Biglaw, In-House Counsel, Rankings

Clients Rank Their Law Firms: The 10th Annual Corporate Board Member List

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What do your clients think of your firm? Unfortunately, in-house counsel don’t usually send a review of services along when they’re paying their Biglaw bill. But a number of them do rate firms when asked to by Corporate Board Member magazine. It has released its 10th annual list of top law firms, based on what those paying the bills think of the firms.

The rankings are based on a survey of over 2,200 general counsel and 8,500 directors serving on boards of publicly traded companies. GCs were asked to select “up to 10 national firms they would choose to aid them should their company need a firm of national scope and reputation,” and the directors were asked who they would call when they had legal issues. In a press release accompanying the list, the magazine’s CEO says:

“When it comes to trust and loyalty, it is obvious these firms have both the depth and breadth of expertise boards are looking for as well as the necessary staying power to deliver it—even in challenging economic times,” said TK Kerstetter, president and CEO of Corporate Board Member.

So which firms topped the list?

For the 10th year in a row, Skadden sits on top of the rankings from both general counsel and the corporate directors.

Here are the top ten firms general counsel love to work with (including their 2009 ranking in parentheses):

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1. Skadden Arps Slate Meagher & Flom, New York (1)
2. Wachtell Lipton Rosen & Katz, New York (2)
3. Cravath Swaine & Moore, New York (3)
4. Davis Polk & Wardwell, New York (5)
5. Sullivan & Cromwell, New York (4)
6. Latham & Watkins, Los Angeles (7)
7. Jones Day, Washington, D.C. (6)
8. Gibson Dunn & Crutcher, Los Angeles (9)
9. Kirkland & Ellis, Chicago (11)
10. Weil Gotshal & Manges, New York (10)

Judging from the high-priced talent on this list, apparently you don’t have to be cheap to be liked. Check out the full list of 20 firms on the CBM website. (Hogan & Hartson and Paul Weiss are firms that didn’t make the cut in 2009, but jumped on to the list this year.)

Board directors also put Skadden at the top of their list. Some firms known for their value (relatively speaking) are beloved by directors. Apparently, it’s not just the most expensive firms in the land that directors go to for CYA bet-the-company legal advice:

1. Skadden Arps Slate Meagher & Flom, New York (1)
2. Cravath Swaine & Moore, New York (3)
3. Wachtell Lipton Rosen & Katz, New York (4)
4. Jones Day, Washington, D.C. (2)
5. Sullivan & Cromwell, New York (5)
6. Weil Gotshal & Manges, New York (6)
7. Latham & Watkins, Los Angeles (9)
8. Baker & McKenzie, Chicago (11)
9. Kirkland & Ellis, Chicago (8)
10. Davis Polk & Wardwell, New York (13)

If your firm didn’t make the top ten, check out Corporate Board Member to see whether it made the top 20.

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Corporate Counsel points out which firms got more popular and which new firms became “cool kids”:

Firms that jumped up in the 2010 rankings were L.A.-based Latham and Watkins, which shot up to seventh place from ninth, and Chicago-based Baker McKenzie, which climbed to eighth from 11th. Another law firm that climbed up is N.Y.-based Paul Weiss Rifkind Wharton & Garrison, which leapfrogged to 11th from 17th in ’09.

And, that’s right, there were actually some new faces! Two new firms made the list: Washington, D.C., firm Akin Gump Strauss Hauer & Feld and Houston-based Vinson & Elkins.

Meanwhile, there are other “cool kids” lists in the works. Or “Mean Girls lists,” depending on how snarky general counsel get about their workhorses. The Association of Corporate Counsel launched a rating system late last year to allow general counsel to praise and pooh-pooh the firms they work with.

One thing the legal profession does not lack is listicles.

Annual Legal Study Ranks Top 20 Law Firms in the U.S. [Corporate Board Member]
We Have the ‘Cool Kids’ List: Top Corporate Law Firms List Rolls Out [Corporate Counsel]

Earlier: The Association of Corporate Counsel Rankings
Law Firms Gain Access to Corporate Counsel Reviews of Their Work

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