MINNEAPOLIS-ST. PAUL, January 25, 2022 -Thomson Reuters announced the 2022 Global Elite Law Firm Brand Index today with Baker McKenzie retaining the top spot for the 12th consecutive year. DLA Piper remained second on the list, while Clifford Chance moved up two spots to third, followed by Dentons and Norton Rose Fulbright.
Fourteen of this year's top 20 firms increased their brand index score from last year. CMS experienced the largest percentage increase in their score, moving up to 13th place. Gibson Dunn was the sole new entrant to the top 20.
"This year's index proves that it is possible to grow your firm's brand virtually in a remote environment," said Elizabeth Duffy, senior director of Global Client Services, Thomson Reuters. "And while there is no single formula for success, a winning strategy is one that doubles down on a firm's strengths and aligns closely with its clients' changing needs today while preparing for tomorrow."
In 2021, as businesses emerged from the crisis, legal service buying patterns focused on forward-facing factors like understanding the client's business and knowledge of their sector," Duffy added. "And we are seeing clients prioritizing specialist expertise over historical relationships or reputation."
The ability to handle a wide variety of legal matters in multiple jurisdictions around the world clearly rose in importance this year, as clients sought support for their global business. Consideration for both multi-jurisdictional litigation and multi-jurisdictional deals are now two of the most important success factors for global law firm brands. Five of the seven fastest growing brands showed above-average consideration levels for multi-jurisdictional deals.
The report concludes that recent changes in market dynamics, client buying patterns, and the shift to remote andr hybrid working means that firms have to reimagine how to reach and connect with clients to keep their firm top of mind, forge strong relationships, and develop new business.
The Thomson Reuters Global Elite Law Firm 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.
Download the 2022 Thomson Reuters Global Elite Law Firm Brand Index at https://www.thomsonreuters.com/en-us/posts/legal/global-elite-law-firm-brand-index-2022/.
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