Ranking guides are often the starting point for many potential clients and even existing clients for different reasons.
Looking through various guides allows clients to effectively diligence the firms:
- Performing quality control of the firm
- Confirming the professionalism of the firm as compared with other firms
- Reviewing the firm from a bird’s eye view as to different areas of practice
- Review of major transactions from the past year
- Review of specific lawyers and what colleagues in the field have to say about them
The recommended guides are those which are known to engage in objective research by unbiased reviewers, based on:
- The information provided by the firm and the interview
- What colleagues in the field have to say about the firm or the specific lawyer
- What clients of the firm have to say about the firm or the specific lawyer.
Since the information that is disclosed by the firm in the submission and in the interview is subjective, their weight is relatively low and constitutes just a starting point (moreover, the information provided by the firm should be as accurate as possible, since the guides preform authenticity checks, and disinformation can hurt the firm's credibility). As such the ranking guides submission need to be coordinated by a legal marketing professional with whom the firm shares its activities. No doubt, it is a world that needs to be studied.