Law firms are increasingly being measured not just on their financial success but also on metrics like diversity, lateral retention, and strategic growth. The Leopard Solutions Law Firm Index (LLFI) offers a comprehensive ranking based on these critical factors. This year's leaderboard highlights significant shifts and improvements among top firms, showcasing what it takes to rise in the ranks. Some notable areas in which firms excelled in making the leaderboard include their focus on attorney retention, diversity, and improvement in practice area-specific growth.

Lateral Retention and Diversity

Gibson Dunn, for instance, has made a remarkable leap into the top 10, climbing from 12th to 8th place. This advancement is primarily due to their enhanced lateral retention and improved diversity metrics. With 157 lateral hires and 153 retained, Gibson Dunn has shown exceptional strength in retaining laterals, a key factor in maintaining stability and continuity within the firm. Their ethnic diversity figures also improved by 2%, now at 22%, achieved through a balanced approach of new hires and lateral recruitment. Additionally, the firm saw a 3% increase in partner gender diversity, reaching 28%, driven primarily by internal promotions. These improvements underscore the importance of retention and diversity in climbing the rankings.

Overall Strategic Growth

Firms that have endured difficult market upheavals saw themselves leading the leaderboard. After a challenging year in 2022 with a 17% decline, Hawkins Parnell rebounded impressively in 2023, with an average growth of 34%. This resurgence was fueled by the strategic acquisition of Selman Breitman's litigation team. Their ability to turn around their fortunes through targeted growth initiatives highlights the importance of strategic acquisitions and growth management in improving a firm's standing.

Diversity and ROI

Dentons has performed exceptionally well in terms of tenure, gender partner diversity, and return on investment (ROI) for recent hires. Meanwhile, Wood Smith Henning Berman has demonstrated impressive performance in ethnic diversity, surpassing the AmLaw 200 average by 6%, and in women partnership, exceeding the AmLaw 200 average by 9%. Their 14% growth in 2023 further cements their position as a leader in diversity and strategic growth. These metrics show that focusing on diversity and efficient hiring strategies are crucial for firms aiming to improve their rankings.

Recruitment Success

O'Hagan Meyer has shown significant growth, averaging 30% overall and reaching 73% for the entire year. This growth is attributed to their strategic recruitment efforts, particularly in acquiring attorneys from the short-lived firm Daugherty Lorden. Effective recruitment and strategic talent acquisition are key factors in achieving substantial growth.

Commitment to Diversity

Kubicki Draper and Linklaters have both maintained their reputations for diversity, with year-over-year increases of 3.1% and 3.2%, respectively. Debevoise and Davis Polk also showed significant improvements, increasing diversity by 1.8% and 2.2%. Allen & Overy stood out with a 3.7% increase, reaching 26% diversity in their US offices. These firms demonstrate that a continued and focused commitment to diversity can significantly enhance a firm's position in the rankings.

Promoting from Within

Freshfields made a significant leap from outside the top 10, driven by a notable 3.6% increase in women partners, 40% of whom were promoted from within. Day Pitney also entered the top 10 with a 3.5% increase in women partners, evenly split between lateral hires and internal promotions. Littler Mendelson distinguishes itself with 89% of its new women partners promoted internally. Rivkin Radler had the most significant increase in women partners year-over-year, jumping from 23.9% to 30.2%. These examples highlight the importance of internal promotions and fostering talent within the firm.

The Leopard Solutions Law Firm Index (LLFI) underscores the multifaceted criteria that firms must excel in to rise in the rankings. Key areas such as lateral retention, diversity, strategic growth, and internal promotions play pivotal roles. Firms that focus on these areas improve their standings and build stronger, more resilient organizations capable of thriving in a competitive legal landscape. LLFI is part of the Leopard Solutions BI (Business Intelligence) solution; learn more about it here.