On April 10 UK-based Acritas legal market research company released its Canadian Law Firm Brand Index 2014. The index was derived from impressions of large corporate clients:
The Canadian Law Firm Brand Index 2014 was compiled from the unprompted responses of 191 senior general counsel in Canadian organizations with revenues over $50M who, as part of Sharplegal 2013 research, were asked about their awareness of and favorability towards law firms; their consideration of firms for top-level litigation and major M&A; as well as their use of firms for high value and inbound work. A further 77 senior in-house counsel outside Canada were asked which firms they used for their Canadian legal needs.
Blakes, Norton Rose and Stikeman Elliott hold the top three ranks in the 2014 index.
According to the write-up, Heenan Blaikie did make the index as it was still in existence when the research was completed in January 2013.
From the analysis:
Taking heed of external indicators is critical to securing future business sustainability and growth especially in a crowded market. Brand visibility, client satisfaction, legal demand forecasts and competitive analysis are all objective measures that law firm leaders need to consider if they are to steer a course to success.
Acritas’ annual Sharplegal research of the Canadian market reveals flat spending predictions, slim segments of growth opportunity and an increasingly complex set of client demands. The legal buyer role and profile have changed significantly since research began in 2008 and changes in the Canadian legal market continue to mirror trends observed in the UK and the US, where selection is increasingly formalized and pressure to achieve value is intensifying.
Why Survey Clients? Why Not! by Margaret McCaffrey (Slaw, June 11, 2013)