Bennett Jones enters the top 10 for the first time
Acritas, now part of Thomson Reuters, announced the 2020 Canadian Law Firm Brand Index, the ninth annual edition of the report. For a fifth consecutive year, Blakes and McCarthy Tétrault hold the top two positions. But this year, McCarthy is closing the gap on Blakes, proving that no matter the power of a brand in any given market, there will always be firms challenging those at the top.
For the first eight years of the index, the top 10 firms remained the same. Now, for the first time, a new firm enters the top 10: Bennett Jones. The firm breaks into a concentrated and highly competitive market, both of which can make it difficult for firms to achieve a distinctive brand. However, Torys has been successful at this: the firm is the biggest riser in the index due to unprecedent brand growth, particularly among corporate clients with the largest revenues. It now sits in fifth position. Other consistently leading brands holding positions in the index include: Norton Rose Fulbright and Osler sit tied for third, while Fasken, Stikeman Elliot, Dentons and Borden Ladner Gervais (BLG) round out the top 10.
“Corporate clients are hyper-focused on efficiency and effectiveness, and clients are gravitating towards firms that are able to position themselves to provide support in these two areas, especially when it comes to their most strategic, high-risk work,” said Genna Stainforth, senior manager for North America, Thomson Reuters. “Firms often struggle in how to talk about ways they can help clients control their legal costs while still helping the client achieve their business goals. The top 10 firms stand out as a group because they have been successful in talking about their legal services in a business-oriented manner.”
The Acritas Canadian Brand Index measures the firms that: are most top of mind and most favoured by Canadian buyers of legal services; are most considered for top-level litigation and M&A; and sit at the top of clients’ rosters. The index, compiled from feedback from Canadian organizations with more than US$50M+ in revenues, also includes the views of non-Canadian-based corporate clients who were asked which firms they used for their Canada-based legal needs.
A full copy of the Acritas Canadian Law Firm Brand Index 2020 can be downloaded here.