Thomson Reuters` 2022 indices cover legal markets in five different countries or regions – the United States, the United Kingdom, Continental Europe and Asia-Pacific, and Canada. Each index is based on data compiled in 2021 from the Thomson Reuters Sharplegal study. Baker McKenzie has been named the world`s leading law firm brand in Thomson Reuters` latest Global Elite Law Firm Brand Index for the 12th consecutive year. The Thomson Reuters Global Elite Law Firm Brand Index was previously called the Acritas Global Elite Law Firm Brand Index. Corporate relationships with law firms are solidifying even more than last year, and in Canada, the legal market is very dense, she says. In the 2022 index, Baker McKenzie scored more than twice as many points as the company`s closest competitor and received a total score of 100, 56 points ahead of the company in second place. The Canadian Law Firm Brand Index consists of 235 interviews conducted between January 2021 and December 2021 with high-level legal buyers in Canada. The largest companies have shown that their brands – and customers` perception of their brands – are crucial to the continued success of businesses. The index results highlight the importance of law firms that quickly come to a client`s mind and law firms that attract a client the most. The findings also highlight the importance for law firms to be able to handle a wide range of legal issues in multiple jurisdictions to support their clients` global businesses.
As the new Global Elite Law Firm Brand Index shows, the close link between branding and customer service strategy is undeniable, and companies that implement their legal services delivery strategy well will also continue to strengthen their brand in the minds of their clients. What can make a law firm`s rebranding so important over a 12-month period? Law firms look like large ships that spin slowly. Most companies set a five-year strategy and don`t hack and change every few months – and if they are, it`s probably a sign of a company that isn`t effective at making external waves. In Thomson Reuters` 2021 Regional Law Firm Brand Index, Blake, Cassels & Graydon LLP ranked 1st in the Canadian Index for the seventh consecutive year, followed by McCarthy Tétrault LLP and Osler, Hoskin & Harcourt LLP. Blake, Cassels & Graydon LLP has been recognized as Canada`s leading law firm brand in the Thomson Reuters Canada Law Firm Brand Index 2022 for the seventh consecutive year. This is the eighth time Blakes has ranked first since the introduction of the Canadian Index in 2012. A post-pandemic change has clearly occurred in all regions. The traditional distinguishing characteristics of law firms, such as historical reputation or relationships with individual lawyers, have given way to other factors such as the need for clients to receive prompt and reliable advice from their external lawyer. The rapid reaction aspect of legal work has become increasingly important for clients, especially as the workload of in-house lawyers continues to increase.
“2020 has been an extremely disruptive year throughout the process, and law firms and corporate clients have had to adapt their collaboration,” said Elizabeth Duffy, Senior Director, Global Client Services at Thomson Reuters. “Corporate legal departments have been attracted to their most trusted advisors and have built on the relationships built over the years. And law firms demonstrating a local presence as well as global coverage were able to ensure they could meet the needs of clients regardless of their location. “Blakes` perseverance is driven by building deep relationships with its clients to earn it the distinction of being the most popular law firm in the Canadian legal market,” the report says. In fact, changes in client sentiment during the pandemic have caused some to suddenly turn their backs on their most trusted and prominent lawyers – at least in the short term – the kind of temporary change that can visibly increase or damage a brand, even in a 12-month cycle – depending on, of course, the relevance of the firm`s strategy to its clients at that time. This is the first year that the results of the investigation have been published under the Thomson Reuters banner since the acquisition of multinational media and legal information firm Acritas in November 2019. The Canadian index was first published in 2012 and has been published internationally since 2007. Bennett Jones, another fast climber, enters the top ten of the index for the second time in 2022 and enjoys the company`s strongest position to date by finishing in ninth place. Bennett Jones has not only received more recognition for high-level mergers and acquisitions and high-quality business, but has also improved its popularity with Canadian legal buyers. Elizabeth Duffy is responsible for ensuring that the highest standards of customer service are met and maintained. She has earned a reputation among her clients for providing tailored research that they are easy to apply to refine their focus, set direction, and achieve their strategic goals.
Together with their team of subject matter experts, they are responsible for providing information to customers and connecting the dots between a customer`s data and the company. Duffy works closely with law firms, legal service providers and legal services around the world. She regularly leads customized research projects, including client assessment and thought leadership programs, and presents research findings to the boards and partnerships of AmLaw 50 companies. She now lives in the UK and was the head of Acritas US in New York for eight years. “It`s clear that brand preference and multi-jurisdictional transactions have been the key success factors for global law firms this year, among the four that make up the index,” Elizabeth Duffy, senior director of global client services, told Thomson Reuters. “We see clients putting expertise above historical contexts or reputation. Other companies in the top four – McCarthy Tétrault in second place; Osler, Hoskin & Harcourt (three); and Norton Rose Fulbright (four) – maintained their ranks from last year, with each company earning its place in this market by leveraging different brand differentiators, according to survey respondents. “We are truly grateful for the trust our clients place in us to manage their high-profile, most complex and sensitive legal issues. One of the keys to maintaining this trust is to remain highly relevant to our clients, to continuously investigate clients` most acute needs for cross-practice legal solutions, and to ensure that we are able to deploy world-class teams to provide support in these areas. Second, all law firms would benefit from building a brand that will be relevant and differentiating in 10 years.
More than a decade of research has shown us that we are increasing client satisfaction – law firms seem to be doing a better job of satisfying clients. And as the bar rises, customers` expectations of how they are served increase. A high level of satisfaction with factors such as the quality of advice, responsiveness, communication and even business understanding becomes the norm, which unfortunately reduces the possibility for a company to stand out for a particularly good job in this area. Proactive risk mitigation and cost-value control are also key strategic areas of focus for clients. Unfortunately, our research shows that these areas are also where clients say their law firms are not finding coordinated and innovative solutions. As a result, clients are not waiting for companies to catch up – they are increasingly building their own mechanisms to control, monitor and evaluate the expenses and effectiveness of legal service delivery. “In 2021, as companies emerged from the crisis, legal purchasing habits are focused on forward-looking factors such as understanding the client`s business and knowledge of their industry,” said Elizabeth Duffy, senior director of global client services at Thomson Reuters. “And we still see clients putting expertise above historical relationships or reputation. The filing process included in-depth interviews with more than 1,700 general counsel and other high-level legal buyers from many of the world`s major multinationals in more than 50 countries.