In this guide, I’ll be talking about how to identify a law firm’s competitors. This is a skill that’s not only useful for applications but also helps you get a much better understanding of the legal industry as a whole. Honestly, this was something I initially struggled with. I found it hard to figure out where one firm stood compared to others in the same space. However, once I cracked the code, everything became so much easier. Applying to firms felt less overwhelming because I already knew the industry inside out. For any firm I applied to, I also had a clear picture of who their competitors were, which made answering application and interview questions so much smoother.
Understanding a law firm’s competitors is crucial because it helps you position yourself as an informed candidate. It shows you’ve done your homework and understand not just the firm but also the broader landscape they operate in.
This is a simple four-step method I use to figure out a firm’s competitors, with some examples to make it easier to follow.
Step 1: Identify the Firm’s Core Practice Areas
Start by looking at the firm’s primary areas of expertise. You can find this information on the firm’s website under "Practice Areas" or "What We Do."
Example 1 (CMS):
CMS has a strong focus on tax law, real estate, and energy and infrastructure.
Example 2 (Transactional Law Firms):
Kirkland & Ellis and
Latham & Watkins specialise in high-yield debt and large-scale private equity (PE) transactions.
Travers Smith focuses on mid-market private equity.
Step 2: Search for the Firm’s Chambers Rankings
Visit Chambers and Partners’ website and check the firm’s rankings in their core practice areas. Focus on the practice areas where the firm is ranked highly.
Example 1 (CMS):
CMS is ranked Band 1 for Tax in the UK.
Example 2 (Transactional Law Firms):
Kirkland & Ellis and
Latham & Watkins are consistently ranked at the top for Private Equity: High-End Capability and Capital Markets: High-Yield Debt.
Travers Smith is ranked in Band 1 or 2 for Private Equity: Mid-Market.
Step 3: Identify Other Firms with Similar Rankings
Look at which other firms are ranked in the same or adjacent bands for those practice areas. These firms are likely competitors as they operate at a similar level of expertise and reputation.
Example 1 (CMS):
For Tax, other firms ranked in Band 1 or Band 2 include PwC Legal,
DLA Piper, and
Freshfields Bruckhaus Deringer.
Example 2 (Transactional Law Firms):
In high-yield deals, firms like
Weil, Gotshal & Manges and Simpson Thacher frequently compete with Kirkland and
Latham. In mid-market private equity,
Macfarlanes and
Addleshaw Goddard are notable competitors to
Travers Smith.
Step 4: Analyse the Scope and Type of Deals
Investigate the types of deals the firm works on. Are they advising large multinationals, mid-market clients, or startups? Do they focus on complex cross-border transactions or smaller domestic matters? Identify other firms handling similar client types and deal scopes.
Example 1 (CMS):
CMS often works on mid-market deals and has a strong client base in the energy sector. Firms like
Eversheds Sutherland and
Pinsent Masons also operate heavily in these areas.
Example 2 (Transactional Law Firms):
High-Yield Private Equity:
Kirkland & Ellis and
Latham & Watkins typically handle large-scale, cross-border transactions for major PE clients like Blackstone and KKR. Their deals are often complex, high-value, and heavily leveraged.
Mid-Market Private Equity:
Travers Smith advises mid-market PE firms like Bridgepoint and Inflexion, often on buyouts, exits, and growth capital investments. Their deals are smaller in scope but require tailored, hands-on advisory.
Confirm Your Findings
If a firm appears consistently across all four steps, it’s very likely to be a key competitor.
Example 1 (CMS):
When analysing
CMS, you’ll notice that
Eversheds Sutherland,
Pinsent Masons, and
DLA Piper come up repeatedly in tax law, real estate, and mid-market energy deals. These firms are strong competitors of
CMS.
Example 2 (Transactional Law Firms):
For high-yield private equity deals,
Kirkland & Ellis and
Latham & Watkins consistently compete with Simpson Thacher and
Weil, Gotshal & Manges. For mid-market private equity deals,
Travers Smith faces competition from
Macfarlanes and
Addleshaw Goddard.
Note:
Although I’ve been going on and on about band rankings, band rankings are not everything. A firm may not have a Band 1 ranking in an area, but still have a good specialty in that practice -
within a niche instead. Find out which law firms compete within that niche as well, to decide their respective competitors.
Another special note:
If you’re trying to figure out if firms are competitors, I wouldn’t rely on Band 1 rankings alone. It’s a good starting point, but there’s more to it. For example, just because a firm is Band 1 in infrastructure and five other firms are too, doesn’t mean they’re all direct competitors. You’ve got to dig deeper into what they actually do within that area. Are they working on the same type of projects? One firm might specialise in financing infrastructure deals, while another focuses on disputes or PPP projects, so they might not be directly competing.
You also need to look at where they’re operating. If one firm’s focus is primarily in the UK and the others are big in Asia or Africa, they’re not really clashing for the same clients. Cross-border work is another factor. If two firms have a strong global reach, they’re more likely to compete than if one only works regionally.
Another thing to check is their client base. Are they going after the same kinds of clients, like government bodies or private equity investors? If you notice they’re working for completely different sectors, they might not even be on each other’s radar. Rankings won’t tell you that, but their deal announcements or case studies might.
Then there’s reputation, beyond just being ranked Band 1, are these firms seen as leaders in the field? Do they publish thought pieces, host events, or push innovation like new ESG approaches? Sometimes a firm might technically rank the same but not have the same level of influence in the market.
Volume and size of deals also matter. A firm doing smaller or mid-sized infrastructure work won’t really be competing with a firm that handles billion-pound projects. It’s about scale, not just rankings.
One thing that really gives it away is lateral hires. If two firms are always poaching talent from each other in a certain area, it’s a big sign they see each other as competitors. And finally, you’ve got to think about strategy. If a firm has publicly said it’s focusing on growing its infrastructure practice and targeting the same regions as another Band 1 firm, that’s a clear overlap.
So yeah, Band 1 rankings are helpful, but they’re just scratching the surface. You’ve got to think about clients, geography, deal size, and strategy to really figure out if firms are competing. It’s all about the bigger picture.
Why This Approach Works
This method saves time and ensures accuracy by systematically cross-referencing rankings, deal types, and client profiles.
Best of luck this cycle… we’re rooting for you !!!
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