Law firms with stand-out lawyers have stronger brands and greater profitability, differentiating them from the pack, the research found, with Slaughter and May top of the x-factor league. Star lawyers also pull a punch when it comes to generating profits, Lisa Hart Shepherd said at the Law Firm Marketing Summit this week. Research carried out by Acritas revealed that firms with even one of these stand-out lawyers saw a higher PEP score. The findings are part of a project to ascertain what corporates value when working with external law firms and how to identify a star performer.
Collaborative
The research found that stand-out lawyers were successful for firms because of their collaborative approach and ability to become a truster advisor. Despite being an expert, they do not not hold onto work and instead work hard "at putting together the dream team for a job," Ms Hart Shepherd said, adding that they shared clients in a meaningful way. The research also found they were commercial, building knowedge and industry experience.
Being modern
One in five stand-out lawyers had worked in-house whilst they also got points for responsiveness, were emotionally and intellectually intelligent and were able to work outside the clock building up 'trusted advisor' status. They also excelled at 'being modern' which meant they valued efficiency and being connected.
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