Page 34 - 2019 - Leaders in Legal Business (q)
P. 34
A U.K. concept originally, similar products were established in markets such as Canada
(Lexpert), Germany (Juve), Latin America (Latin Lawyer 250), and Asia (Asialaw Profiles)
Research-led directories such as Chambers & Partners and Legal 500 are considered to be
the most sophisticated type of legal directory and are most favored by large business law firms
because of their more rigorous methodology and selection process.
Because of the expansion of these products, the largest law firms send more than 1,000
submissions a year to various directories and awards organizations, and employ staff to manage
the submission process.
Chambers, Legal 500, and others draw their revenue from firms advertising in the
directories, although the placement of ads and profiles does not influence the performance of the
firm in the independent research assessment, and this “arm’s length” model gives these directories
credibility.
As repositories of large amounts of market feedback on law firms, Chambers and Legal
500 have branched out in recent years to offer customized private research reports for law firms
that provide greater levels of feedback and analysis of firms’ market positions than is made
available publicly.
Companies like BTI Consulting and Acritas have also developed successful businesses
based on legal market research and client feedback, presented through surveys and rankings.
Surveys & Awards
Surveys share similarities with legal directories, and many are published by the same
companies, although they are typically specialized around a particular practice, industry, or
market.
The Financial Times “Innovative Lawyers” has blazed a trail over the last 10 years, and
U.S. News & World Report, which partnered with Best Lawyers in 2010 to produce the “Best Law
Firms” survey, is a major player in the U.S.
In addition, there are many other surveys that cater to all areas of the legal sector — whether
it’s the annual American Lawyer Litigation Department of the Year, or IFLR’s Middle East Deal
of the Year, or the annual Global Competition Review 100 survey.
Outside of legal publishing, most industry sectors have a healthy trade press.
As well as covering news and features, many produce an annual survey or supplement akin
to a directory — and they will often include lawyers.
While the circulations of such journals and magazines are lower than the more
comprehensive, multi-practice, multi-country directories, their focus is a strength.
Lawyers want to get noticed by the people who work in the industries that they advise on,
so with dedicated teams of journalists who know their field, such surveys and directories can be
influential within a certain niche.
There are too many to mention, but whether it’s private client or healthcare or intellectual
property, lawyers should always consider promoting their practice to industry-focused
publications.
Awards are distinct from directories to some extent, but they perform a similar function,
and are often produced by the same legal and business publishers that run annual directories and
surveys, and draw on the same resources.
Hundreds, if not thousands, of awards cater to almost every legal practice, industry, and
market.
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(Lexpert), Germany (Juve), Latin America (Latin Lawyer 250), and Asia (Asialaw Profiles)
Research-led directories such as Chambers & Partners and Legal 500 are considered to be
the most sophisticated type of legal directory and are most favored by large business law firms
because of their more rigorous methodology and selection process.
Because of the expansion of these products, the largest law firms send more than 1,000
submissions a year to various directories and awards organizations, and employ staff to manage
the submission process.
Chambers, Legal 500, and others draw their revenue from firms advertising in the
directories, although the placement of ads and profiles does not influence the performance of the
firm in the independent research assessment, and this “arm’s length” model gives these directories
credibility.
As repositories of large amounts of market feedback on law firms, Chambers and Legal
500 have branched out in recent years to offer customized private research reports for law firms
that provide greater levels of feedback and analysis of firms’ market positions than is made
available publicly.
Companies like BTI Consulting and Acritas have also developed successful businesses
based on legal market research and client feedback, presented through surveys and rankings.
Surveys & Awards
Surveys share similarities with legal directories, and many are published by the same
companies, although they are typically specialized around a particular practice, industry, or
market.
The Financial Times “Innovative Lawyers” has blazed a trail over the last 10 years, and
U.S. News & World Report, which partnered with Best Lawyers in 2010 to produce the “Best Law
Firms” survey, is a major player in the U.S.
In addition, there are many other surveys that cater to all areas of the legal sector — whether
it’s the annual American Lawyer Litigation Department of the Year, or IFLR’s Middle East Deal
of the Year, or the annual Global Competition Review 100 survey.
Outside of legal publishing, most industry sectors have a healthy trade press.
As well as covering news and features, many produce an annual survey or supplement akin
to a directory — and they will often include lawyers.
While the circulations of such journals and magazines are lower than the more
comprehensive, multi-practice, multi-country directories, their focus is a strength.
Lawyers want to get noticed by the people who work in the industries that they advise on,
so with dedicated teams of journalists who know their field, such surveys and directories can be
influential within a certain niche.
There are too many to mention, but whether it’s private client or healthcare or intellectual
property, lawyers should always consider promoting their practice to industry-focused
publications.
Awards are distinct from directories to some extent, but they perform a similar function,
and are often produced by the same legal and business publishers that run annual directories and
surveys, and draw on the same resources.
Hundreds, if not thousands, of awards cater to almost every legal practice, industry, and
market.
19
