Blog/Podcast: What’s Next for Chambers and Partners? Even More Useful Data for Lawyers
Chambers and Partners has been the leading legal ranking service since 1990, and with the management buy-in of CEO Mark Wyatt, there are even more exciting things on the horizon for the company and its users. Mark, one of the most experienced legal information providers in the world, joined the Law Firm Marketing Catalyst podcast to give us the inside scoop about the useful tools that lawyers can expect from Chambers in the coming months.
Technology is the way of the future
In the nearly 30 years since Chambers published its first guide, the legal profession has exploded. The size of law firms has grown tremendously with humongous merger activity and partners moving firms. The economy as a whole has globalized and corporations have expanded internationally, forcing many law firms to follow suit to meet their clients’ needs.
This expansion was made possible thanks to the dawn of the internet, and we’re in another period of dramatic growth as more law firms embrace new technology, such as machine learning and artificial intelligence. More data is being collected and disseminated than ever before, which means there are exciting prospects for law firms.
Chambers is making data more useful for lawyers
More than just a legal ranking service, Chambers has become a true data analytics and insights business. With 330 researchers whose sole purpose is to gather information about law firms, Chambers has collected a tremendous amount of data over the years, and researchers get this information straight from the source: the clients who are buying legal services.
These insights are extremely valuable to lawyers of all stripes, not only to help them understand the marketplace, but also to make critical business decisions. Recognizing the power of its data, Chambers’ aim is to make it more available and useful. The company is spending 20 million pounds on technologies to help lawyers understand its data, such as tableaus that allow users to assess the quality of law firms across the globe by jurisdiction and practice area. If you’re a firm decision maker, keep an eye out for the tools that Chambers has in the works.
There will be new tools for in-house counsel
General counsel face extreme noise and a massive volume of data, but within that are important trends and critical information in terms of how other lawyers are approaching problems and managing their departments.
Mark sees Chambers’ role as a data curator that helps lawyers cut through the fog and make sense of it all. To that end, Chambers recently launched the General Counsel Influencer List, which not only lists the GCs who are implementing groundbreaking initiatives, but also offers insight into their strategies and best practices. With 29 jurisdictions covered, the list is a comprehensive resource that will help in-house attorneys learn from and connect with their peers.
Small and regional firms will see greater recognition
It may be difficult for smaller firms to compete with Big Law, but a ranking in Chambers is a powerful way to help level the playing field. Chambers has always considered size and included small and medium firms in its guides, but new developments may mean that these firms will get even more recognition.
Chambers recently opened an office in São Paulo, Brazil—a surprisingly large and dynamic marketplace with nearly 800,000 lawyers—and will open a New York office shortly, with plans to open more in the United States and Latin America. This isn’t just for show; it’s a strategic decision designed to get Chambers closer to local markets and have more boots on the ground. There are brilliant lawyers at smaller firms, and with more offices in the United States, Chambers will be able to do a better job of highlighting them. If you’re at a small firm, now is a great time to consider submitting to Chambers.