Firm Outperforms 410 Others on Strength & Stature and Client Recommendations
(June 18, 2009, Pittsburgh) – Reed Smith LLP, one of the 15 largest law firms in the world, is the top-ranked law firm for building and maintaining client relationships with large corporations, according to The BTI Client Relationship Scorecard: Ranking Law Firm-Client Relationships, set for June 2009 publication.
“The ‘business of relationships’ has always been the core focus of Reed Smith’s strategy, so we are really gratified to be the top-ranked firm in this survey,” said Gregory B. Jordan, the firm’s Global Managing Partner. “These results provide unsolicited, independent feedback that the investment we’ve made in our relationships with our clients is meaningful in an important way, and is recognized by and makes a difference to them.”
Reed Smith’s top ranking is based on BTI’s recent interviews with more than 500 corporate counsel in Fortune 1000 companies. BTI, a well-respected, third-party consulting group, used six measurements to compile two key metrics for 411 leading law firms: Existing Client Relationship Strength and Stature (ERSS), and Client Recommendation Score (CRS). Reed Smith scored very high on all six measures and on both metrics.
BTI reports that Reed Smith and other law firms among the top 30 on the Scorecard perform more than three times better than the average firm on both dimensions; achieve "primary" or "secondary" status with clients more frequently; and are more frequently recommended by clients.
“In an economic climate where clients are unrelenting in their demands, Reed Smith’s performance is especially impressive,” said Michael B. Rynowecer, President of the BTI Consulting Group. “The strategies it employs to create and grow client trust and respect are clearly working, and working well.”
Client relationships have long been at the center of the Reed Smith business approach. Its strategies have been strengthened further over the past three years by the firm’s organization into industry teams, along with its emphasis on understanding clients’ business operations, and securing direct feedback from them on a regular basis.
Reed Smith has created five interdisciplinary industry teams, combining transactional, regulatory and litigation capabilities to provide a comprehensive approach to clients’ legal needs. They are the Financial Industry Group, Life Sciences Health Industry Group, Energy, Media & Communications, and Manufacturing. In addition, all of the firm’s large clients are served by a team of lawyers from diverse practice areas, who understand the clients’ business challenges and goals, and work collaboratively to deliver comprehensive legal and business advice to support them.
Reed Smith’s client relationship management software helps each team stay abreast of its clients’ legal matters, and chronicles all data and events that impact the functioning of that client’s business, and its current and future legal needs. When significant matters have closed, the firm emails confidential surveys to clients to measure their satisfaction with their team’s services on key matters, and identify any areas for improvement or particular strengths.
In addition, Mr. Jordan regularly travels to Reed Smith’s 23 offices around the world to meet with the firm’s top clients and its client relationship teams to gain an understanding of and appreciation for the changing environment in which they are conducting business.
“Reed Smith will continue to focus on its clients’ needs, staying close to them and their businesses,” Mr. Jordan said. “The future of our firm – as its past – will be firmly rooted in these important relationships.”
About Reed Smith
Reed Smith is a global relationship law firm with nearly 1,700 lawyers in 23 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation services in multi-jurisdictional matters and other high-stakes disputes; deliver regulatory counsel; and execute the full range of strategic domestic and cross-border transactions. Reed Smith is a preeminent advisor to industries including financial services, life sciences, health care, advertising, technology and media, shipping, energy trade and commodities, real estate, manufacturing, and education. For more information, visit reedsmith.com
U.S.: New York, Chicago, Los Angeles, Washington, San Francisco, Philadelphia, Pittsburgh, Oakland, Princeton, Northern Virginia, Wilmington, Silicon Valley, Century City, Richmond
Europe: London, Paris, Munich, Greece
Middle East: Abu Dhabi, Dubai
Asia: Hong Kong, Beijing