Due to its unique methodology the study entitled “Top 50 Law Firms of Ukraine” impartially displays and sometimes anticipates the development of the situation on the national legal services market
“Yuridicheskaya Practika” has been nominating the leaders of the Ukrainian legal services for nineteen services. The multifactor evaluation model applied enables the integration of quantitative and qualitative indicators of lawyers’ activity, determining the actual location of each law firm in the mar-ket.
The study period covers the Q4 2014 and the Q1-3 2015. The calculation of ratings takes place in accordance with the number of specified criteria: the number of lawyers, profitability, complexity of the transactions and litigations assisted by them, financial productivity. The reputation of the law firm in a professional environment and the expert assessment of results obtained were also taken into account. All data were aggregated using the weighted coefficients, the value of which relates to the business information and shall not be disclosed. In evaluating the performance of law firms the common approach was applied to all the firms and, in this respect, all participants of the participants were on an equal footing. The correlation of the coefficients was selected in a way that allows the most natural integration of the indicators of a firm financial performance, the scale of its practices and professional reputation in the summary table. Leaders in certain industry practices are indicated on the basis of the study “Ukrainian Law Firms 2015. A Handbook for Foreign Clients”, conducted by the “Yuridicheskaya Practika” publishing house.
The basis of the study “Top 50 Law Firms of Ukraine” is a table of the same name. It is a “mixed” variety of ratings and rankings, as in line with gen-eral information (financial indicators) it takes into account the subjective opinion of market participants (the firm’s reputation and the opinion of the ex-pert council). This type of rating is rather popular – readers obtain an objective assessment based on certain basic indicators (each being a separate rank-ing). At the same time, it should be emphasized that the ratings are not in a range but the exact positioning of the party usually determined by a multifac-tor assessment model.
A number of rankings – the top 50 firms in accordance with the profitability indicators, the number of lawyers, financial efficiency – are included to the study “Top 50 Law Firms of Ukraine” along with the rating. Communications with the market confirm that such rankings are no less interesting than the main table of the study, as in some cases they are even more informative. And this is natural, as the rankings determine the position of the firm in the competitive environment in the context of one or another performance indicator very accurately.
An important component of the study “Top 50 Law Firms of Ukraine” is the definition of major public projects assisted by law firms during the peri-od being studied. In addition to the fact that the practical aspect is a key criterion for calculating the ratings, we publish lists of the largest public transac-tions, litigation and arbitration cases and disputes in the field of taxation. Taking into account the strict conditions of confidentiality related to legal sup-port for separate transactions, we exclude the information on projects fully or partially provided on a confidential basis from the publication.
The reputational criteria is intended to smooth the variation in financial and other quantitative indicators and balance the positions of law firms in the summary table: no matter how large the income of the law firm is, the number of lawyers working in it, the absence of points in the reputation aspect (the overall reputation of the company and the reputation in the context of individual practices was assessed) had a significant effect on the final indicators.
At the final stage in order to verify and, if necessary, adjust the interim results of the ratings, the legal services experts who conducted the qualitative assessment of the rankings were engaged. At the same time, according to the rules, experts cannot change the positions of more than 15 law firms the result of which, in their view, needed adjustment - but only within a range of ten positions. After this the expert assessments were generalized and the correction coefficients for each law firm marked by them were calculated.
The project’s experts also provided their comments on the situation on the legal services market and forecasts for its development.