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Acritas Survey Ranks the Most Popular Law Firm Brands
Acritas has been putting out a yearly survey seeking out brand name power among top law firms, those that make over $1 billion in revenue. This year, despite Baker & McKenzie being knocked out from place as largest grossing law firm worldwide, a title that went to their rival, DLA Piper, they nevertheless retained the number one spot, which they’ve held since this list was first produced in 2010. Though DLA Piper only took the 5th spot, falling beyond Clifford Chance for number 2, Freshfields Bruckhaus Deringer for number 3, and Linklaters for number 4, the continued success of Baker may be based simply on the staying power of their previous place as highest grossing firm. After all, the gap between them and other companies is narrowing each year, and as more and more companies are globalized, Baker has more competition.
Acritas believes that clients are more selective than ever in choosing what brand to go with, and that is why their Sharplegal Global Elite Brand Index isn’t a reproduction of the firms in rank of grossing. With more pressure put on businesses, they have become more canny than ever in attempting to secure the greatest value for their companies.
The 815 interviews that produced the study were conducted by phone to members of businesses with $1 billion plus revenue who had senior responsibility in their company for choosing legal services. The questions asked that contributed to the index ranking include what law firm was first to come to mind, which they felt most positively towards, and what firms were most considered for multi-jurisdictional deals and litigation.
This matters, for as Acritas CEO Lisa Hart Shepherd said, “A strong brand provides a critical advantage for law firms when it comes to being considered for a new matter. The international legal market is more competitive than ever before, so it’s essential that you remain top-of-mind with your clients.”
This might suggest more than providing outstanding services is required, but perhaps more focus on PR efforts, and branding oneself as a company.