The end may not be upon us after all. 90 law firms are earning recognition as best bets to be long-term survivors—an astonishing uptick of 45% from 2014.
In what can only be a sign of confidence and optimism, corporate counsel recognize substantially more law firms as successfully navigating market shifts to emerge as long-term leaders. This means law firms are doing a better job executing on their strategic plans—as clients are the people who experience implementation most. This rise in potential market leaders has a strong impact on hiring for large and potentially long-term assignments, i.e., big‑ticket litigation. No corporate counsel wants to even consider a law firm for long-term work if they sense their firm will not be a strong player in the future.
Corporate counsel believe the future market leaders will not only prosper, but also be more immune from partner defections and be a magnet for talent.
Interestingly, the surge in client confidence in law firms comes at the same time large law firms express substantially more confidence in their own strategic plans. Law firm marketing leaders rate their own confidence an 8.7 (on a scale of 1 to 10), up from 7.4 only short 2 years ago. Maybe confidence is contagious.
A selection of firms new to the list of Long-Term Market Leaders in the just-released BTI Brand Elite 2015 includes:
Akin Gump Strauss Hauer & Feld
Arnold & Porter
Faegre Baker Daniels
Fish & Richardson
Fisher & Phillips
Foley & Lardner
Haynes and Boone
Holland & Knight
Orrick, Herrington & Sutcliffe
Shearman & Sterling
Vinson & Elkins
See the full list of Long-Term Market Leaders as named by corporate counsel—and learn how to position your firm to join them—in the new BTI Brand Elite 2015: Client Perceptions of the Best-Branded Law Firms, available now.