Legal decision makers at top corporations ranked McGuireWoods in an elite group of law firms that are “absolutely best” at developing and implementing alternative fee arrangements (AFAs) for their corporate clients, according to a new report from BTI Consulting Group.
Only 22 of 650 law firms serving Fortune 1000 and large clients were identified as the “best at making AFAs the successful cost control tool they were intended to be — bringing improved client focus, predictability in budgets, a more streamlined approach to the work, and double-digit savings.” The findings in the “BTI State of Alternative Fee Arrangements” report are based on unprompted responses from leading legal decision makers at companies with annual revenue of $1 billion or more.
McGuireWoods has been a pioneer in crafting alternative fee arrangements. In addition, the firm developed a proprietary legal project management system, ClientSync, to improve transparency and predictability for clients and to help control costs.
“Now more than ever, our clients count on us to understand their business and deliver excellent service in a cost-effective manner,” said McGuireWoods partner J. William Boland, who oversees the firm’s negotiation and management of AFAs. “Alternative fee arrangements are an important part of that commitment, and we’re honored that our clients appreciate our efforts to enhance predictability and value.”
In the BTI report, clients cited several reasons why McGuireWoods and other leading firms excel in the use of AFAs. These firms exhibit “confidence, comfort and enthusiasm in pursuit of the AFA” and have convinced clients that the firms “have skin in the game,” the report states. Leading firms stick to fee agreements and don’t ask for changes, and “the best have tight project controls to ensure they don’t need to ask.”
BTI’s report on AFAs is the latest survey from the consulting group documenting the firm’s client service leadership. McGuireWoods ranked sixth out of more than 300 firms on BTI’s 2016 “Client Service A-Team” — elite firms singled out for excellence by clients in major companies. BTI’s “Brand Elite 2016” report rated McGuireWoods among the “best of the best” in key client service categories and one of only eight firms clients would recommend to peers without prompting. The firm also was among those garnering the highest rankings for litigation prowess in the 2016 edition of “BTI Litigation Outlook.”
The widely-read legal trade Law360 featured the BTI report in an April 27 story, “22 Firms Win Top Marks From GCs On AFAs.” Subscribers can access the story here.