While I'd personally be quite happy to run an awards ceremony that saw Legal Week hand out prizes to our mates in smoke-filled, bribe-strewn rooms, wiser counsel has prevailed in recent years to see the British Legal Awards benefit from an independent judging panel, drawn up largely of senior clients.

However, one of the main areas in which Legal Week's editorial team is involved in the awards is in drawing up the shortlist for the Firm of the Year award. So, in this spirit of regrettable transparency, the following blog is an edited version of the notes we'll be providing to the judges to help them make their decision, including why the firms were shortlisted.

While the majority of the awards have already been decided on by the judging panel, this year, to keep things a little fresher, the powers-that-be have dictated that this award will be decided on the night on 2 December. What could possibly go wrong?

berwin-leighton-paisnerBerwin Leighton Paisner

Since its creation via the merger of Berwin Leighton and Paisner & Co in 2001, Berwin Leighton Paisner (BLP) has been the definition of the innovative, upwardly-mobile City law firm. If anything, BLP has in recent years become even more imaginative, with the firm pioneering its own 'virtual firm', Lawyers on Demand, and this year launching its Managed Legal Service, which is designed to work in partnership with major clients by assuming elements of their in-house legal function. Despite the impact of a prolonged period of turmoil in the property markets, the firm has remained a respectable financial performer in recent years. As the UK gears up for the impact of the Legal Services Act next year, BLP looks one of the best positioned firms in its weight class.

clyde-coClyde & Co

The only firm shortlisted for the second year running, Clyde & Co cuts a hugely impressive figure. Having grown from its origins as a City insurance specialist, the firm has bloomed into a genuinely distinctive practice that boasts considerable global reach. This transformation has been partly due to the firm's willingness to execute the kind of focused sector approach that many tout but most fail to deliver, broadening its practice to cover energy, trade, infrastructure and transport. Management has been sure-footed in recent years and frequently ready to move swiftly to secure opportunities. Financial performance has been outstanding in 2009-10 and on a five-year view. Recent highlights including the acquisition of an eight-partner team from Shadbolt, the signing of a credible alliance in India with ALMT Legal and sustained investment in its US practice. A very strong contender.

freshfields-bruckhaus-deringerFreshfields Bruckhaus Deringer

Perhaps surprisingly, the years following Freshfields Bruckhaus Deringer's 2006 partnership restructuring have seen the firm establish itself in the minds of many as the magic circle's pace-setter. At the heart of this success the firm has cultivated a partnership that exudes both quality and hunger. Unsurprisingly, the firm has scooped up a commanding share of the premium securities, regulatory and restructuring work that has emerged in the wake of the credit crunch and banking crisis. Management has been astute and clear-sighted during this period as Freshfields has increasingly pursued quality over scale, a stance that helped the firm this year achieve the highest profitability of the City's big four. The firm is also a strong performer on a five-year view, though it did see an 11.3% revenue fall in 2009-10. There is also some question over the extent that the firm's recession-related cost-cutting has hit staff morale. Yet in most respects, Freshfields is at the top of its game.

hoganlovells2Hogan Lovells

Ironically, this year's much-touted merger between Hogan & Hartson and Lovells is not the primary reason for nominating the combined firm, given that the success of the merger will not be apparent for several years. Instead, the legacy Lovells deserves much credit for regaining its sense of purpose after a period several years back when the firm was failing to keep pace with its City peer group. A run of partner departures have been put behind it and Lovells has emerged as one of the strongest performers in its peer group over the last two years. And while it is early days for Hogan Lovells, by all accounts the two firms have displayed admirable pragmatism, drive and imagination to push through merger that has sent a jolt through the global legal market.

wall-street-newSullivan & Cromwell

Unsurprisingly, a sustained banking crisis provided a reminder of the sheer quality and breadth of practice of this most respected of Wall Street advisers, with Sullivan & Cromwell winning strategic roles for a host of major banking clients. The firm also outperformed its US peer group in 2009 to see fee income rise, and it remains one of the most profitable law firms in the world. There remains much relief among its rivals among magic circle rivals that the firm has so far grown only conservatively in the City, but it has still managed to build a lean but high quality M&A and securities team. The firm recently announced its intention to start taking on City trainees. A lack of strong candidates seems unlikely.

travers-smithTravers Smith

This City thoroughbred continues to remind its rivals what a traditional partnership can achieve, providing it can attract, motivate and focus high-quality lawyers. Having in recent years resolutely stuck to its guns as a classic mid-market player, Travers Smith saw a sharp rebound in its financial performance in 2009-10 as its much-admired private equity and corporate practice rode the relative rebound in deal activity. The quality of the firm's mandates has been exemplary over the last 12 months, and as a result, the mood at the firm is justifiably upbeat.

For more, see Top names ready to battle for honours at 2010 British Legal Awards.