Law Firm of the Year 2020 in Sweden is now compiled and results was presented on a digital event on January 14th 2021.
What is Law Firm of the Year?
Law Firm of the Year is an annual quality and industry study. The study is carried out between September and November. Clients to Swedish corporate law firms are given the opportunity to evaluate the client-lawyer relationship.
What does the study include?
There are three main areas in the study. Image Watch – deals with the perception of the law firm and its brand, as rated by the industry (not only the clients of a law firm). The Industry study – this part provides trends in the market for buyers of business law services. The Client study – the largest part of the study, provides the clients’ views on their relationship and co-operation with their law firm.
The study includes among other things:
- The strengths and weaknesses of the law firm.
- The image and positioning of the law firm in the market.
- Client Satisfaction Index, where the law firm is rated on 14 different criteria.
- Loyalty. Do the clients want to change their present law firm? Or would they want to deepen the relationship?
- Views on what is next in the market/client relationship.
In the 2020 edition, the impact and consequences of the COVID-19 pandemic were evaluated. Other areas of focus are sustainability/ESG, regulatory compliance, insolvency and reconstruction and upcoming transactions.
What is the study used for?
The results of the study are used by many corporate law firms as part in their business development. By actively working with the law firm-specific reports from Law Firm of the Year, the management of the firm gains insight in how the clients of the firm perceive and value their services and the relationship to the law firm. A guide on how to best use the report as part of your business development can be found here (Swedish).
Based on the results, the “Law Firm of the Year” is selected – this is the law firm with the highest average score in the Client Satisfaction Index.
The law firms with the strongest image are presented in Dagens Industri.
What is required to take part in the study?
A few criteria need to be fulfilled in order for a law firm to take part in the study:
- Sweden: The turnover of a law firm must exceed 25 Million SEK. Results and ranking are reported in four different categories: Turnover over 500 MSEK, 499-200 MSEK, 199 MSEK – 90 MSEK, 89 MSEK – 25 MSEK. (In the event of a broken fiscal year, turnover until 1st of August is included).
- Finland: Four different categories 2-5, 5-10, 10-30, +30 EUR.
- Participating law firms need at least 15 evaluations. Thus, the number of evaluations in the study is significantly larger and increase as the size of the law firm increases.
- Each participating client must have a 12-month long relationship with their law firm and must have made purchases for at least 100 000 SEK. Please note that rankings are split into “Million clients” that have made purchases larger than 5 MSEK and clients who have made purchases for between 1 and 5 MSEK of corporate law services (i.e. clients are segmented by purchase amount).
Process of the Study
The data gathering process runs from late August to November and is conducted both as an online survey and by phone interviews. The survey recipients are identified based on records of purchases of corporate law services, in addition to the client lists of law firms. The data is closely scrutinized to ensure a high quality of data. Subsequently, the results are collated into ranking lists. The results of individual law firms are analysed in customised reports. Results can be segmented by office location. The anonymous evaluations given by the clients of a law firm are used in the law firm for business development purposes.
What is happening now?
We provide workshops, education and lectures throughout the year: Gain insight in how the industry is developing according to the clients. Book the workshop Business Development, Client Strategy or on Sales Leadership today. Please e-mail email@example.com or firstname.lastname@example.org.
Submit the client list of your firm, contact email@example.com.
If you want to know more about Law Firm of the Year, or other services we provide feel free to contact us.