The 2006 edition of this report was published in December. It provides a uniquely comprehensive analysis of the changing structure of the UK legal market, based on extensive interviews with 200 law firm clients in large corporates (listed, privately owned and foreign owned) and 100 in major financial institutions.
The study has been carried out every two years since 1996. Because the same methodology and sample base have been used throughout, the report accurately tracks the changes in firms' fortunes over the past decade. Several striking developments are revealed, including:
Subscribing firms see not only how clients and non-clients assess their own firm but also learn from the successes and failures of other firms' strategies. Senior management in many leading law firms are keen readers of the report because it gives them a - sometimes uncomfortably - objective and detailed description of their firm's true position. They know their role is to watch the bigger picture as well as deal with the internal demands of running their firm efficiently.
The 2006 report confirms the relentless increase in competition in the UK legal market, as new waves of national and regional firms strive to become significant players and US firms accept that growing in London will require substantial investment - while the established players remain fiercely ambitious. All law firms have finally understood that clients want business-orientated legal advice and most are working hard at delivering this. Firms can follow the right strategy but find their efforts are being cancelled out because their competitors are doing the same.
Law firms seek to differentiate their brands - but the research shows how few succeed. There are no easy answers - apart from even more effort and greater focus. Everything comes back to understanding clients. Market Positions of Leading Law Firms in the UK gives immediate access to 300 of the largest legal clients: which firms they rate for which services, which firms are making an impact as successful and business focused, which firms' marketing they remember and much more.
The main areas covered by the study are:
The subscription fee for Market Positions of Leading Law Firms in the UK 2006 is GBP 8500 (plus VAT in the UK). The fee includes five copies of the report and a personal presentation/discussion.