Data Intelligence Report: Hong Kong

As part of the asialaw Profiles research process we survey buyers of legal services on:

  • Assessment and Rating of law firms and lawyers’ quality of service and work received
  • Upcoming market trends

Here is a snapshot of the data for Hong Kong:

Firm attributes

We ask clients to rate the legal counsel they used on the following (from 1 poor to 5 excellent):

  • Costs transparency
  • Extensive local/international network
  • Industry sector knowledge
  • Technical ability and innovation
  • Use of technology
  • Value for money
  • Client relationship management
  • Risk management

 

Best firm by individual attribute (based on aggregate score)

  • Costs transparency: Wilkinson & Grist
  • Extensive local/international network: Wilkinson & Grist
  • Industry sector knowledge: Wilkinson & Grist
  • Technical ability and innovation: Charltons, Stevenson Wong, Vivien Teu & Co, Wilkinson & Grist (Tied)
  • Use of technology: Wilkinson & Grist, Oldham Li and Nie
  • Value for money: Charltons
  • Client relationship management: Stevenson Wong and Co
  • Risk management: Stevenson Wong & Co

 

Leading firms in order (based on aggregate score)

 

General statistics

Highest rated law firm attribute: Industry Sector Knowledge                      

Firm attribute that needs most improvement: Use of technology

 

Lawyer attributes

We ask clients to rate lawyers they used based on the following attributes (from 1 poor to 5 excellent)::

  • Communication
  • Commercial understanding
  • Country knowledge
  • Industry sector knowledge
  • Listening to and implementing feedback
  • Meeting deadlines
  • Responsiveness and accessibility
  • Technical ability

 

Best lawyers (based on aggregate score)

  • Chris Wong, Gall
  • Raymond Chan, Wilkinson & Grist
  • Andrea Randall, Gall
  • Vera Sung, Oldham Li & Nie

 

General statistics

Highest rated lawyer attribute: Communication

Lawyer attribute that needs most improvement: Country Knowledge, Meeting deadlines (teed)

 

Market feedback

Topic that concerns clients most

Regulatory or governmental changes

How law firms can assist clients on this matter:

  • Better knowledge with local regulators
  • Providing relevant updates and insights of such regulatory or government changes
  • Provide prompt info on any such changes and issues that relevant entities should be wary of.
  • Be able to advise before statutes come into effect.
  • Keep us informed of significant changes and how to cope with the changes
  • Seminar, briefing
  • Regular newsletter update
  • Provide timely advice
  • Information email alerts
  • To provide periodical update on the new regulation

 

Which practice area do they anticipate to give more work to external legal counsel in the next 12 months

Banking & Finance

Which practice area do they anticipate to give less work to legal counsel in the next 12 months

No clear trend

 

How can law firms improve their service to clients?

  • Do more cocktails and seminars
  • Maintain stability of the junior ranks
  • Be more willing to readily provide legal solutions for clients in various corporate M&A scenarios
  • By becoming more aggressive
  • Develop more branches in key cities in Asia

 

Delivering better service is an important part of upselling and cross-selling to existing clients and acquiring new ones. More sophisticated client relationship management can increase revenues per practice area or industry group and expand margins per partner.

Asialaw Data Intelligence Report contains a breakdown of client responses to asialaw Profiles surveys. 

We can identify:

  • How clients perceive your firm and lawyers
  • Concerns that affect their role and how your firm can help them
  • How your firm compares with its peers
  • Market trends for the coming 12 months

 

The Data Intelligence Report will allow your firm to:

  • Assess your firm at multiple levels (firm, practice area, lawyer). 
  • Identify issues clients have with your firm and implement solutions
  • Develop new business development opportunities
  • Prepare strategic or marketing plans based on client growth and needs. 

 An example can be found here

The information will provide you with an enhanced appreciation of who your client respondents are and how they view your firm and practitioners enables you to improve client service delivery.

It will help leverage your firm’s strength’s, address its weaknesses, solidify its client relationships and ultimately increase your firm’s revenues.

For more information contact: William.lo@euromoneyasia.com