Acritas’ ninth annual Global Elite Law Firm Brand Index shows that law firms who are adapting to the new world are gaining brand strength.
Acritas’ Global Elite Law Firm Brand Index 2018 is compiled from analysis of an extract of data from the Sharplegal Global Elite survey dataset. All data is derived from 1,600 interviews with respondents, in $1 billion+ revenue organizations across the world, who have senior responsibility for buying legal services.
Recognition for being innovative, credible coverage in key markets, an authentic industry focus and a strong consideration for multi-jurisdictional M&A are driving success for global law firms in 2018.
Analysis of the Index rankings this year highlights the increasing importance of being recognized for innovation by clients on brand strength.
The Acritas Global Elite Law Firm Brand Index portrays the competitive set of legal brands, indexed from the leader at 100 points.
Leading brand, Baker McKenzie, and the fastest rising brand in the 2018 rankings, Eversheds Sutherland, are most recognized this year in our global research for their innovation efforts. Allen & Overy, third most recognized for innovation, has also moved up the Index.
Lisa Hart Shepherd, CEO Acritas, said: “It’s not just brand that innovation impacts. Our data shows clients who recognize a firm as innovative, on average, award double the Net Promoter Score and take a two thirds higher share of spend.”
It is no real surprise but for global brands, global coverage counts.
In 2018, even more of our leading brands are picking up brand equity in all regions of the world. Credible coverage across Mainland Europe and a strong transatlantic presence ensures law firms are aligned with clients growing global needs.
Lisa added: “As multinational clients prepare for Brexit, they are increasingly turning to firms who have credible coverage across Mainland Europe. Along with the brand leader, Clifford Chance and Linklaters have moved up the ranks this year and they are all strong, established brands in Mainland Europe. When we look at both the newcomers to the Index and those who have risen significantly up the ranks, since we first published the Index nine years ago, there has almost always been a transatlantic merger involved. Norton Rose Fulbright, Dentons and Eversheds Sutherland being prime examples.”
This year, Acritas also report the importance of an authentic industry focus, particularly when it interplays with specialist legal expertise. Newcomer to the 2018 global Index, Bird & Bird, benefits from its focus on technology which is now disrupting all of the traditional sectors.
Similarly, Latham & Watkins, with its finance strength, has moved up to its highest ever rank at 11th.
In its analysis of the data behind the Index results, Acritas also identified a link between being strongly considered by clients for multi-jurisdictional M&A and brand growth. M&A is often driving growth for clients who are increasing their spend and as a result firms like Linklaters are rising up the Index.
“Many firms are working harder at developing and implementing strategies that deliver competitive advantage”, Lisa said. “Although this is great for clients, who have reported increasing levels of satisfaction in our research, it makes the job for leadership even harder to make real headway. There has never been a more important time for firms to be data-driven in setting and gaining support for strategy, focusing on investments that will deliver return and reducing expensive periods of indecision and debate.”
For more information about Acritas and its Global Elite Law Firm Brand Index, please contact:
Liz Tate on +1 646 480-5738 or email email@example.com
Michelle Nesbitt-Burrell on +44(0) 808 178 3020 or email firstname.lastname@example.org
Acritas’ Global Elite Law Firm Brand Index 2018 is compiled from analysis of an extract of data from the Sharplegal Global Elite survey 2018 dataset. All data is derived from 1,600 interviews with respondents, in $1 billion+ revenue organizations across the world, who have senior responsibility for buying legal services (elite clients).
All interviews were conducted by telephone in local languages across 55 countries between August 2017 and July 2018 as part of Acritas’ ongoing Sharplegal survey.
All interviewing was undertaken by Acritas in strict accordance with the rules governing best practice in research. As such, no law firm or other third party had any involvement in selecting sample, analyzing or influencing responses or the Index rankings.
The Acritas Global Elite Law Firm Brand Index is determined through four open-ended
questions from the full Sharplegal survey to find out from senior legal buyers:
- The first law firms to come to mind (Awareness)
- The firms they feel most favorable towards (Favorability)
- The firms most considered for multi-jurisdictional deals across three or more countries (Consideration)
- The firms most considered for multi-jurisdictional litigation across three or more countries (Consideration).
The geographic spread of the interviews is determined by three factors: the number of Forbes 2000 companies headquartered, GDP and the average legal spend in each market around the world.
Incorporating over 50 questions, the full Sharplegal survey is an independent and robust market research study of the current global legal market that generates data and insight on law firm brands, usage, market trends, spend, international needs and much more, available by subscription only.