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Which BigLaw firms are most favoured worldwide?
New findings from Acritas show that, in the age of coronavirus, clients have “gravitated” to their most trusted advisers and law firms, “doubling down” on their strongest relationships.
Jerome Doraisamy
Earlier this week, Thomson Reuters Acritas released its 11th annual Global Elite Law Firm Brand Index, which this year was compiled from over 1,500 interviews, across 55 countries, with respondents in global organisations that buy legal services and have more than $1 billion in revenue.
“However, those firms without this strict focus and discipline or those firms that are trying to be all things to all clients struggled in 2020, and will continue to do so going forward,” the organisation noted.
Acritas senior director of global client services Elizabeth Duffy added that the pressures of the pandemic had “accentuated” clients’ needs for their law firms to provide fast, business-ready advice.
“More than ever, clients need to be able to trust that the advice they receive is right and fit for their business so they have turned to rely more on their longest standing relationships. A firm’s investment in client relationships is a long-term commitment and requires multi-faceted support for lawyers in terms of tools, training and support and for some firms they are seeing return on this investment as they have been best positioned to help clients at crisis time,” she outlined.
“Now, with remote working a reality for still some time to come, the challenge for firms is how to deliver this differentiated client experience without the office-based norms and environment of normal times.”
According to the 2021 index, Baker McKenzie has retained the top spot in terms of favourability from clients – a ranking it has held for 11 years in a row.
Bakers global chair Milton Cheng said that the firm’s global mindset and “deep local market knowledge combined with our practice and sector expertise really differentiates us from the competition and enables our success locally, regionally and globally”.
“I am delighted that clients around the world continue to recognize Baker McKenzie’s unique brand and value proposition,” he said.
DLA Piper came in second, which was also its position in 2020. Australian managing partner Amber Matthews said the firm is pleased that clients “continue to have a high degree of trust in our brand”.
“Clients’ needs have become increasingly global. This is particularly the case in Australia, where the pandemic has shown how connected we are to the rest of the world. DLA Piper has been in Australia for up to 10 years and we are acting for more and more Australian companies who are seeking international expansion and growth. We offer an unrivalled platform, both in terms of expertise and geography, for clients who need to navigate new markets and want a global adviser,” she posited.
“Our mantra as a firm is to help our clients succeed, with a view to making business better. 2020 was certainly a challenging and unprecedented year for businesses and required us to support both our clients and people in new and unique ways, in Australia and around the world. Our firm mobilised early in the pandemic to understand our clients’ legal and business needs and to address them effectively. In many ways, the experiences of the past year have enhanced our relationships with clients, who relied on us during periods of high stress and uncertainty.”
Dentons jumped eight places to take out third spot, meaning – Acritas noted – that it “continues to be the biggest rising brand in over 10 years and is the highest riser this year”.
Firm global chairman Joe Andrew said Dentons is “extremely proud” of such a vote of confidence from senior global buyers of legal services.
“As the youngest of the global firms, competing with some who have been around for decades or centuries, we see improving our global brand as first among our goals not because it is the most important goal, but because the strength of our brand is a result of the strength of our people, of our commitment to diversity and to our continued effort to provide the best service for our clients,” he proclaimed.
Dentons global chief executive Elliott Portnoy added: “In this New Dynamic Decade, our clients are confronted with constant, accelerated change and want counsel that has the demonstrated experience and confidence to help them thrive in the unknown.”
The top five was rounded out by Linklaters (fourth) and Clifford Chance and Hogan Lovells (equal fifth).
Other global firms with an Australian presence that made the top 20 were: Allen & Overy and Norton Rose Fulbright (equal seventh), Jones Day (equal ninth), King & Wood Mallesons (11th), Herbert Smith Freehills (12th) and White & Case (13th).
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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