When handling submission, it’s essential to keep up with the latest trends and requirements in the submission landscape, particularly with organizations like IFLR1000, which plays a pivotal role in assessing corporate financial and transactional work. The IFLR webinar yesterday provided critical insights regarding the submission process, eligibility criteria, and research methodology. Here, I summarize the key points discussed that are vital for firms navigating this competitive arena.
Understanding IFLR1000
IFLR1000 specializes in covering various aspects of corporate financial and transactional work across multiple practice areas. These areas include:
- Banking & Finance
- Capital Markets
- Financial Services Regulatory (FSR)
- Investment Funds
- M&A/Transactional Private Equity
- Project Development/Projects
- Restructuring and Insolvency
The importance and relevance of these practice areas can vary significantly based on jurisdiction as well as the volume of work conducted by the firms in those regions. Firms need to be particularly attentive to how they align their practices with IFLR1000’s requirements.
Submission Guidelines: The Portal is Key
One of the major updates emphasized during the webinar is that all submissions and referee lists must be submitted exclusively through the designated portal. It’s crucial to remember that submissions sent via email will not be accepted.
The portal offers several benefits, including:
- The ability to preview past submissions, providing an excellent reference point for crafting current submissions.
- Ensuring that when creating an account, it is done using the law firm’s official email domain, maintaining professional integrity.
Eligibility Requirements: What You Need to
Participate
To participate effectively in the IFLR1000 research process, firms must meet several criteria:
- Physical Presence: A tangible office must exist in the jurisdiction where the submission is being made.
- Local Licensing: Both the firm and the lawyers involved must be licensed to practice locally.
- Core Practice Areas: The firm should practice in one or more of the core areas defined by IFLR1000, ensuring their expertise aligns with the submission requirements.
Detailed Breakdown of the Research Form
The research form itself is structured with clear sections that demand careful consideration.
Section 1: Lawyer Nominations
- A new change this year, the first section exclusively focuses on new lawyers, specifically those who are currently unrated by IFLR1000. This change signifies a shift towards recognizing emerging talent within the legal industry.
- When nominating, it’s essential that all nominated lawyers work within the specified jurisdiction for the submission.
For lawyers who are already rated, maintaining their ratings hinges on several factors:
- The submission of deal evidence showcased in Section 3 of the form.
- Gathering and considering both client and peer feedback, which are integral components of the evaluation process.
Notably, the Lawyer Survey has returned this year, providing an opportunity for self-nomination and allowing lawyers to present additional deal evidence.
What if the lawyer is rated for one practice area but not another?
- In that case you can put down the lawyer’s name for the other practice area.
Section 2: Overview of Practice
In this section, firms must present a comprehensive overview of their practice. This entails selling their unique competitive advantage to the IFLR evaluators. Relevant data regarding market share should be included, and firms are encouraged to provide information on their impact in the ESG (Environmental, Social, and Governance) space, if applicable.
Section 3: Prioritize Complex Deals
When it comes to Section 3, firms are directed to prioritize their top 10 deals that are characterized by complexity, impact, and innovation. It is critical not to leave the innovation section blank, as this could raise questions regarding the firm’s capacity for creative and impactful work—something that is vital in the eyes of IFLR’s research methodology. It is important to prioritize this section as it is the most decisive factor in IFLR’s research methodology
Referee Form Details
This year, IFLR is requesting feedback from only 20 referees per practice area. It is important to confirm with referees prior to listing them to maximize the likelihood of positive engagement. Each referee can provide insights on multiple lawyers, and it is recommended that about half of the referees can be linked to deals in the submission.
Moreover, firms can proactively inquire about the percentage of client feedback received, which can serve as a useful metric for understanding the firm’s standing.
Important Timetable to Note
Firms should be particularly aware of the key deadlines associated with the IFLR research cycle:
– Submission Deadlines fall on either February 12 or June 30 depending on your jurisdiction.
– Research interviews will take place from February to August.
– The lawyer survey will be sent out in March/April.
– Research publication dates are to be announced in early Spring 2025, with all firm and lawyer rankings being released simultaneously.
Good luck to all of those submitting this year! If you would like any help or assistance with your upcoming submissions, please feel free to reach out to our Tier One team.