Interview with Richard Dukas

 

Richard Dukas, founder and CEO of Dukas Linden PR, a financial services PR specialist headquartered in New York City and #10 on O’Dwyer’s ranking of financial PR firms, talked with O’Dwyer’s about life running an independent agency, tackling election-year obstacles, employing AI, and the post-COVID work environment. 

How did you get started in PR?

My eyes were opened to the tremendous effect the media has on public opinion when I was a senior at the University of Maryland during Israel’s first war in Lebanon. I learned how powerful the media is in shaping opinions—and even U.S. foreign policy.

I was accepted into law school but wasn’t crazy about the idea of actually practicing law. I loved current events, policy, and, of course, media and communications. So, I deferred law school and became the first employee at an agency whose founder I had met through a media advocacy organization that I had helped to start. That run lasted seven years until he sold to Ruder Finn, where I was for two years. I valued my time at both firms, where I learned from some of the finest people in the industry.

After that I worked at two other mid-sized agencies and was then fortunate to land an in-house position at a money management firm.

But in the back of my mind, I felt I had learned enough from those running their own agencies to feel confident that I was just as qualified, so in 2002, at the age of 40, I started out on my own. 

What is the culture like at your firm?

One of the lasting takeaways from my prior agency experience is that there can often be a lack of compassion from management or between coworkers.

For example, I remember remarking to a senior partner at one firm I worked for that I was proud I had reached my one-year anniversary, and all I got in reply was, “That’s nothing. Talk to me on your second anniversary!”

I knew when I started my own firm, I wanted to respect the people who came to work for me. There’s no reason to be harsh or competitive with each other—my partner, Seth Linden, and I believe that a positive work culture begins at the top.

DLPR is an independent agency that values growth as well as a strong work-life balance. Because of this, and the firm’s positive culture, our employee turnover is extremely low.

Markets are soaring. How are your clients feeling?

Overall, clients are optimistic and our business is strong, but the economy and markets remain volatile, and the media landscape is more crowded and competitive than ever—especially given the presidential election, which sucks up air time and reporters’ attention. Clients need an integrated approach, so DLPR has diversified its service offerings into many other areas, including crisis comms/reputation management, messaging, content creation/thought leadership, transactional work and more. 

What’s your take on crypto and digital assets?

We’re believers in the industry, but it’s critical to separate the wheat from the chaff since it’s a bit like the Wild West. Our clients in the space are highly credible, institutional-like players. For example, three of them were among a handful of asset managers that received SEC approval for spot Bitcoin ETFs, and we were front-and-center for one of the biggest, most exciting business stories of the year. 

Should clients wade into election waters?

We don’t believe clients should take a partisan view, but it is important—and a good opportunity—for some to discuss how proposed policies put forward by both sides can impact markets. 

It’s important to know when to speak, and when not to. A corporate spokesperson has to be skilled at handling difficult questions, “blocking and bridging” successfully, and trying to avoid the appearance of endorsing one party over the other because they are likely to alienate half of their target market given the highly polarized environment. That’s where having seasoned communications counsel is particularly valuable. We do extensive messaging and media coaching sessions around key issues.

Talk of AI is everywhere, how are you approaching it?

It’s still very early on, and while AI will undoubtedly affect our clients and business going forward, the extent of that impact remains to be seen. 

PR will always be about relationships and high-level strategic counsel. I have used Microsoft Copilot at times to assist with writing and editing, but in my opinion, AI is not ready to be used as a competitive advantage for practice management, media relations or high-quality content creation. We have talented and experienced content strategists and writers who run circles around ChatGPT. There is a marked difference between human intelligence and creativity and AI—at least for now.

What do you look for in new hires?

I’ve noticed that a lot of college graduates interested in finance aren’t even thinking about PR and go directly into banking and technology. My son is a rising senior in college, and most of his friends and peers are targeting finance and consulting. That means it can be difficult to find entry-level employees with both financial acumen and public relations/communications interest. What I’m looking for in an entry-level hire is someone who has a modicum of PR experience and is willing to learn about financial markets. 

The first thing I do when interviewing any prospective employee is ask them to tell me a little about themselves. If you can’t sell yourself to me, how can you sell our clients to their target audiences?

For more experienced hires, a strong network—both of media contacts and potential new business prospects—is a plus. And bringing a strong, specialized skill set—such as special situations PR, client management or content development—is very valuable.

Are you back in the office?

We’re hybrid and still thinking through the right mix of remote and in-office. I love seeing the team in the office together, but I understand the benefits of a hybrid work schedule.

Fundamentally, we are social beings, and we thrive on human interaction—with our clients, with the media and with each other. But we’ve also adapted to working from home and are fortunate to have tools to help us do it seamlessly, allowing us to prioritize the work-life balance I spoke of earlier. For us, a hybrid arrangement provides the best of both worlds and will for the foreseeable future.