Ranking Statistics: Key Figures Across Jurisdictions

Spain demonstrated an 8% increase in ranked departments, bringing the total to 684. The rankings expanded to include 11 new firms, with 1,539 individual lawyer rankings, including 63 star associates. Additionally, there was a notable 9% rise in junior partners ranked, bringing the count of up-and-comers to 85.

Romania increased to 134 department rankings and 246 lawyer rankings. The country now leads Europe in female lawyer representation, with 53% of its ranked lawyers being women.

The Benelux region saw department rankings rise from 720 to 778, and the number of ranked firms grew from 188 to 200. Austria’s department rankings expanded from 228 to 253, while Switzerland’s rankings increased from 209 to 223.

Competition law rankings saw slight growth, with 649 submissions, 445 departments across 298 firms, and 877 ranked lawyers, including 83 new individuals entering the rankings.

Spain and Romania: Market Growth and Notable Developments

Key market trends in Spain include growing interest from Latin American investors, evolving regulatory developments, and Barcelona’s rise as a technology hub, although Madrid remains the country’s dominant legal market. Significant structural updates to the rankings were also introduced, including the separation of arbitration and litigation tables in dispute resolution, the launch of the first-ever ESG rankings table, and the opening of submissions for a new transportation table.

Romania’s legal market has seen notable expansion in corporate M&A, competition law, and dispute resolution, reinforcing its growing regional influence.

Benelux, Austria, and Switzerland: Regional Market Shifts

In the Netherlands, standalone tables for arbitration and litigation were introduced, while mass torts emerged as a significant trend, highlighting the increasing prominence of collective actions. ESG litigation, particularly greenwashing claims, is gaining traction in the Dutch market.

Belgium, despite some uncertainty linked to political changes, remains relatively stable. In Austria, the introduction of a new TMT Data Protection section reflects a growing area of legal focus. However, Austria’s market has been affected by the insolvency of Signa, signaling deeper economic concerns. Luxembourg’s real estate sector faced challenges, although fund financing and fund litigation experienced growth.

Switzerland reflects cautious optimism in its transactional market despite underlying concerns. The country also saw the introduction of a dedicated Sports table.

Competition Law Trends: Evolving Legal Challenges

Competition law remains a dynamic area, with significant growth in contentious competition-related work, particularly follow-on damages claims. The enforcement of the Foreign Direct Investment (FDI) regime and foreign subsidies regulation is gaining prominence, with potential shifts expected depending on the outcome of the U.S. presidential election.

The EU’s Digital Markets Act enforcement is a key area to monitor, while ESG-related competition work remains limited, except for cases linked to greenwashing. The food and retail sectors are seeing an increase in competition investigations due to the ongoing cost-of-living crisis. Additionally, ‘no-poach’ agreements are becoming an increasingly relevant topic for competition law specialists.

Upcoming Webinars and Further Engagement

To assist firms in navigating the evolving research landscape, Chambers will host the following upcoming webinars:

• Europe Research Webinar – Hosted by Thomas Morton Green on April 8, 2025.
• Spain Research Webinar – Hosted by Camilla Russo on April 10, 2025.

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• 13,756 Department or Organisation Rankings
• 29,840 Lawyer Rankings
• 3,060 Newly Ranked Lawyers
• 2,522 Up-and-Comers and Associates to Watch

General Counsel Insights and Strategic Assessment

A significant new feature of the 2025 Global Guide is the inclusion of General Counsel (GC) Tables, offering deep insights into the evolving role of 270 in-house lawyers across key regions, including Africa, Asia-Pacific, Brazil, Canada, Europe, Greater China Region, Latin America, the Middle East, the UK, and the USA. These tables provide a strategic assessment of legal team development and management, focusing on best practices in internal team structuring, Diversity, Equity, and Inclusion (DEI), and Environmental, Social, and Governance (ESG) initiatives. The insights are further enriched by contributions from private lawyers, offering a comprehensive overview of the relationship between in-house teams and external counsel.

More information on how to participate in future editions will be provided in due course.

Regional Insights

AMECO (Africa, Middle East, and Caribbean Offshore)

Despite conflicts in parts of Africa and the Middle East, AMECO experienced one of its busiest years, with rankings surpassing 2,000 for the first time. Notably, 2158 rankings across 100 jurisdictions reflect the growing importance of this region, with new tables launched in 2025, including:

• Israel Investment Funds
• Mauritius Banking & Finance
• Nigeria Capital Markets and Competition
• Saudi Arabia Public Policy & Regulatory Affairs
• Somalia General Business Law
• UAE Regulatory: Financial Services, TMT (Media, Entertainment & Sport), and Transportation: Aviation

The top firms by Band 1 rankings continue to be largely dominated by international outfits, though leading local firms such as South Africa’s Webber Wentzel and Israel’s FISCHER, Herzog Fox & Neeman, and Meitar also notably feature in the top 10 list.

Also of note, an increased emphasis on Diversity, Equity, and Inclusion (DEI) during the research period led to nearly doubling the number of ranked associates from 50 to 90, further promoting diverse junior lawyer recognition in the region.

Caribbean Market: Renewed Activity and Regulatory Developments

While the Cayman Islands experienced a period of relative quiet since 2023 due to rising interest rates and bank failures, there are early signs of a rebound in key areas such M&A, finance, and securitisation. In response to growing regulatory demands, Cayman law firms have made substantial investments in strengthening their financial regulatory capabilities to better support their clients.

Meanwhile, the British Virgin Islands (BVI) have witnessed notable growth in the funds sector, driven by the popularity of new BVI fund products and the emergence of regulatory challenges in the Cayman Islands, positioning the BVI as an increasingly attractive jurisdiction for fund-related activities.

Africa: Post-Election Recovery and Emerging Opportunities

The African market has shown resilience amidst post-election uncertainty, particularly in South Africa, where initial investor hesitation due to market volatility is gradually giving way to increased activity in transactional markets.

Kenya continues to solidify its status as a technology hub for Eastern Africa, attracting startups that favour efficient dispute resolution mechanisms like arbitration over lengthy court processes. This emphasis on streamlined resolution has created a favourable investment climate, supported by internationally recognised dispute resolution frameworks. Additionally, Kenyan tax litigation remains highly active, driven by the Kenya Revenue Authority’s increasingly assertive approach, resulting in growing client demand in this area.

In Angola, interest from large clients is expanding due to the Lobito Corridor, a key infrastructure project that will enhance transportation for the mining sector while supporting the country’s efforts to diversify its economy, particularly through alternative energy initiatives spearheaded by Middle Eastern investors.

Saudi Arabia and UAE: Regulatory Developments and Market Expansion

The Saudi legal market is undergoing significant transformation with continuous regulatory changes. New policies limit legal advisory work on Saudi law outside the country to 30%, prompting international law firms to establish local offices. These firms are expanding their presence through lateral hires, benefiting from the emergence of a new generation of highly skilled Saudi lawyers.

In the UAE, the alignment of ranking tables with lawyer specialisations has enhanced recognition accuracy. Gender parity has also improved significantly, with female representation exceeding 30% in several areas, although Banking & Finance, Corporate/M&A, and Capital Markets still have room for growth.

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Fintech Funding & M&A

The global FinTech funding landscape is facing challenges, as recent KPMG data highlights a decline in equity funding. Although interest rates have dipped slightly, the overall market remains subdued. Sectors like PropTech and consumer FinTech are experiencing slower growth, while transactional work, startups, and regulatory trends dominate industry conversations. In spite of this, $51.9 billion in funding was raised in the first half of 2024, emphasizing the sector’s continued investment potential.

Notably, many M&A deals have been delayed during the first half of 2024, as stakeholders await the outcome of the US election. This pause underscores the broader uncertainty in the market but also highlights opportunities for growth and innovation in areas that prioritize resilience and adaptability.

Crypto in the US and Around the World

Cryptocurrency continues to play a pivotal role in shaping the financial landscape, especially in the US. The industry has a history of engaging with the political sphere, exemplified by high-profile donations such as those from Sam Bankman-Fried and FTX. The 2024 election cycle has ushered in what is considered the most pro-crypto Congress in history, with promises to implement regulatory reforms.

President-elect Trump has vowed to replace SEC Chair Gary Gensler, a long-time critic of cryptocurrency, and introduce measures such as a crypto advisory council and a strategic bitcoin reserve. The crypto market is closely watching for clarity in areas like digital asset regulation, SEC and CFTC rulemaking, and the cessation of “regulation by enforcement.” Businesses are particularly eager for advancements in cryptocurrency bank accounts and broader regulatory approvals, which would provide a more stable foundation for growth.

Crypto Industry’s Increased Political Influence in US Elections

The cryptocurrency industry has significantly amplified its political influence in recent years, with the 2024 U.S. elections marking a watershed moment in its engagement with the political process. While crypto donations to political campaigns are not new—most famously exemplified by Sam Bankman-Fried and FTX’s contributions to both parties—the 2024 election cycle saw a more strategic and focused approach. Industry-aligned political action committees (PACs) like the Fair Shake PAC raised over $160 million, channeling funds to support pro-crypto legislators and target crypto skeptics. High-profile donors, including Coinbase, Ripple Labs, Marc Andreessen, Ben Horowitz, and the Winklevoss twins, played a pivotal role in this effort.

In Ohio, crypto-backed groups invested $40 million to support blockchain entrepreneur Bernie Moreno, who successfully unseated Senate Banking Chair Sherrod Brown, a known critic of the industry. Similarly, in California, crypto PACs influenced primary races by spending $10 million to oppose Representative Katie Porter’s Senate bid, favoring the pro-crypto Adam Schiff instead. This aggressive, bipartisan approach to campaigning and lobbying has resulted in what commentators have dubbed “the most pro-crypto Congress ever.” The crypto industry’s concerted efforts to shape the political landscape underscore the growing significance of regulatory debates in digital assets and reflect a new era of political engagement for the sector.

AI in Financial Services

Artificial intelligence is transforming the FinTech sector, as companies increasingly integrate AI into their offerings to enhance efficiency and service delivery. Notably, OpenAI has raised $6.6 billion in funding, achieving a valuation of $157 billion, reflecting the growing importance of AI in financial services. Financial firms are also exploring ways to leverage AI for client research, but critical questions persist: What liabilities arise if AI produces errors? How can firms ensure the accuracy and reliability of AI-generated outputs before delivering them to clients?

The enthusiasm for automation is particularly strong in historically labour-intensive areas such as compliance, sanctions, anti-money laundering, and fraud detection. By embracing AI, companies aim to reduce costs and time inefficiencies while maintaining high standards of accuracy and compliance.

Tokenization of Real-World Assets

The tokenization of real-world assets is experiencing significant growth, driven by innovations in stablecoins like gold-backed cryptocurrencies. The ability to trade assets such as gold more efficiently and accessibly—enabled by fractional ownership—has spurred widespread interest in this space. Tokenization offers new avenues for investment and trading, breaking down barriers that have traditionally limited participation in high-value asset markets.

As the FinTech industry continues to evolve, tokenization is poised to play a central role in democratizing access to tangible assets, opening up exciting possibilities for investors and market participants alike.

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Legal 500 Individual Rankings

Hall of Fame – To be considered eligible for the Hall of Fame, lawyers must be widely regarded as being at the very top of the profession, and to have been consistently ranked as leading individuals by The Legal 500 for a number of years. While in the past, elevation to the Hall of Fame was determined purely by reaching the requisite number of years as a leading individual, inclusion is now down to editor discretion.

Leading individuals – Leading individuals are defined as true market leaders, with long-established reputations in their sector, lead roles in multiple recent significant matters, and exceptional, widespread recognition and endorsement from peers in the market and clients alike.

Next generation partners – These individuals are lawyers with (generally) five years or fewer at partner level, significant recognition from clients and peers in the market, and recent lead roles on multiple matters.

Rising stars – Rising stars are defined as associate-level lawyers who appear frequently in significant matters and are widely cited by peers and/or clients as having made major contributions to practices.

Recommended individuals – All individuals mentioned in the editorial, either in firm write-ups, client testimonials, as heads of practice or other key lawyer listings, should be regarded as recommended lawyers in The Legal 500. 

Chambers Individual Rankings

Bands 1-6 –  Individual lawyers are ranked in bands from 1 (highest) to 6 (lowest). Being ranked in any band is a significant achievement which recognises the individual as a standout in their field.

Senior Statesperson – A lawyer who no longer works hands-on with the same intensity but who, by virtue of close links with major clients, remains pivotal to the firms success. This ranking is generally only granted to those who have reached the highest Band rankings. 

Eminent Practitioner – Highly influential lawyers in a particular practice area who, due to managerial or client relationship commitments, are less active in fee-earning work but remain key players in the team. This ranking is generally only granted to those who have reached the highest Band rankings.

Star – This ranking is given to lawyers with exceptional recommendations in their field. Keep in mind that there can only be one Star in any ranking table, and often there are none. 

Up-and-Coming –  Lists those who do not yet have an established reputation to match those in ranked in the Bands but who are driving their firm’s growth.

Associate-to-Watch – Senior associates who are recognised for their work in the background of major deals.

Star Associate – Awarded to an associate who consistently demonstrates an outstanding degree of technical and commercial expertise beyond that of their peers. As with the Star ranking, this can only be given to one individual in a ranking table and is often not awarded at all. 

Spotlight – A ‘Spotlight’ ranking is given to individuals where the table does not have numerical rankings. All ‘Spotlight’ rankings are equal and the ranking serves to highlight a select group of firms or individuals. This is most often seen when highlighting a small or niche area, or a new ranking in which Chambers is still figuring out how best to structure the ranking table. 

IFLR Individual Rankings

Market Leader – Partners who are the true leaders in their practice area(s) and jurisdiction in the eyes of clients and peers, with clear records of leading on the most high-profile, innovative and complex deals in their markets.

Women Leader – To be ranked Women Leader, lawyers must meet the criteria for Market Leader (stated above) or must hold high status within their market for their leadership abilities. See ‘Women Leaders’ section for more detail.

Highly Regarded – Partners who have outstanding deal records in the practice in question and are highly regarded by clients and peers.

Expert Consultant – Senior figures with name recognition who focus on consulting and building client relationships. These are individuals who may stepped back from the active client work to serve as rainmakers or figureheads for a practice.

Rising Star Partner – Lawyers who made partner relatively recently who are working on complex deals and are recommended by clients or peers. To be eligible for this rating, lawyers must have made partner within three years of the current submission deadline. Only lawyers who were promoted to partner within three years of the submission deadline are eligible for this rating.

Rising Star – Ones to watch – lawyers building their reputations in the market who are working on notable deals and are recommended by clients or peers. Only non-partners who qualified within 15 years of the submission deadline are eligible for this rating. Eligible candidates cannot have made partner and must have no more than 15 years post qualification experience.

Notable Practitioner – Lawyers supported records of advising on significant deals in the jurisdiction and practice area in question.

Whilst this may seem like a fairly sizeable glossary of different ranking terms, there are some key similarities and differences which should hopefully simplify what these rankings mean to you. 

• Hall of Fame vs Market Leader vs Band 1: The Legal 500 Hall of Fame and IFLR Market Leader rankings are reserved for those who are widely regarded as at the top of their fields. Whilst Chambers don’t have an exact ranking criteria like these, it could be equated to longstanding Band 1 practitioners in Chambers. 
• Leading Individuals vs Highly Regarded vs Bands 1-6: One of the first things you should notice when comparing these rankings is that the Legal 500 Leading Individuals lists are generally considerably shorter than the Chambers Bands rankings and IFLR Highly Regarded rankings. This is due to the fact that a Leading Individual ranking is akin to a Band 1/2  ranking in Chambers and is really only awarded to those they consider true market leaders, so do not be discouraged if you are ranked in the Chambers bands and IFLR Highly Regarded yet not in Legal 500’s Leading Individuals list! 
• Up-and-Coming vs Rising Star Partner vs Next generation partner: These rankings are much the same in practice. With this ranking the directories are aiming to recognise younger partners who are making a name for themselves but have yet to achieve the recognition of those ranked as in the Bands or as a Leading Individual. It is important to note here that there is no guarantee an individual will automatically make the jump to the next ranking after they have been ranked for several years, so it is important to continue demonstrating their leading role within their practice. 
• Rising star (Legal 500 & IFLR) vs Associate-to-Watch: Once again, these rankings are very much the same. These rankings are aimed at highlighting key associates within practices that are active on major deals and receive recognition from peers and/or clients. 
• Expert Consultant vs Eminent Practitioner: Once again, these rankings are very much the same. You will most often see managing partners and senior partners here who are recognised as rainmakers for their practice. Legal 500 does not have an equivalent ranking. 
• Recommended Lawyer vs Notable Practitioner: This ranking differs from the others in that it is how Legal 500 and IFLR recognise practices’ other key practitioners who don’t meet the criteria of the other rankings. Chambers does not have an equivalent ranking.  

You may be asking why I haven’t made further mention of the Women Leader, Star, Star Associate, or Spotlight rankings, and that would be simply because each of these rankings are unique to their guides. For each of these specific recognitions you need only refer to the description provided to see how it applies to you. 

Hopefully, newly armed or refreshed with this information, the guide launches will be less ambiguous and you should feel more confident as to both where you currently stand and where you hope to see yourself ranked in future editions.

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