A new report by leading professional services sector research experts Flare Insight analysed the top 100 UK law firms in October 2024 to understand how unique and impactful their brands are, how they go to market, and whether the landscape is shifting in a crowded marketplace.
The findings show:
– Law firm brand identities range from vanilla to visionary.
– Notably, nearly eight in 10 (79%) of firms have invested in a brand tagline.
– However, one-third (33%) focus solely on their firm’s attributes.
– On their homepage: 37% of firms promote thought leadership and campaigns rather than just articles and news, 33% of firms now showcase their responsible business values and progress, and 12% introduce their brand through videos
This month, Magic Circle firm Freshfields Bruckhaus Deringer made big waves by introducing its brand tagline, ‘Make bold moves’. This reflects a significant shift towards emotionally engaging and impactful brand positioning.
The report highlights examples of brilliance among the top 100, It’s not only a big firm’s game; the market constantly changes. Many new firms are rapidly rising the revenue ranks, and brand value propositions are being taken more seriously by firms to ensure buy-in from their clients, stakeholders and current and future employees. Despite this, a large proportion of firms still struggle to differentiate, focusing on their attributes and describing themselves in similar ways.
Catriona Collier, Founder of Flare Insight, told The Professionals: “In 2024, there’s no excuse for firms to be taking a safe approach to their brand positioning. The threat from US firms cannibalising their work, and hungrier mid-tier firms and boutiques picking them off from below means that major law firms need to position themselves with absolute clarity in order to win and retain the work that they want. A misstep could cost a firm millions in lost revenues.
“The fact that five firms in the top 100 have almost identical taglines beggars belief. Firms must ensure they keep on top of what competitors are doing with their positioning, otherwise, they risk becoming generic and indistinguishable.”
Catriona adds: “There are clusters of firms that have very similar brands. Looking at the top 100 firms, a big proportion still talk about themselves, and another that thinks about the client. I’d argue that the most mature and interesting brands are the small number that empower the client, and some who even empower the client, their people and their communities. It feels like we’re at the foothills of what these firms could do to differentiate themselves.”
Seven brand clusters
The Flare Insight analysis of the top 100 law firms reveals seven brand clusters.
1. Client-Centric and Personalised Service
The emphasis of these brands is very much on the client relationship, rather than the firm, with a strong human element.
2. No tagline or brand statement
21% of firms do not have a brand tagline. Within this category some firms rely on their reputation and name recognition rather than a specific brand message. Others put insights and thought leadership at centre stage.
3. Innovation and future-focused
These brands highlight their agility and progressive nature. Their brand statements reflect a commitment to staying ahead of industry trends and embracing new technologies.
4. Legal Experts with Comprehensive Services
Here the focus is on the firm itself. Most highlight their ability to handle complex legal issues and provide solutions.
5. Stewards and champions
Firms in this cluster outline their role as socially responsible advocates, demonstrating a dedication to making a positive impact for their clients, their people, and their communities.
6. Ambitious enablers
Though inherently client centric, this group emphasise their role in empowering clients to achieve their goals.
7. Global Presence and Excellence
These firms highlight their international reach and commitment to excellence, often outlining their ability to deliver seamless services across borders.
Each cluster has a wide range in execution – from the concise and visionary to long winded sameness. Understanding where your firm sits can help you benchmark your position and refine your branding strategy.
The research by Flare Insight used law firm websites as a basis, and collated brand taglines (concise phrases) and brand statements (the handful of sentences defining a firm and its offering) in addition to the content law firms showcase on their websites.
A copy of the report can be found at Flare Insight.