For the third year in a row, Baker McKenzie has won the global law firm brand survey run by Acritas.
So what is the firm doing to achieve its ‘top law brand’ branding success?
The Acritas 2020 Global Elite Brand Index showed Baker McKenzie widening its margin over the two law firms providing the greatest competition: DLA Piper and Clifford Chance.
The Acritas say that their branding Index measures the firms that are most top of mind and most favored by corporate clients with more than US$1B in global revenues, as well as most considered for multi-jurisdictional deals and litigation.
The annual research from Acritas shows that clients’ needs have become increasingly global over the last decade.
“Each year, more clients have expressed a greater need for international reach across a broader set of countries, and as a result, an increasing share of spend has been allocated internationally,” the firm said in a press statement.
“Clients say they are looking for advisors who can provide multi-jurisdictional support across a range of different practice areas in a consistent and coordinated manner.”
According to Acritas’ executive Lisa Hart Shepherd the key reason for the Baker McKenzie success has been its early decision to prioritize a global approach to its practice.
“Market disruption is an accepted reality for business, as new competition and technologies drive the pace of change faster than ever before,” Baker McKenzie global chair Milton Cheng (left) said in a statement.
“Our clients want lawyers who are prepared to lead, differentiate and adapt in a constantly changing world. We are unquestionably the leading cross-border law firm that large, global clients trust for complex transactional and other matters involving multiple jurisdictions.”
While Acritas has been ranking law firms in terms of brand strength for over a decade, this is the company’s first release since being acquired by Thomson Reuters last year.
Lisa Hart Shepherd, vice president of research and advisory services at Thomson Reuters, attributed Baker McKenzie’s dominance to its relatively early decision to prioritize a global approach.
Others who cracked the 2020 Acritas Global Elite Law Firm Brand Index were Jones Day, Allen & Overy and Hogan Lovells.
Key ‘Top Law Brand’ Law Firm Branding Steps
In an article on law firm branding, legal PR company Jaffe PR identified six steps towards successful law firm branding, including developing a key brand strategy to build the ‘story’ behind the firm brand.
And the brand also needs to communicate key information about the law firm and its service offerings.
The communication needs to be handled “in a compelling way that speaks directly to clients and other core audiences. This is important because clients and prospective clients are inundated with options for professional services and often say that it is difficult to determine what makes a firm stand out from its competitors. The brand story must be authentic,” JaffePR said.
Meanwhile the law firm branding for major firms like Baker McKenzie is once again demonstrating the need for firms to properly align their strategy and communications to project the image they want their clients and client prospects to recognize.
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