January 21, 2020
Baker McKenzie, DLA Piper and Clifford Chance Top the 2020 Acritas Global Elite Brand Index, Highlighting Increasing Global Commitment of Top Firms
NEW YORK, January 21, 2020 – Acritas, now part of Thomson Reuters, announced the 2020 Global Elite Brand Index. Not only does Baker McKenzie lead this year’s index, but the firm has consistently increased its lead over the last seven years. DLA Piper and Clifford Chance swapped positions from last year’s index, with DLA Piper moving up to number two and Clifford Chance slipping to the third position.
The Acritas Global Elite Brand 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.
Although many firms moved up or down within the top 20 this year, only four firms closed the gap on Baker McKenzie based on points: White & Case, CMS, Morgan Lewis and Kirkland & Ellis.
The annual research 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. 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.
Lisa Hart Shepherd, vice president of Research and Advisory Services at Thomson Reuters, commented, “Clients segment firms in much simpler ways today. They are either looking for a value choice, premium reputation or global coverage, depending on the needs at the time. Quality can be found in all three segments. For firms, choosing an overarching focus and sticking with it is essential to developing a differentiated brand.
“Baker McKenzie has shown that commitment to a long-term strategy that is in line with evolving client needs will deliver financial success. This strategic focus on global reach makes for a clear purpose that its people can get behind and that its clients can easily understand. Whilst in the early years, this meant the firm suffered financially, this long-term commitment is now paying financial dividends, with the firm posting year-on-year rises in revenue and profits-per-equity-partner for the last three years.”
Dentons is the biggest riser in the index over the last decade, closing the gap on Baker McKenzie by 16 points. Over this period, the firm increased its global coverage to a huge 73 countries. King & Wood Mallesons, the second-biggest riser over the same time period, has particularly benefited from its dominance in China. The world’s most populous country has gained significant global power, closing the gap on the U.S. in terms of GDP and being the headquarters location to many of the world’s largest companies.
A full copy of the Acritas Global Elite Brand Index can be downloaded here.
Next Up: Acritas Prestige Law Firm Brand Index
In February, Acritas will release its inaugural Prestige Law Firm Brand Index, comprising a mix of both best-in-class domestic and international firms. The Prestige Law Firm Brand Index will focus on consideration for top-level work, as well as the firms that are perceived to have boardroom credibility and a higher proportion of their partners nominated as stand-out.
Shepherd commented, “Many large firms are at a crossroads. Seeking a full-service, broader and deeper global capability takes huge investment and management focus. These firms will also need to make large tech investments to stay modern and defend against the Big Four and other disrupters. This is a long-term play that doesn’t maximize profits in the short or medium term. Therefore, many firms instead seek to move to the premium end of the market, replicating at a firm-wide level what they may have in one or two niches. But, being prestigious, by definition, is limited to the few. To succeed in an increasingly dynamic and diverse competitive marketplace, firms need to make realistic strategic choices that stretch the firm but are achievable, and then focus.”
Acritas, part of Thomson Reuters, is the world’s leading provider of global legal market intelligence. We know that your success depends on the quality of your decisions. Empirical data provides the best foundation for informed decision-making and successful strategy development. That is why our experts only make recommendations to clients based on the most robust research insights. With Acritas you can be sure to find the information you need to improve business performance and sharpen your competitive edge. For more information, go to www.acritas.com.
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