Boost Your Firm’s Rankings Now

Tom Borman, Contributing writer

Law firm rankings are big business and increasingly important for law firms seeking to boost not only law firm prestige, but also legal business.

But with all the ranking systems around, which are the best and how exactly do they deploy their methodologies to work out accurate rankings for the firms?

Top Law Firm Ranking Systems

The Legal 500

The Legal 500 stands out as one of the most prestigious and comprehensive law firm ranking systems worldwide and has always been one of those top-drawer ranking services that law firm marketers pull out to show their legal prowess.

With over 33 years of experience, the annual Legal 500 rankings covers more than 150 jurisdictions and is known for its rigorous research process.

Why It Matters:

Legal 500 get feedback from 300,000 clients including submissions not only from the law firms, but interviews with leading lawyers as well as providing detailed practice ratings along with “Hall of Fame” and “Next Generation Partners” recognitions.

FAQ: What sets Legal 500 apart from other rankings?

• The Legal 500 provide free access to rankings and editorial content and offers a more global, practice area-specific approach with a focus on client feedback, as distinct from the Vault Law 100 which provides a US-centric ranking based on peer reputation and prestige within the legal industry.
• It also provides a more ‘narrative’ style approach to rankings.

Vault Law 100

Focused specifically on the US market, the Vault Law 100 is highly respected and prestigious ranking systems, as well as being one of the most widely recognizned in the legal profession.

• Ratings for the Vault 100 come from over 20,000 associates at peer firms and they provide useful insights into the firm culture, work quality and associate experiences.

Chambers and Partners

Chambers and Partners is another globally recognized ranking system, that Chambers will say is the ‘definitive mark of excellence’ in the legal world. The rankings which are known for its detailed approach to evaluating law firms and individual lawyers, based on extensive research involving multiple sources.

Why it matters

Chambers rankings are often the first port of call for clients seeking top-tier legal representation. A high Chambers ranking can significantly boost your firm’s credibility and attract lucrative clients.

Reviews come from law firms and lawyers, including client interviews and analysis from Chambers’ internal analysts. The individual input from Chambers gives these rankings high credibility due to the intense level of investigation and inquiry.

The inquiries include contributions to precedent-setting cases or deals, client service, commercial astuteness and technical ability to handle complex cases.

This multi-faceted approach lets Chambers develop a comprehensive view of a lawyer’s technical legal ability, combining objective achievements with subjective feedback from clients and peers to determine rankings.

Chambers’ efforts cover over 180 jurisdictions worldwide, ranking of firms and lawyers in bands from 1 (highest) to 6 (lowest).

• Special categories for exceptional individuals, including Senior Statesperson, Star Practitioners, and Eminent Practitioners as well as recognition of up-and-coming talent with categories like Up-and-Coming, Star Associate, and Associate-to-Watch.

Focus on client satisfaction, showcase your expertise through thought leadership, and ensure your firm’s submissions highlight key achievements and landmark cases.

Martindale-Hubbell Peer Review Ratings

Martindale-Hubbell’s Peer Review Ratings have been a cornerstone of legal rankings for over 130 years, focusing on ethical standards and legal ability. Their sheer longevity and the Martindale-Hubbell name has garnered a major share of the ‘rankings’ territory even thought the other ranking guides have intruded with specific aspects of professional legal practice.

The ratings cover firms and individual lawyers based on surveys of lawyers and judges and provide preeminent and distinguished ratings. (After all, who doesn’t want to appear as a ‘preeminent’ or ‘distinguished’ firm or lawyer?)

Why it matters

Martindale-Hubbell ratings are particularly valuable for their focus on ethical standards, which can be an important factor for clients when selecting legal representation, along with the ‘name factor’ that comes with a major ranking agency.

FAQ: What is the difference between the AV and the BV ratings?

AV Preeminent is the highest possible rating, indicating the highest level of professional excellence. BV Distinguished indicates an excellent rating but at a slightly lower level than AV Preeminent.

Best Lawyers & US News ‘Best Law Firms’

This collaborative ranking system combines the expertise of Best Lawyers with the analytical work of U.S. News & World Report. Although the latter organization has taken a major ‘hit’ with the disastrous manner in which it has handled the ‘best law schools’ rankings, the Best Lawyers remains an important law firm ranking guide.

These rankings are based on peer reviews and are known for their comprehensive coverage of various practice areas and geographic regions.

Why it Matters

The Best Lawyers rankings receive significant publicity and resultant prestige in the United States and therefore serve as a major component of prestige and firm building for anyone serious about lifting their profile and building their client base.

FAQ: How does the tiered system work?

Tier 1 represents the highest ranking, with firms demonstrating consistently impressive performance across multiple criteria. Tiers 2 and 3 represent very high to high levels of respect and performance.

IFLR1000

IFLR1000 specializes in ranking law firms and lawyers in financial and corporate transactional work and therefore of primary interest to most of the biglaw firms.

It covers 120 jurisdictions and also covers individual lawyer rankings in specific practice areas.

Why It Matters

For firms specializing in financial law, IFLR1000 rankings can be a game-changer. They’re particularly influential in the banking, capital markets, and M&A sectors.

FAQ: How Can We Get Notice by the IFLR?

Focus on building a strong track record in financial and corporate transactions. Showcase your firm’s expertise through thought leadership and participation in high-profile deals.

Differences in Ranking Methodologies

While these ranking systems share the goal of identifying top law firms, their methodologies differ as some (like Legal 500) rely on client feedback while other (like Vault Law 100) focus on peer reputation and prestige in the US market.

Chambers, by contrast, use their ‘band’ system with insights into individual lawyers and practice areas.

Conclusion

Understanding these ranking systems is crucial for assessing market position and reputation but remember that while these rankings are influential, they should be part of a broader strategy for building prestige and attracting clients. See them as a holistic group rather than just as individual ranking agencies that can help build your firm’s reputation and business.

Online reviews and reputation management also play a significant role in a firm’s success, along with great content marketing and – for smaller law firms – tactics like local SEO work.

While each system has its strengths, using a combination of rankings can provide a well-rounded view of a firm’s standing in the legal industry. As the legal market continues to evolve, these rankings serve as valuable tools for both professionals and clients navigating the complex world of legal services.