Summary: Acritas has revealed the law firms with the strongest growth patterns, based on surveys taken over the past four years.
According to PRWeb, during the last four years, Acritas has been busy conducting over 2,500 interviews with senior legal buyers across America to track and analyze the brand strength of law firms and trends in buyer behavior. When compared to the published financial data of these firms, the “Rising Star Brands” are revealed, as well as a positive correlation between financial growth and brand growth. The “Rising Stars” are those that perform much better than their competitors. The Rising Stars range in size from regional firms such as Katten Munchin, Shepard Mullin, Nixon Peabody, and Global Legal Post, a good reputation is not enough for law firms. In the United States, it has become apparent that, if a firm wants to increase its market share, it must find a way to stand out—and a strong brand will do just that.
Prestigious law firms show impressive growth in revenue.
In 2014, Acritas interviewed 691 U.S. based general counsel. These individuals mentioned a total of 295 different law firms, which was 29% more than four years prior.
Acritas analyzed the 295 firms’ performance in six areas.
In 2014, Paul Weiss topped one billion dollars in revenue.
BakerHostetler was the winner, ranking as a Rising Star in three categories: favorability, awareness, and consideration for top-level litigation. Dentons was also near the top of the list, ranking as one of the fastest growing brands for favorability and awareness.
Foley & Lardner and Perkins Coie saw the most growth in high value work. For firms who represent foreign clients with their legal needs in the United States, K&L Gates and Baker & McKenzie was the only Rising Star firm for major mergers and acquisitions consideration.
In 2013, the top 100 law firms saw revenue rise.
Elizabeth Duffy, the Vice President of Acritas US, said, “No one can deny that market forces, client trends and law firm consolidation have altered the landscape of the legal market and that it is continuing to evolve. Firms can no longer rely solely on their reputation to be memorable; every firm has an obligation to keep reminding the market of their capabilities, presence and relevance if they want to achieve their maximum growth potential.”
Although expertise was once the most important factor for clients when choosing a firm, it now appears that an appropriate level of resources is now the most important.
Duffy added that brand alignment is the most important factor for increasing revenue. She said, “What all these Rising Star Brands are doing to win out over the competition is better aligning with client demand, behavior and their evolving needs. They are also investing in raising awareness and building favorability to accelerate their firm’s progression to the top tiers of their chosen niche.”
According to the American Lawyer, Norton Rose Fulbright claimed the top spot in Acritas’ Canadian Brand Survey.
Source: PRWeb
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