This is the fifth annual law firm brand index we have published for the Asia-Pacific region.
The key finding from this year’s results is that Baker McKenzie have maintained its position as the regions strongest law firm brand for the second consecutive year, closely followed by King & Wood Mallesons and Herbert Smith Freehills.
All three firms have received strong results but are standing out with their own particular strengths – Baker McKenzie for their ability to service the cross-border international needs of buyers in the region. King & Wood Mallesons for its quality and ability to deliver high value work to clients. Herbert Smith Freehills continue to dominate with their reputation for handling litigation and contentious work.
In this year’s Index, Asia Pacific firms accounted for approximately half of the firms mentioned and half of all brand equity in the market. A smaller number of global and multi-national firms (13% of firms named) achieve a more substantial brand strength, taking up 36% of the brand index points. Conversly, US firms are facing the most competition – they were twice as numerous as the global firms (26% of firms mentioned) but much weaker in brand strength. Together, US firms accounted for just 10% of brand equity in the market.
Our research has also shown that Asia Pacific legal buyers spend an average of 40% of their budget on resources outside their home country, and the pace of spending is expected to accelerate with growth in the region.
The challenge for global firms is to figure out how to compete and align to local market needs and expectations, which can be vastly different for each country in the region.
Local independent firms are gaining credibility and size, and are emerging as strong competitors in an evolving market.
Outside of traditional law firms we are seeing new disruptive players entering the market and we have been measuring their brand strength across the world which we will reveal later this week.
The Asia Pacific Law Firm Brand Index 2018 is compiled from analysis of an extract of data from the Sharplegal survey dataset. All data is derived from 441 interviews with in 11 countries, collectively spending US$2.1 billion on legal services annually.
To find out more about Acritas and its Brand Indexes please contact Michelle Nesbitt-Burrell on +44 808 178 3020 or email email@example.com