The firms ranged from the five elite London firms that make up the so-called 'magic circle' to major regional players to US firms with substantial city practices.
Firms were also asked to distribute a separate survey to trainee solicitors, whose comments were used to develop firm profiles but were not computed into the rankings. In total, Vault received responses from more than 2,400 lawyers and trainees, representing 56 law firms across the country.
As part of the survey, lawyers were asked to rate the prestige of the firms on Vault's list using a 10-point scale - the higher the score, the greater the firm's reputation. (Solicitors were not permitted to rank their own firm.) The Vault 50 simply reflects the average prestige scores reported for each firm.
The top 5
1. Slaughter and May
2. Linklaters
3. Freshfields Bruckhaus Deringer
4. Allen & Overy
5. Clifford Chance
Beyond the top five, 'litigation giant' Herbert Smith retains its sixth place slot, while Lovells, whom lawyers call 'solid all round', climbed from number10 to claim the number 8 spot this year. Rounding out the top 10 are three US-based firms with longstanding international credentials: at number 7 is Skadden, Arps, Slate, Meagher & Flom — M&A master and one of the most profitable firms in the US; number 9 is the 'dynamic' global firm White & Case; and in tenth place is the 'top international firm', Cleary Gottlieb Steen & Hamilton.
In addition to overall prestige, Vault asked solicitors to rank the best firms in 14 different practice areas, ranging from antitrust and competition to technology. What may be most notable about the Practice Area Rankings is how many spots were taken by top five firms: The top slots in banking, competition, capital markets, corporate, M&A and tax were all swept by the magic circle.
Jostling for position
While the top 10 list has remained relatively static, there was more movement in the middle of the pack this year. Among the firms making impressive leaps is Norton Rose - ranked 24th in 2006, which jumped to number 13; Eversheds, which rose to number 31; and Nabarro, vaulting from number 43 to number 34.
The biggest drops in rankings took place among American firms, which may not be a surprise, given the reverberating effects of the credit crisis. That said, the decline was by no means universal.
It is worth noting of the three top-tier US firms falling most dramatically (Sullivan & Cromwell, Simpson Thacher & Bartlett and Davis Polk & Wardwell) none offer a formal trainee programme for UK solicitors.
It's also interesting to note the shifting US/UK balance in light of the growing influence of 'magic circle' firms on the other side of the Atlantic.
Editor of the US-based Vault Guide to the Top 100 Law Firms, Brian Dalton, said: "The ascension of UK firms is striking — it seems London's arguable eclipse of New York for the title of 'world's financial capital', as well as recent, aggressive US growth by the 'magic circle' has resulted in a spike in prestige and name recognition."
The best places to work
The Vault solicitor survey asked lawyers to rate their own firms in a variety of 'quality of life' categories, including overall job satisfaction, hours, pay, formal and informal training, relations with partners, and commitment to pro bono and diversity.
The number 1 firm to work for, according to surveyed lawyers, is Latham & Watkins. Described by peers as 'a firm everyone wants to work for', Latham's own London associates praise the company for its team spirit and the top-of-the-market pay. Number 2 on the list is also number 2 in the Prestige Rankings - Linklaters, whose 'stellar reputation', insiders say, brings in top-quality work and 'rather cool' colleagues.
Both high-quality work and high salaries are clearly key factors in lawyer satisfaction: among the top 10 Best to Work For firms are several US firms whose pay scales are specifically cited as among the best things about the firm. But for many lawyers, what matters more than remuneration or reputation in the City is workplace culture.
Featured among the Best Firms to Work For are a number of firms outside London, including Manchester-based Pannone, Scottish player Dundas & Wilson, Bristol's Burges Salmon and South West firm Bond Pearce. These firms may not pay as much as the Americans or have quite the cachet of the Magic Circle, but they have earned a steadfast loyalty from insiders.
