a direct line between creator and reader, making it both efficient and highly targeted. This format is paying off: Substack newsletters often see higher open rates than traditional email marketing, reflecting the trust and engagement readers place in the journalists’ content.
We hosted a primer on Substack if you’d like to learn more about its evolution and format.
Another Channel for Firm News and Thought Leadership
Substack can serve as a valuable distribution channel, but for most firms, it won’t be the centerpiece of your communications strategy. Instead, it works best as a complementary vehicle to amplify and extend the reach of your existing content. Firms can use Substack to showcase thought leadership by sharing articles and blogs, and it’s also a place to repurpose media placements or firm announcements, helping to give media coverage and other news a longer shelf life.
Substack also opens the door to more targeted relationship building by publishing practice area-specific content. Unlike a static website or traditional email list, Substack provides a built-in ecosystem for subscribers to engage directly, giving firms the chance to foster dialogue and build stronger connections with niche audiences.
That said, its format is somewhat limited, making it most effective as part of a broader marketing mix, not a standalone solution. It’s also important to note that success on Substack depends on cultivating a loyal subscriber base. Without an existing foundation of engaged readers, firms may struggle to gain traction and would be better served by focusing on other channels first.
A New Avenue for Media Coverage
While you can’t pitch Substack as a platform, you can pitch the journalists who use Substack to publish their content. Like traditional outlets, these writers run the gamut – from former network news anchors to niche experts – each with their own audience, format and editorial approach. This creates another opportunity for firms to gain media visibility.
The same rules of good media relations apply when pitching Substack. Start by researching which newsletters align with your practice areas or client industries, and study their format, cadence and tone. Are they breaking news, publishing long-form analysis, or doing video interviews? Do they typically include expert resources, or is the author the sole voice? Understanding these distinctions will help you tailor a pitch that resonates. From there, treat Substack publishers as you would any journalist by providing value and fostering relationships. Many of these authors have cultivated loyal, engaged audiences, meaning that coverage in the right newsletter can often carry as much weight as a traditional media placement.
It’s worth noting that some reporters are also using Substack to source experts, such as Erik Sherman, who focuses on business, technology, economics, finance, commercial real estate, law/regulations. This can be a great starting point to monitor and pitch for topics that align with your expertise.
Popular Professional Services Substacks
Substack’s homepage allows you to search newsletters by topic or publication, but here are a few popular ones in the professional services space:
Law Substacks
- Law Dork: 75K+ subscribers. Authored by Chris Geidner, it’s a go-to source for legal reporting and analysis about some of the biggest news stories, from the Supreme Court to the Trump administration to courts and legislatures across the nation.
- Legal AF: 79K+ subscribers. Breaking news at the intersection of law and politics with sharp and witty commentary curated by Legal AF x MeidasTouch’s co-founder, Michael Popok.
- One First: 94K+ subscribers. A weekly newsletter about the Supreme Court of the United States that aims to make the Court more accessible to all of us.
- Original Jurisdiction: 23K+ subscribers. News and trends in the legal industry. Authored by David Lat, founder of Above the Law, one of the largest legal news websites.
Real Estate Substacks
- Alliance Intelligence Accredited Investor (AI²): 25K+ subscribers. Published by Ben Reinberg and the Alliance Fund focusing on the dynamics of commercial real estate, offering analysis to enhance investment strategies and uncover opportunities within this asset class.
- Thesis Driven: 14K+ subscribers. The highest-grossing real estate publication on Substack, covering the future of real estate and the people creating it. (Note that Thesis Driven recently announced its move to an open-source publishing platform, Ghost.)
- Thoughts of Commercial Real Estate (The Ranger): 2K subscribers. Long-form content on finance and commercial real estate authored by “The Ranger,” owner of a real estate investment firm.
Financial Substacks
- Net Interest: 96K+ subscribers. Written by Marc Rubinstein, the newsletter offers financial sector insights from a former hedge fund manager with over 25 years of experience analyzing and investing in the industry.
- The Overshoot: 48K+ subscribers. Authored by Matthew Klein focusing on the intersection of economics, finance, business, and public policy.
- The Finance Newsletter: 100K+ subscribers. Andrew Lokenauth provides analysis on investing, the economy and financial news.
Keep in mind the above Substacks tend to have broad industry coverage rather than focusing on specific sectors such as personal injury law or banking, or targeted locations such as Los Angeles or New York. You’ll want to do research to identify niche newsletters that align with your practice areas and client base. The more tailored your outreach, the better your chances of getting in front of the right audience.
The Substack Fine Print
While Substack offers new opportunities, it’s not without risks from a PR perspective. The lack of traditional editorial oversight means content is often driven entirely by the author’s voice, which can result in a more opinionated tone, and sometimes sensational soundbites that wouldn’t survive a traditional newsroom edit. That independence is part of Substack’s appeal for many authors, but it also means there are fewer checks and balances.
Substack has also drawn criticism for its hands-off content moderation approach which has led to some creators taking their work to competing newsletter platforms like Beehiiv and Ghost. (See our note above about Thesis Driven.)
This doesn’t mean you avoid Substack altogether, but it does mean you need to do your homework. Just as you would with any media outlet, research the publication’s audience, tone and style before agreeing to an interview or submitting commentary.
Partner with a Trusted Marketing and PR Agency
Berbay Marketing & Public Relations has three decades of experience providing law, real estate and financial firms with strategic marketing and public relations services that propel your business forward. Berbay’s dedicated team has demonstrated success securing media placements, achieving nominations and rankings, revitalizing websites and social media, obtaining speaking engagements, and more.
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