Today sees the first index of the Global law firm brands released by Acritas
Traditionally law firms have shied away from assessing, managing or even discussing their brands. In some quarters ‘brand’ has even been regarded as a dirty word. And yet when you analyse the real assets of a law firm, they’re not the physical assets. The key assets of a law firm are the staff, the client relationships and the brand.
In an assessment that may surprise some, Baker & McKenzie was ranked as the world’s leading law firm brand, ahead of the Magic Circle firms. Which raises the question, what defines a strong brand? Recognition or awareness is one key element. Reputation or favourable attitudes is another.
Many firms ask “why does awareness matter”? The answer is simple. How can you possibly expect to be considered for work by potential clients if you’re not even in their minds in the first place? The legal profession is extremely crowded, most large corporations have large numbers of law firms pursuing them for business. When it comes to selecting a firm for a piece of work it is rare that the client will approach more than five firms, even less for an informal appointment. Being top of mind and highly regarded is key.
It is difficult to manage an asset without measuring and understanding the value of that asset. Acritas’ sharplegal study highlights that while many firms perform in line with their size, some firms are notable through their ‘above average’ performance, whilst others, shall we say, are hidden treasures...
In the legal market it is difficult to prove, from a financial perspective, the value of a strong brand. Building a strong brand costs money, at the expense of short-term profits, something many firms are not willing to sacrifice. And in the historical world of plentiful work, performing well with existing clients was enough to deliver that much sought after revenue and profit growth. But things have changed, firms are now competing fiercely for work and clients are consolidating the firms they use – this provides both opportunities and threats. In this environment firms need to invest in managing their brand. Perhaps in the same way they invest in developing their staff and strengthening their client relationship.
Acritas’ sharplegal survey measures the awareness and favourability of law firm brands across multiple markets through thousands of interviews with the world’s most influential law firm clients. It pinpoints the relative strengths and weaknesses of leading brands.
To receive a copy of the sharplegal Global Elite Brand Index Report please email us , and confirm whether you would like to receive the UK or US version.
To view the sharplegal Global Elite Brand Index click here