Size does matter, at least when it comes to law firm brand recognition. That’s the finding of the Acritas “US Law Firm Brand Index 2013” that surveyed 711 general counsels at companies with a revenue of at least $50 million and found that “big is best” when it comes to how clients choose which law firms to hire.
“What matters most is obviously what the clients think,” writes Above the Law’s Staci Zaretsky. “After all, a brand is something that will keep clients coming back, and usher in new and exciting business opportunities.”
How does a firm increase their brand recognition? By increasing their market share through mergers and overseas expansion, thereby extending their brand. According to the American Lawyer article, the two firms that illustrated this trend are “McDermott Will & Emery, which surged from No. 31 to 12th place, and DLA Piper, which jumped six spots to No. 5.” Both firms added partners last year—DLA added 97, McDermott hired 42—and both expanded overseas, each opening offices in Seoul and McDermott opening one in Frankfurt.
The top 10 law firm brands for 2013 are:
- Jones Day
- Baker & McKenzie
- Latham & Watkins
- DLA Piper
- Sidley Austin
- Kirkland & Ellis
- Mayer Brown
- Morgan Lewis
- Gibson Dunn
“Putting prestige aside, this ranking speaks volumes as to which BigLaw firms are on top when it comes to client loyalty,” Zaretsky writes. “If your firm’s name is one of the first five that comes to mind when big clients have bet-the-company litigation and major M&A transactions, you know you’re probably doing something right.”