A new study reveals law firms that have the biggest growth in revenue have also grown their brands… International firm votes to change to more flexible lockstep… Law firms bucks the trend in Russia…
Law firms that grow their brand grow their revenue
The law firms that have grown their brands the most have also seen the biggest growth in revenue according to new analysis. The study conducted by Acritas found that in the increasingly crowded American market the only way to grow is to stand out. The analysis focused on 295 firms that were mentioned last year in a recall survey of corporate general counsel. It looked at performance across six recognised brand performance metrics over four years to identify which have had the fastest brand growth, relative to their own brand position. BakerHostetler and Dentons were the star performers.
Elizabeth Duffy of Acritas commented: “Firms can no longer rely solely on their reputation to be memorable; every firm has an obligation to keep reminding the market of their capabilities, presence and relevance if they want to achieve their maximum growth potential.” She noted that the top performers are “better aligning with client demand, behavior and their evolving needs. They are also investing in raising awareness and building favourability to accelerate their firm’s progression to the top tiers of their chosen niche.”
International firm votes to change to more flexible lockstep
The partners at Clifford Chance have voted to adopt a new more flexible lockstep for remuneration which will see some partners moved onto a new higher level. New partners spend three years as juniors before becoming equity partners and the new arrangement will mean greater remuneration for those performing the best. It will essentially extend the top rungs of the ladder.
Law firm bucks the trend in Russia
Allen & Overy and Clifford Chance both recently announced a reduction in their headcount in Moscow and the ongoing sanctions from the West have created challenging times for many law firms, however Kennedys is bucking the trend by establishing a new presence in the country. Through an arrangement with local chambers CIS Advocates, the operation – Kennedys CIS Advocates - will be headed by Constantin Saranchouk and will have an initial focus on high value insurance disputes. Kennedys recently established co-operation agreements with firms in Singapore and China and now has 22 offices worldwide.
