6 of 10 General Councils Consult Legal Directories Before Appointing a Law Firm
While legal professionals say directories are genuinely useful a report released by MD Communications shows more than half of law firms believe they don’t get the rankings they deserve and 84% are frustrated with the time it takes to make a submission.
Firms spend a great deal of time and effort on legal directories, with some submitting over 1,000 entries annually, though less than a third say they are satisfied with the contact they have with directory researchers.
But despite these sentiments, the message is clear – directories are here to stay, they’re generally well used and are really important for winning business and standing out in a competitive market.
In fact, 81% of law firms say they use their rankings in Chambers & Partners and The Legal 500 when making pitches for work.
And six out of 10 in-house general counsel say they consult legal directories before appointing a law firm.
The results reflect the views of global law firms, corporate counsel and business development professionals published in a white paper called ‘Legal Directories: Are they still relevant?’, by legal communications specialists MD Communications.
The research, released at this year’s International Bar Association conference in Sydney today (Wednesday, 11th October, 2017), indicates directories really come into their own and display their usefulness in the international legal market.
Four in 10 law firms say their rankings have led to international work and 54% say potential clients mention their directory rankings.
In addition, 63% of law firms believe directories still matter in the legal world while more than six out of 10 think they will last more than five years.
Among general counsel, 93% say they consult The Legal 500, 86% Chambers & Partners, 36% Who’s Who Legal, and 14% the International Financial Law Review.
Even though they are seen as important, those compiling legal directories say some law firms fail to gain the rankings they deserve as the firms often leave inexperienced members of staff in charge of submissions. This, they add, is in contrast to the resources they may have dedicated to the process.
MD Communications managing director Melissa Davis said: “The directories are here to stay, and they are used. While this research uncovered some dissatisfaction with the directories, importantly the main directories are shown to be generally useful.
“They are a rich source of information and allow firms to stand out in a market that remains complex, diverse and fiercely competitive.
“Our white paper shows the industry genuinely believes legal directories will remain very relevant for some time and therefore it is important that law firms think strategically about them as a key part of their communications strategy.”
(Source: MD Communications)
