Page 31 - 2019 - Leaders in Legal Business (q)
P. 31
Why Do Law Firms Work with Legal Directories?
Because Clients Read Them
Directories provide buyers of legal services with helpful information that enables them to
make a more informed choice as to legal advisor.
Arguments rage over the extent to which clients read and value legal directories.
While directories are rarely the biggest factor that influences buyer behavior, numerous
surveys show that consumers of legal services read directories, and that directories play a role in
helping them to decide which law firm to select.
Some companies insist that only law firms featured in certain directories, or those that have
attained a certain ranking, will be considered.
Other clients use directories to assemble a shortlist of potential law firms, to narrow down
a long list of potential advisors to a shortlist, and to locate specialist firms in unfamiliar
jurisdictions.
Buyers of legal services treat directories as a “tiebreaker” to choose between two potential
firms who are otherwise equal in all respects — the higher-ranked firm will get the job.
Differentiation
All industries have their own ways to recognize professional achievements, but the
directories industry is proportionally larger and more influential within the legal sector because of
the fragmentation of the profession.
Despite the consolidation of the industry through law firm mergers and the emergence of
global “mega-firms,” the largest law firms in the world still only account for a small percentage of
market share.
A buyer of legal services can choose from a large range of potential providers for most
projects.
That creates demand for legal directories, as law firms seek to promote and differentiate
themselves from other firms in the market.
Third-Party Endorsement
Legal directories and awards provide a credible third-party endorsement.
Law firms make claims about their skills, expertise, and experience through promotional
channels such as the firm’s website, brochures, newsletters, and social media, but prospective
buyers of legal services may be skeptical about those claims or find it difficult to verify them.
On the other hand, an independent assessment from a credible organization, such as an
award given out by a prestigious legal publisher or a top-tier ranking in a respected legal directory,
will often carry more weight.
Law firms should continue to tell clients directly about their strengths, but prospective
buyers of legal services want to hear an unbiased voice — and directories provide that.
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Because Clients Read Them
Directories provide buyers of legal services with helpful information that enables them to
make a more informed choice as to legal advisor.
Arguments rage over the extent to which clients read and value legal directories.
While directories are rarely the biggest factor that influences buyer behavior, numerous
surveys show that consumers of legal services read directories, and that directories play a role in
helping them to decide which law firm to select.
Some companies insist that only law firms featured in certain directories, or those that have
attained a certain ranking, will be considered.
Other clients use directories to assemble a shortlist of potential law firms, to narrow down
a long list of potential advisors to a shortlist, and to locate specialist firms in unfamiliar
jurisdictions.
Buyers of legal services treat directories as a “tiebreaker” to choose between two potential
firms who are otherwise equal in all respects — the higher-ranked firm will get the job.
Differentiation
All industries have their own ways to recognize professional achievements, but the
directories industry is proportionally larger and more influential within the legal sector because of
the fragmentation of the profession.
Despite the consolidation of the industry through law firm mergers and the emergence of
global “mega-firms,” the largest law firms in the world still only account for a small percentage of
market share.
A buyer of legal services can choose from a large range of potential providers for most
projects.
That creates demand for legal directories, as law firms seek to promote and differentiate
themselves from other firms in the market.
Third-Party Endorsement
Legal directories and awards provide a credible third-party endorsement.
Law firms make claims about their skills, expertise, and experience through promotional
channels such as the firm’s website, brochures, newsletters, and social media, but prospective
buyers of legal services may be skeptical about those claims or find it difficult to verify them.
On the other hand, an independent assessment from a credible organization, such as an
award given out by a prestigious legal publisher or a top-tier ranking in a respected legal directory,
will often carry more weight.
Law firms should continue to tell clients directly about their strengths, but prospective
buyers of legal services want to hear an unbiased voice — and directories provide that.
16
