There’s good news and bad news on the global brand front. For the positive, it’s now clear that law firms with the will and resources can achieve top-of-mind status with clients around the world. According to the latest survey from Acritas, 14 firms have placed in the top 20 on their global brand index for the last five years. And roughly 20 more are close behind. But here’s the bad news. Despite all the efforts, these firms are nowhere near as prominent as their competitors in, say, accounting. Only five firms were mentioned by as many as 10 percent of surveyed clients, and only one, Baker & McKenzie, was on the lips of even 20 percent. In the land of the anonymous, then, the sort-of famous seem to be kings.
Those are among the high-level takeaways from the fifth Global Elite Law Firm Brand Index from Acritas, the U.K.-based market research house (scroll down to the list below). The index is based on detailed phone interviews with 1,185 general counsel or their deputies at companies with gross revenues of $1 billion or more. The clients came from every major region. Acritas bases its index on four questions that ask for the names of five firms “that come to mind”; three firms the clients feel “most favorable toward”; and then three firms they’re most likely to consider for multijurisdictional litigation and deals. “This is a dynamic, competitive market, and the index reflects that,” says Lisa Hart Shepherd, Acritas’ CEO. “Firms need to work much harder and smarter to grow and win market share.”
