Which international directories do General Counsel consult when choosing law firms?

An international directory dedicated to the legal sector is primarily a ranking or list that evaluates and ranks law firms and individual legal professionals based on their skill, reputation and experience in certain legal areas. These rankings are usually prepared by independent research organizations and are based on a variety of methodologies, including peer reviews, client evaluations, and analysis of high-profile cases and transactions.

These rankings are valuable tools for general counsels (GCs, legal managers or chief legal officers) when looking to engage legal services, as they provide an objective measure of the competence and performance of a law firm or individual lawyer. This is why it is key to consider international directory submissions as part of a law firm’s marketing strategy.

There are several directories that rank law firms on a global level, although the most prestigious and those in the focus of GCs tend to be:

• Chambers and Partners: This directory researches both law firms and individual lawyers in virtually all parts of the world, including Europe, the Americas, Asia, Africa and Oceania. The main product of this directory is a ranking that distinguishes the best law firms in different bands, with the highest ranking reflecting the best reputation, and produces reviews based on various criteria, including experience, client feedback and reputation in the marketplace.
• The Legal 500: This directory, like Chambers, covers in its research both firms and individual lawyers considered in virtually all jurisdictions worldwide. It provides rankings and reviews based on a variety of criteria, including practice area expertise, experience and client feedback.
• IFLR1000: This directory also includes firms and lawyers from various regions of the world, although in this case it is focused on the business world, including the areas of Mergers & Acquisitions, Banking & Finance and Capital Markets, among others. It provides rankings and reviews based on various criteria, including transaction experience, innovation and client feedback.

It is important to mention that there are specific rankings for different practice areas, such as tax, intellectual property or litigation, such as ITR World Tax, IP Stars, Benchmark Litigation respectively. If the firm is a boutique or wants to position itself strongly in these areas, it makes sense to seek a position in one of these directories.

In addition, there are some directories that are purely regional and also enjoy prestige and good reputation. In Latin America, we highlight the following:

• Latin Lawyer 250: This directory highlights firms in Latin America and provides rankings and reviews based on various criteria, such as experience, expertise and client feedback.
• Leaders League: A France-based media and rankings company that evaluates and ranks firms and professionals in various industries around the world, although in recent years it has seen great growth in Latin America, particularly in Chile, Peru and Colombia. It ranks firms based on reputation, track record and experience.

In general, all of these directories are reputable and reliable sources of information on law firms around the world. The choice of one or the other will depend on the client’s specific needs and objectives.

What are the methodologies used by the directories?

The above directories have their own methodologies for researching and ranking firms. Each uses different criteria and methods to evaluate, but all aim to provide clients with reliable and insightful information to help them make informed decisions.

• Chambers and Partners, for example, uses a team of in-house researchers who conduct in-depth interviews with lawyers, clients and industry experts to assess legal capabilities, expertise in the practice area in question, client service, commercial acumen and other factors. They also take into account other aspects such as the complexity or sophistication of the work presented and the firm’s reputation in the market.
• The Legal 500, meanwhile, has a team of freelance researchers who conduct interviews with firm lawyers and industry experts to evaluate firms based on their practice area expertise, innovation and client feedback. They receive feedback from clients, but in the form of online questionnaires; they do not usually conduct telephone interviews with them. They also take into account factors such as the size and scope of the firm, but mainly consider the complexity and importance of the work performed. This ranking is very good for measuring firm reputation in the marketplace, but is less sensitive to client opinion.
• IFLR 1000 focuses specifically on law firms that focus on financial and corporate law, and they evaluate firms based on their transaction experience, innovation and client feedback. They also take into account factors such as the complexity and significance of transactions undertaken and the firm’s reputation in the marketplace. In addition, they receive feedback from clients, but their focus is on the expertise they present in the above areas.

Which directory has a more complex methodology?

It would be inaccurate to state that one directory has a better or worse methodology than another, but what can be pointed out is that, depending on the focus of each one, there will be more complex methodologies than others. In this regard, each directory has a slightly different focus and evaluation criteria. For example, if your law firm specializes in tax law, we would recommend that you apply to both Legal 500 and ITR World Tax, as they are highly regarded legal directories that focus on this specialty.

ITR World Tax specializes specifically in tax law and is widely regarded as a leading authority in this field. This directory uses a rigorous methodology to assess the capability and experience of firms in various tax-related practice areas, such as transfer pricing, indirect taxation and tax litigation.

Conversely, if the board’s expectation is to enhance overall reputation and show that the firm has both excellent client service and a high level of expertise in various practice areas, the rankings that best reflect this are Chambers and Partners and Legal 500.

To sum up, it is possible to point out that submitting a candidacy to a certain legal directory will depend mainly on the firm’s state of development, market share, volume and sophistication of transactions or advisory services, legal expertise in the practice area(s) to which the firm wishes to apply and, finally, the firm’s objectives from the point of view of its business development and marketing strategy, always with a view to those that the general counsel prioritize when hiring legal services.

María Sol Rubio, Partner at Gericó Associates, explains in this short video the benefits of being positioned in an international directory:

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Gerico Associates is the first legal marketing, communications and business development consultancy for law firms in Europe and Latin America. If you need advice for your law firm, please contact us.

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