Reached their positions
The methodology of the 50 Leading Law Firms in Ukraine research is based on a comprehensive assessment of the key performance indicators of the legal market’s participants. At the same time, none of the studied parameters have a decisive influence on the place in the rating. Law firms demonstrate the best results if objective performance indicators are naturally supplemented by a high reputation in a professional community of colleagues and competitors.
The end of the year is a traditional time for summing up. The 50 Leading Law firms of Ukraine research meticulously records all the ups and downs on the Ukrainian legal market. The research has been conducted by Legal Practice since 1997. Market participants are ranked in accordance with the following specific criteria: the business scope (the number of lawyers and financial results), the quality and quantity of transactions and disputes they accompanied, as well as their professional reputation.
The study period covers 12 calendar months: I-III quarters of 2017 and IV quarter of 2016. All data is consolidated using weighted factors, the value of which is confidential and relates to commercial information. When assessing the work of law firms, a common approach was applied to all of them; thus, all participants of the research find themselves on an equal footing. The ratio of factors is chosen in such a way as to naturally integrate all the studied indicators into a summary table. Therefore, considering the applicable multifactor model, none of the criteria is critical. On the other hand, the most balanced results are achieved by law firms that provide full information and confirm it in accordance with established requirements. The analytical group reserves the right to selectively check the data specified during polling.
In order to conduct the research for 50 Leading Law Firms of Ukraine, we take into account the income received by the firm from the rendering of legal services. If the services are provided by several legal entities of various legal forms, but under a common “brand”, or lawyers registered as individual entrepreneurs are involved, the income of a law firm shall be defined as an amount of income of these legal entities and/or individual entrepreneurs. Accordingly, the income of a Ukrainian law firm with several offices, including those in other countries, is determined by summing up the income received by each office. The income of representative offices of foreign law firms operating in the country was determined as the income of the office operating in Ukraine.
Traditionally, financial information is disclosed extremely reluctantly. If research participants refuse to provide it even on a confidential basis, the method of income restoration is applied to them. It is based on the assumption that law firms that formally have the same profile receive approximately similar income per lawyer; then only in-house lawyers (including partners) are considered.
We comply with confidentiality requirements and do not disclose information provided solely for the purpose of calculations. However, we consider it possible to disclose information, for example, about the profitability of a firm and its financial efficiency restored in accordance with a developed method or obtained from public sources.
The rules of confidentiality also apply to the practical scope of activities of law firms. The lists of major transactions and litigation/arbitration cases involving law firms in the period studied include public projects.
A company’s reputation is one of the key factors when compiling the summary table for the 50 Leading Law Firms of Ukraine. The lack of “recognition” points reduces the final place of the firm regardless of the sum of income and the number of lawyers that it has. Both the general level of recognition of a law firm and its reputation are assessed in terms of certain practices. It is worth noting that firms joining the ranks of leaders of the overall rating generally confirmed their reputation in certain practices.
The results obtained in opinion poll calculations are evaluated by the Expert Council at the final stage of the research. Experts can change the location of no more than 15 firms represented which, in their opinion, needs to be adjusted.
The data obtained from experts is summarized and adjusting factors that determine the final place of the law firm in the 50 leading law firms of Ukraine are calculated. The objectivity of expert assessments is achieved through confidentiality; the organizers do not disclose the list of experts until the research results are published. In addition, partial rotation of members of the Expert Council is carried out annually.