With competition increasingly intensifying in the law firm market, Acritas reports a resurgence of premium brands this year, with M&A contributing most to overall brand growth, and many of the strongest brands known to US-based general counsel are missing out on inbound legal spend from foreign multinationals.

Third consecutive year

This year’s results reveal an incredibly crowded field. For the first year ever, 23 firms fill the top 20 ranks. Jones Day is the strongest law firm brand in the US for the third consecutive year, with 100 points. However, its lead is diminishing as Skadden has increased by 13 points narrowing the gap to Jones Day to just two index points. A further nine firms rank within three points of the top 20: (listed in alphabetical order) Cravath, Debevoise, Dentons, Eversheds Sutherland, Greenberg Traurig, Littler Mendelson, Ogletree Deakins, Reed Smith and Vinson & Elkins. This year’s biggest riser is Sullivan & Cromwell, having increased by 26 points, now ranking at tied 8th. Morgan Lewis has increased by 25 points now ranking at 3rd place. Almost all of the firms that have increased their position by 10 or more points this year are Am Law 50 firms. The trend in brand growth mirroring the trend reported in law firm financial growth this year – the biggest firms are growing at the fastest pace. 

Missed opportunity

The Index also reveals a missed opportunity for many US law firms, including the strongest brands. Lizzy Duffy, vice president of Acritas US, says ‘the US is the most in-demand legal market for foreign multinationals and receives the highest value of inbound legal spend.’ However, despite these firms having offices in an average of 14 countries, fewer than half of the strongest US brands are making the top list for international clients’ US work. Ms Duffy said, ‘there is a significant opportunity for US firms to make greater return on their investment in building an international practice, by not only servicing their US clients’ needs overseas but by capitalizing on the strength of their US brand credibility to bring work from clients in local markets back to the firm in the US.’ Acritas’ US Law Firm Brand Index draws on independent research among general counsel, conducted by Acritas each year, to measure brand strength of law firms in ‘the minds and hearts of senior legal buyers.’