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I get that bands are ranked 1-6, with lower numbers indicating higher rankings, but how do the "categories" work? For example, I see "The Elite (Band 4)" and "Highly Regarded (Band 2)"... but isn't "The Elite" better than "Highly Regarded"? So why is the former "category" associated with a higher number?

TIA!

For a few categories, most notably NY M&A and general commercial lit, Chambers has two sets of rankings, "The Elite" and "Highly Regarded," because there are so many firms in the area. I believe that the Elite Band 4 > Highly Regarded Band 1.