4 Legal Directory: A lucrative industry The legal directories business emerged as a distinct industry in the 1980s and 1990s, but this lucrative industry has flourished over the past four decades, with a spike in the number of legal directories, all striving for a larger share of a market of high-quality products, services and events aimed at lawyers and GCs, providing more depth of information to GCs, companies and entrepreneurs seeking legal advice. Such is the value of the industry, it was announced in November 2023 that Chambers & Partners, one of the pioneers, was sold by Inflexion Partners to Abry Partners, a leading U.S. headquartered middle market private equity firm. The value of the deal was believed to be around £400m. London newspaper City A.M. estimated that Inflexion had paid between £35m and £50m in 2018. What exactly are legal directories? The term “legal directories” describes a broad range of products and services that research, list, rank, analyze, and assess lawyers and law firms, from the largest global players to the smallest boutiques. From simple listings to the more detailed Chambers, Legal 500 and IFLR1000, each one carries its own weight and gravitas. With the latter three, among others, teams of researchers then examine the submissions, analyzing and assessing the qualities and differences between the law firms. Why do law firms work with them? A staple of the legal industry, legal directories have held their place in the market for more than three decades. The vast majority of law firms engage with the directories, in order to promote their practices to their target audience, with a ranking in the guides respected for:
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