To shed more light on this, the 成人VR视频 Institute recently released a series of Regional Law Firm Brand Indexes 鈥� covering the legal markets in the US, the UK, the Asia-Pacific region, Canada, and Mainland Europe 鈥� that explore which law firms corporate clients are choosing for work, for what types of work, and why. Each Index is based on data compiled in 2021 from 成人VR视频 Sharplegal study.

The indexes look at factors such as which law firms come to the top of clients鈥� minds, which firms are mentioned first by clients, which firms clients consider using for top-level litigation and M&A work, and which firms they use for other high-value work. The indexes also explore which law firms clients are most likely to use for cross-border legal matters.

Understandably, there are a number of factors at play in these indexes, and the methodology is complex, even as the lessons illustrated within each index can contain powerful insight for law firms in those regions.

聽available on the聽听肠丑补苍苍别濒,听Bill Josten, manager of legal industry and law firm content at 成人VR视频 Institute, sat down with Becky Halat, a senior manager with the Market Insights Client Services team at 成人VR视频, to help bring greater understanding to the significance of the lessons these indexes offer. In the podcast, Halat breaks down how these regional brand indexes come to be and what lesson law firms can learn from them, regardless of whether the firm appears on the index or not.

You can here.

Chief among the lessons from these indexes is that a strong law firm brand takes a tremendous amount of effort to build and maintain. Even among firms that simply maintained their position in a particular index year-over-year, an incredible amount of work had to be done by the firms to increase their overall awareness ranking in the eyes of clients, which improved among these firms by 11%. Firms that actually improved their rankings in the index increased their awareness ranking by 24%, demonstrating a high degree of dedication to the process of building recognition among clients.

While many of the firms listed on the various indexes were able to maintain their positions, the podcast gives the example of how one firm 鈥� Clifford Chance 鈥� made a large jump in the UK Index, moving up eight spots compared to last year. To accomplish this, the firm not only improved its awareness ranking, but also its ranking in terms of clients鈥� likelihood to select it for top-level work, deftly converting its client awareness to client favorability which in turn resulted in additional paying work.

In that example lies a lesson for any law firm leader about how important interaction with clients is to the firm鈥檚 bottom line, ultimately. 鈥淚nteracting with clients regularly, even when you鈥檙e not working with them directly, will help ensure that when they pick up the phone, it鈥檚 you that they鈥檙e reaching out to first,鈥� Halat says.

More specifically, those European clients surveyed in 成人VR视频鈥� , said they are seeking to work with outside law firms that have unrivalled technical acumen, deep-subject matter expertise, and an understanding of how these attributes can be applied to address clients鈥� strategic challenges. More specifically, European GCs stressed how important it was for their law departments to come to grips with the challenges of digitalization.

You can download the full here.

In the minds of many clients, their outside law firms should be leveraging all their skills towards solving not just today鈥檚 legal challenges, but those that clients may not yet have anticipated. Indeed, clients are depending on their legal partners to identify and solve these yet-unseen problems. Those outside law firms 鈥� the ones that are truly proactive in their advice and innovative in their delivery 鈥� will continue to find themselves most favored by European corporate clients, the Index shows.

Clients looking for global reach

European GCs, also like those in other regions, are anticipating strong increases in their legal spend across the continent, with three times as many GCs saying they鈥檙e increasing their legal spend this year than said it last year. And fueling these spending increases in part is the steady growth in cross-border legal work, with portion of the market anticipating international legal spending to increase at its highest level in the last five years. And like in the United Kingdom and the Asia Pacific legal markets, managing cross-border regulatory changes are expected to be a heady challenge for clients in Mainland Europe.

This year鈥檚 top 10 in the Mainland Europe Index is dominated by the largest global law firms that can boast a meaningful presence in key European markets. Clients also cited these firms鈥� ability to combine that meaningful global network with a reputation for technical specialty and high-quality legal service delivery. Indeed, we have to move into the firms ranked 11^th to 20^th before we can see more of the region鈥檚 premium firms whose strength is anchored in their local market.

Atop the Index for Mainland Europe, Baker McKenzie takes the top spot for the fourth consecutive year as clients cited the firm鈥檚 strength across the region and its ability to connect them with the rest of the world.

Among other firms, Clifford Chance and Allen & Overy have stood out in this year鈥檚 Index for Mainland Europe. Both firms have grown their favorability in the eyes of their clients by leveraging their specialist expertise and ability to deliver on the high-stakes work consistently across the European continent, especially across the key markets of Germany, France, Italy, and Spain. Also, Paris-based CMS moved up to their highest position in the last three years, breaking into the Top 5 with a different proposition: offering high quality work through an investment in understanding clients鈥� business and a focus on creating cost efficiencies.

成人VR视频鈥� Regional Law Firm Brand Index 2022 illustrated how those law firms in Mainland Europe and around the world that saw the most growth in this year鈥檚 Index were the ones that were able to establish themselves in the minds of clients in areas of brand awareness and client favorability. The Regional Index covers the legal markets in five separate countries or regions 鈥� the United States, the United Kingdom, Mainland Europe, Canada, and the Asia-Pacific region. Each Index is based on data compiled in 2021 from 成人VR视频 Sharplegal study.

As the Index demonstrates, corporate clients and legal service buyers in Europe and elsewhere are seeking out those legal partners that can demonstrate a deeper focus on factors that will best position their clients to take advantage of coming opportunities and face future challenges.

You can watch Jennifer Dezso, Director of Client Relations at 成人VR视频, breakdown not just the legal market in Mainland Europe, but also the markets in the US, UK, Canada, and the Asia-Pacific region.

Now, in Canada and the rest of the world, those attributes are actually declining as defining characteristics for those law firms most-favored by clients. Instead, clients and buyers of legal services 鈥� in Canada and elsewhere 鈥� are placing a much greater emphasis on the value of practical business advice and the broader strength of lawyers.

Indeed, in the latest Canada Law Firm Brand Index, Canadian clients cited both of those attributes, along with localized legal knowledge across multiple jurisdictions, as the main characteristics they are seeking most in their outside counsel.

This shift is hardly surprising. As companies push forward and hope to get back to a more normal state following the massive upheaval of the global pandemic, business risk itself is being redefined. That means that corporate clients are seeking outside counsel that hold a wider perspective and specific strengths that can help clients navigate the still-turbulent waters in 2022 and in the future. Further, clients in Canada and elsewhere are looking for those outside law firms that can demonstrate a solid track record of quality results, efficient delivery, and future-looking commercial solutions, the Index showed.

Elizabeth Duffy, Senior Director of Global Client Services at 成人VR视频, said their research shows that clients in Canada and around the world were prioritizing specialist expertise over historical relationships or reputation. 鈥淚n 2021, as businesses emerged from the crisis, legal service buying patterns are focusing on forward-facing factors like understanding the client鈥檚 business and knowledge of their sector,鈥� Duffy explains.

In the minds of many clients, their outside law firms should be leveraging all their skills towards solving not just today鈥檚 legal challenges, but those that clients may not yet have anticipated. Indeed, clients are depending on their legal partners to identify and solve these yet-unseen problems. Those outside law firms 鈥� the ones that are truly proactive in their advice and innovative in their delivery 鈥� will continue to find themselves most favored by Canada-based corporate clients, the Index shows.

You can watch Jennifer Dezso, Director of Client Relations at 成人VR视频, breakdown not just the Canadian legal market, but also the markets in the US, UK, Mainland Europe, and the Asia-Pacific region.

As part of this realignment of the risk mindset, Canadian legal buyers 鈥� like those in many parts of the world 鈥� have indicated that they are prepared to increase their legal spending in 2022. In fact, more than 42% of GCs at companies in Canada who were surveyed said their organization plans to increase its overall legal spend this year. That increase in spend, however, comes with a higher bar for their outside counsel to meet in terms of innovative collaboration and specialized business-focused knowledge.

Redefining risk

This year鈥檚 Canada Law Firm Brand Index clearly reflected this redefinition of risk, even as the Index itself remained relatively stable. The top 4 spots remained the same from the previous year, even as the individual scores among the top group grew closer.

The Index shows that Blake, Cassels & Graydon (Blakes) remains the Canadian market leader for the seventh consecutive year. In fact, Blakes鈥� staying power deftly illustrates this shift in risk assessment as the firm has cemented its position at the top by building on its deep relationships with its clients and demonstrating a clear understanding of clients鈥� businesses.

The rest of the top 4 鈥� McCarthy T茅trault at number 2; Osler, Hoskin & Harcourt (3); and Norton Rose Fulbright (4) 鈥� each leveraged separate brand differentiators to secure their spot in this market. And three other law firms 鈥� Torys, Borden Ladner Gervais, and Bennett Jones 鈥� showed that there is still room to climb the Canadian law firm rankings as they all finished strong in the Index, each individually pursuing a strategy that combined a valuable understanding of clients鈥� businesses with deep legal expertise. Clearly, as the Index shows, these two factors are the most powerful combination that clients are seeking as they navigate new legal risks.

成人VR视频鈥� Regional Law Firm Brand Index 2022 illustrated how those law firms in Canada and around the world that saw the most growth in this year鈥檚 Index were the ones that were able to establish themselves in the minds of clients in areas of brand awareness and client favorability. The Regional Index covers the legal markets in five separate countries or regions 鈥� the United States, the United Kingdom, Mainland Europe, Canada, and the Asia-Pacific region. Each Index is based on data compiled in 2021 from 成人VR视频 Sharplegal study.

Conclusion

In today鈥檚 post-crisis environment, as the worst of the pandemic seems behind us, corporate clients are not going back to the traditional ways of assessing their outside legal counsel. Instead, clients and legal service buyers in Canada and elsewhere are seeking legal partners that can demonstrate a deeper focus on factors that will best position those clients to take advantage of coming opportunities and best face future challenges.

You can download the Canada Law Firm Brand Index here:

Those attributes include deep-subject matter expertise, breadth of practice, commercial acumen, and strong sector knowledge, according to the newly published UK Law Firm Brand Index. In fact, UK clients are increasingly seeking those outside law firms that can show they have a determined ability to grasp the strategic business challenges with which clients are grappling. Further, clients are looking for those firms that can demonstrate a solid track record of delivering quality results and viable and future-looking commercial solutions, the Index showed.

Simply put, in the minds of many clients, their outside law firms should be looking forward and leveraging all their skills towards solving the next set of issues that clients are certain are around the next corner. That leaves many UK law firms with very full plates, as they strive to keep up with how the UK鈥檚 move away from the European Union will impact business, trade, and worker issues, as well as the latest shifts in trade and labor issues and the evolving regulatory and compliance landscapes in the post-pandemic, post-Brexit environment. Firms also need to keep abreast of other notable challenges, such as the ongoing and increasingly rapid digitalization of their clients鈥� industries.

The sum total of these concerns are certainly keeping corporate GCs awake at night, a level of concern that clients are passing on their outside counsel. Not surprisingly then, as corporate clients say they expect across-the-board increases in their legal spend after two years of tightening budgets, they make it clear that those law firms seeking a portion of their wallet need to meet a stringent criteria of legal skills and attributes centered around deep market knowledge, strong legal acumen, and strategic business guidance.

Cementing strong relationships

For UK law firms, this new reality means that having a respected and clearly defined brand when it comes to attracting clients and cementing trusting relationships has never been more critical. As law firms seek to help their clients navigate still-uncertain waters, they鈥檙e seeing how important maintaining these high-quality relationships are to the ultimate success of the firm and its client relationships.

成人VR视频鈥� Regional Law Firm Brand Index 2022 showed how those law firms in the UK and around the world that were able to establish themselves in the minds of clients in areas of favorability and brand awareness were able to strengthen these client relationships as a result, leading to those firms seeing the most growth in this year鈥檚 Index. The Regional Index covers the legal markets in five separate countries or regions 鈥� the United States, the United Kingdom, Mainland Europe, Canada, and the Asia-Pacific region. Each Index is based on data compiled in 2021 from 成人VR视频 Sharplegal study.

You can watch Jennifer Dezso, Director of Client Relations at 成人VR视频, breakdown not just the UK legal market, but also the markets in the US, Mainland Europe, Canada, and the Asia-Pacific region.

This year鈥檚 UK Law Firm Brand Index, like other Indexes in other regions, exhibited this realignment of client priorities as new names topped a number of the Index charts. In the UK, Clifford Chance topped the Index for first time, improving its Index score by an amazing 44 points and climbing from 9th place in 2020. UK clients said that they had greater brand awareness for Clifford Chance, citing the firm鈥檚 ability to combine its strong technical specialty, client-focused approach to providing solutions, and reputation for handling high-level work as reasons it was so favored.

Further, Clifford Chance was seen as a strong partner in clients鈥� eyes, ready to guide them through uncertainty and help them maximize opportunities in a year of constant change. In short, just what UK clients of all stripes said they were looking for in an outside law firm.

Eversheds Sutherland鈥檚 investment of its time and energy into building a business-savvy approach to the market allowed the firm to keep its 2nd place position from last year. According to clients, Eversheds鈥� ability to understand clients鈥� businesses and develop and deliver pro-active commercial solutions was a top reason it was favored.

Interestingly, two other firms 鈥� CMS and Herbert Smith Freehills 鈥� moved up into the 3rd and 4th place, respectively, after tying for 5th place in last year鈥檚 Index. And both made their move by leveraging different strategic pathways to success: CMS, based on its industry knowledge and ability to generate proactive, practical solutions to clients鈥� problems; and Herbert Smith Freehills by delivering on the solidity and technical excellence of its position as the go-to firm for top-level litigation.

Conclusion

As the world moves into a new, post-pandemic era, what corporate clients want from their external law firms is changing as well. Clients are rewarding those law firms that can demonstrate a deeper focus on factors that will position clients to address future challenges and take advantage of coming opportunities.

Not surprisingly, clients in the UK legal market are favoring those UK law firms that can show how well they understand their clients鈥� business and market sector and can steer clients through the current still-choppy waters and into calmer seas.

You can download the UK Law Firm Brand Index here:

Of course, the caveat is that for a law firm to differentiate itself in the minds of clients or to even simply stand out in this marketplace requires firms and their top lawyer to hone an ever-evolving set of skills.

For example, responsiveness to clients no longer makes a law firm stand out as unique, nor can firms tout their responsiveness as anything beyond simple table stakes. However, newer skills 鈥� like being proactive communicators 鈥� still will allow a firm and its key lawyers to appeal to what their clients are saying they want to see in their external legal counsel.

From a brand perspective, you can see this post-pandemic shift clearly happening as traditional law firm differentiators like historic reputations or relationships with individual lawyers gave way to other factors such as clients鈥� need to have fast, trustworthy advice from their external counsel. The rapid response aspect of legal work was increasingly important to clients, especially as in-house lawyer workloads continue to grow.

Further, our survey data shows that clients in almost every country or region are planning to increase the level of their legal spend in 2022 鈥� and that was true in the US legal market as well. In fact, it seems that the lingering impact of the pandemic has kept clients鈥� legal budgets robust and corporate law departments鈥� reliance on outside counsel at a high level, much to the benefit of traditional law firms and other providers of legal services.

Reacting to clients鈥� changing needs

The impact of the global pandemic demonstrated to law firms within the US legal industry 鈥� as well as to firms within legal markets around the world 鈥� that the importance of having a respected and clearly defined brand when it comes to attracting clients, gaining their trust, and cementing strong relationships was paramount. Now, as law firms seek to help their clients navigate still uncertain waters in the pandemic鈥檚 wake, they鈥檙e seeing how critical it is to their success that they maintain these high-quality relationships.

成人VR视频鈥� Regional Elite Law Firm Brand Index 2022 showed how those law firms that were able to establish high firm favorability and brand awareness in the minds of clients, and thereby strengthen these client relationships saw the most growth in this year鈥檚 Index. The Regional Index covers the legal markets in five separate countries or regions 鈥� the United States, the United Kingdom, Mainland Europe, Canada, and the Asia-Pacific region. Each Index is based on data compiled in 2021 from 成人VR视频 Sharplegal study.

You can watch Jennifer Dezso, Director of Client Relations at 成人VR视频, breakdown not just the US legal market, but also the markets in the UK, Mainland Europe, Canada, and the Asia-Pacific region.

This year鈥檚 US Law Firm Brand Index clearly reflected this new reality 鈥� and for the first time, Latham & Watkins steps into the number one spot in the US Brand Index. Not only does the firm generate the most top-of-mind awareness score with US-based clients, but the firm is also the one to which clients turn to most for high-value work matters.

Second place went to Kirkland & Ellis, which continues to solidify its brand as a top-level firm. For the last two years running, the firm was cited as the one most frequently considered for top-level litigation and M&A work. Also, this year鈥檚 Index showed that two new firms reached the Top 20 for the first time: Alston & Bird and Winston & Strawn. Both firms have scaled the ranks by leveraging their strong regional reputations into a national presence that has resonated with clients.

Conclusion

As we start to move away from the worst of the pandemic crisis, clients clearly began shifting their focus as to what they wanted from both their in-house legal teams and their external law firms. As a result, legal demand became more focused on forward-facing factors like how well law firms understood their clients鈥� business and market sector. Now, as we move forward, clients in the United States and elsewhere continue to desire this specialist expertise and holistic service from their legal partners.

Download 成人VR视频鈥� US Law Firm Brand Index 2022 here:

成人VR视频鈥� newly published Regional Law Firm Brand Indexes 2022 (download below) shows how those law firms that were able to forge the components of strong client relationships 鈥� such as establishing high firm favorability and brand awareness in the minds of clients 鈥� saw the most growth in this year鈥檚 Indexes. The new Regional Indexes covers the legal markets in five separate countries or regions 鈥� the United States, the United Kingdom, Mainland Europe, Canada, and the Asia-Pacific region.

Each Index is based on data compiled in 2021 from 成人VR视频 Sharplegal study; and the sample of surveyed organizations is random across each individual country or region with all major industries and sections represented to consistently allow for reliable benchmarking.

The Indexes are not a reflection of technical competence alone, however; it is a reflection of which firms are upper-most in clients鈥� minds, to which firms clients are most attracted, and to which they are most likely to give their most important work. How the regional rankings in the Indexes change over time shows which firms are doing a better job of making and maintaining a meaningful relevant impression with clients through experience, relationship development, and alignment with clients鈥� goals and needs.

Overall, the data shows that clients in almost every country or region are planning to increase the level of their legal spend in 2022. Indeed, it appears that the lingering impact of the pandemic has kept organizations鈥� legal budgets robust and corporate law departments鈥� reliance on outside counsel at a high level. Add to this a booming M&A market in many areas around the world and it鈥檚 no surprise that those firms most quickly climbing up the Index are well-situated in clients鈥� minds for top-level M&A work.

From a brand perspective, a post-pandemic shift was clearly going on across all regions. Traditional law firm differentiators like historic reputations or relationships with individual lawyers gave way to other factors such as clients鈥� need to have fast, trustworthy advice from their external counsel. The rapid response aspect of legal work was increasingly important to clients, especially as in-house lawyer workloads continue to grow.

鈥淚n 2021, as businesses emerged from the crisis, legal service buying patterns focus on forward-facing factors like understanding the client鈥檚 business and knowledge of their sector,鈥� explains Elizabeth Duffy, Senior Director of Global Client Services at 成人VR视频. 鈥淎nd we still see clients prioritizing specialist expertise over historical relationships or reputation.鈥�

Indeed, standing out in today鈥檚 legal marketplace requires firms to hone an ever-evolving set of skills. What once was considered solid differentiators in recent years have turned into table stakes as clients continually push for higher standards in legal service delivery. Simply put, the bar continues to rise. For example, responsive law firms no longer stand out as unique, nor can they tout their responsiveness as anything beyond what is an expected norm. However, newer skills 鈥� like being proactive communicators 鈥� do still allow a firm and its key lawyers to stand out.

Similarly, the idea of understanding your client鈥檚 business is simply expected; and without it, client satisfaction can drop precipitously. However, delivering commercial-ready advice is one of the most effective ways outside law firms can still differentiate themselves and earn a larger share of clients鈥� legal spend.

As more client businesses try to put the harsh depths of the pandemic crisis behind them, legal demand is becoming more focused on these forward-facing factors, such as how well law firms understand their clients鈥� business and market sector. And as we continue to move through 2022 and beyond, we will increasingly see clients all around the world prioritize this kind of specialist expertise and reward those outside law firms that can provide it.

Download 成人VR视频鈥� Regional Law Firm Brand Indexes 2022 here: