Why Do Legal 500 and Chambers Matter?

If you're a lawyer or simply work in the legal sector, you're almost certainly aware of Legal 500 and Chambers & Partners.

During my previous role, I used to explain working at Legal 500 to people outside of the industry as basically ‘working at the Oscars for law firms’.

When I handed in my notice at my prior paralegal role and informed them that I was off to Legal 500, my boss said ‘don’t they just rank anyone?’. The answer is a firm no! The standards for entering even Tier 5 are extremely high. For those in the legal industry, being highly ranked in Legal 500 and Chambers, even in the bottom tier, is an affirmation that you are among the elite firms in the market.

While clearly a prestigious accolade, how do these rankings tangibly benefit law firms?

1.     GCs – Various polls demonstrate that around 2/3 GCs will consult the legal directories before approaching a firm, especially in jurisdictions they are unfamiliar with. A higher ranking naturally increases the chances that you will be approached. Quite a few lawyers have previously informed me that certain corporate will not work with you unless you’re ranked in the directories.

Even if Legal 500/Chambers are not too well known in your country/region, the chances are that potential clients from overseas will refer to them before approaching you.

For example, while Chambers seems to be a bigger name in the North American market, US/Canadian firms should still submit to Legal 500 in the knowledge that overseas corporates from the UK/EMEA and APAC are just as likely to check the latter directory.

2.     Search Engines – Let’s say we have a potential client, even a private one, who has never heard of Legal 500/Chambers but is looking for one of the best firms in the market. If they were to google ‘best property lawyer London’ the first result is Legal 500’s table. Likewise, a search for ‘best M&A firm New York’ shows Chambers as the top result.

These are websites with a heavy amount of traffic, Legal 500 receives 21 million visits each year and no doubt their favourable SEOs are a factor in this. If you search a practice area and location, one of the two will almost definitely turn up as the first result. Suffice to say that not featuring in the directories cuts you off from a huge audience.

3.     Peer Referrals – As above, virtually all lawyers know of Chambers/Legal 500. There have been various attempts over the years to creative rival directories to these two though, outside of IFLR, none seem to have gained any serious traction, at least on a global scale. The result of this? If a lawyer receives a cross-border instruction and requires assistance from an overseas firm, chances are they’ll be referring to at least one of Legal 500/Chambers. Thus, being ranked is your ticket to potentially high-value, cross-border cases handled in partnership with overseas firms.

Likewise, given the widespread knowledge of Legal 500/Chambers among lawyers, there are no doubt hiring benefits that come with a high ranking, attracting top legal talent will prove easier.

4.     Certified Excellence – Take a look at a lawyer’s web bio on the website of any international firm, chances are there’s going to be references to Legal 500/Chambers recognition, and a few client quotes to go with it.

Recognition with the directories basically permits you to demonstrate, whether on your website or in client pitches: ‘we are excellent, and don’t just take our word for it, we have independent verification to prove it!’.

Whereas other industries may rely on Google Reviews, TripAdvisor and Trustpilot etc, none of these are really a factor within the legal sector. It’s Chambers and Legal 500 who basically have a duopoly on who’s the crème de la crème.

Being able to refer to external recognition creates confidence in your brand. Ask yourself, if you’re abroad and undecided between two restaurants, are you more likely to go to:

1. The one which is advertising ‘Certified 4.7/5 on TripAdvisor’ in its front window

2. The one which says ‘The best place to eat in town’ with no citation.

Obviously the former, and the same basic concept can be transferred to ranked/unranked firms. A ranking creates the impression of certified excellence, it installs confidence in potential clients.

5.        Bragging Rights – Finally, let’s not forget some good old fashioned peer rivalry and bragging rights. Dozens of lawyers have informed me that obtaining a higher ranking over a local rival, or even a close friend at another firm, is reason enough to keep them motivated to submit. While I am partly jesting with this one, I have heard it said enough times to know that this certainly is a factor. Healthy competition goes a long way!

Finally, it is important to remember that submitting to Chambers/Legal 500 is completely free. Yes, there are man hours involved in crafting the submissions, but much of it is likely to be information you already have to hand. There is not much to lose by participating, and evidently quite a lot to gain.

Feel free to email me with any questions you may have in relation to this topic.