Brand reputation alone is insufficient to secure a ranking in legal directories. What truly matters is the demonstration of exceptional work over the past 12 months. To shed light on this crucial aspect, our Submissions Consultant, Henry Compton, alongside the Tier One Rankings team, has dissected the most recent insights shared by the Legal 500 United States Guide’s newest editor, Barnaby Merrill, in the latest webinar.
What’s new in the 2024 edition?
There is a new ranking being introduced:
- Private Equity Buyouts (mid-market up to $500m)
There will be amendments to previous rankings:
- International Trade – Customs, Export Controls & Economic Sanctions
- International Trade – Trade Policy & Trade Remedies
There are new spotlights to be noted:
- Media & Entertainment litigation – First Amendment Litigation
- Corporate Governance – Crisis Management
Factors included in the ranking of firms:
- The most significant factor in the Legal 500 is the matter highlights – work presented in the submission.
- Track record in a practice area
- Market feedback
- Caliber of the client base
- Market share
- Bench strength
- Team development
- Sector strengths
- Referee feedback – provide one referee spreadsheet per practice area, which includes client referees that have worked with the firm over the last 12-18 months (there is an unlimited number – the Legal 500 will contact all of them!).
What makes a good submission?
- Self-Promotion: Highlight what sets you apart from your peers. Showcase your unique qualities, accomplishments, and expertise.
- Factual Data: Use concrete facts to demonstrate your position. Discuss revenue growth, new hires, client acquisitions, and participation in significant panels or cases.
- Matter Highlights: When describing your work, focus on complexity and your role in the matter. Explain why it was significant and challenging.
- Strategic Growth: Articulate your practice’s strategic growth plans. Discuss how you plan to expand and improve your services.
- Timeliness: If you want an interview, request one early. Keep in mind that interview availability doesn’t impact your ranking.
- Interview Preparation: Prepare your partners for interviews. Researchers seek concrete information and honest feedback, not marketing materials.
- Diversity and Inclusion: Include talented women and minority group lawyers in your submission to promote diversity and inclusion.
- Clarity: Avoid using legal jargon and complex terminology. Make your submission easy to understand.
- Submission Importance: It is important to note that if firms do not submit, rankings will be affected or worse removed.
By following these guidelines, you can create a compelling submission that maximizes your chances of achieving a favorable ranking in legal directories.
