Leopard Law Firm Index to Include Women Partner Metrics as Part of its Firm Health Benchmark of Top Law Firms in the US
April 5, 2023
Leopard Solutions data analysis points to the direct correlation of ethnic and gender diversity of attorney headcount and retention to top firm rankings.
NEW YORK (PRWEB) APRIL 05, 2023 – Legal Intelligence provider Leopard Solutions announces today the expansion of its Leopard Law Firm Index (LLFI) to include the percentage of women partners of the firm as part of its health measurement. LLFI ranks all firms within the Leopard Solutions database by key indicators, including industry success, profitability, viability, growth, diversity makeup, and potential opportunity.
Studies have shown that men are evaluated based on their potential across all industries. In contrast, women are evaluated based on performance. This unequal standard often leads to an extremely skewed management structure in most workplaces.
The industry still has a lot of work to do to reach gender equality. According to the recent Leopard Solutions State of the Legal Industry Report, there was only a one percentage point gain in 2022 for both ethnically diverse and female partners at the top 200 law firms. While it was an increase, women currently only represent 39% of associates, partners, and counsels in the top 200.
The Leopard Law Firm Index was created to provide a unique insight into over five thousand firms’ Leopard Solutions database tracks. The ranking metrics were formulated to give a true picture of firm stability by using data that is not ‘gameable’ by the players in the industry. The index score for each firm varies based on its history, capabilities, and aspirations. Key measurement points include:
- Growth or decline in attorney headcount
- Average attorney tenure
- Increases or decreases in revenue per lawyer (RPL) over a five-year period
- Relative success in lateral recruiting and general retention (partner and associates)
- Relative success recruiting and retaining entry-level attorneys
- Promotions to partner
- Ethnic diversity within the firm
- Percentage of women partners
“Our data indicates that law firms with a higher percentage of women partners perform very well on our index; we’ve determined that equality at the top has contributed to the LLFI top firms’ success,” said Laura Leopard, CEO and Founder of Leopard Solutions.
Leopard Solutions has been monitoring the gender makeup of law firms for the past two decades. The data point of the percentage of women partners will be added as a critical indicator of the law firm’s health starting April 2023.
“We expect some shuffling among those top 200 firms. This information can be accessed live on Leopard BI (Business Intelligence) suite,” continued Leopard. “Our user can benchmark a firm against any of its competitors’ numbers on all these factors, including partner gender diversity.”
Since 2020, the Leopard Law Firm Index has provided legal leaders invaluable tools for measuring law firm growth and stability. Real-time data analytics and analysis that look beyond financials have never been more critical, especially in volatile economic times. Law firms can better measure their actual performance, diagnose potential issues threatening the health of their organization, and proactively plan their recruiting and growth strategies. At the same time, in-house counsel can get a more accurate sense of how law firms are performing in the present day and identify and engage the right law firm for the legal services they need.
Leopard Solutions recently announced its top 200 law firms that made the 2022 list. For the complete list and more about the Leopard Law Firm Index, read here: https://www.leopardsolutions.com/index.php/leopard-law-firm-index-list/
The Leopard Law Firm Index gives each firm a score from 0 to 500, with 500 being the highest possible score. There are four distinct statuses in the scoring system:
- 0 to 124 – Poor
- 125 to 249 – Fair
- 250 to 374 – Good
- 375 to 500 – Very Good
Leopard Solutions currently tracks over 5,400 law firms, with the Leopard Law Firm Index ranking over 4,000 firms. Its customers can access and run the firm index report through the Leopard Business Intelligence (BI) platform for more in-depth analysis and comparison of the company rankings, which is updated dynamically due to data being updated twice monthly.
About Leopard Solutions:
Leopard Solutions is a leading legal market intelligence provider for professionals seeking to build an analytical understanding for better business and recruiting strategies within the legal industry.
Our diverse data solutions are designed to fulfill a wide variety of intelligence needs, from job searches to recruitment to competitive intelligence in the legal industry serving law firms, legal service providers, recruiters, law schools, and corporations. Leopard’s data and technology are continuously updated to ensure market relevance and a competitive edge.
Established in 2002, Leopard Solutions has grown into one of the most recognized and trusted legal market data providers in the United States. We are proud to be a diverse employer and a certified Women’s Business Enterprise.