Clients count on us to understand their business and deliver excellent service in a cost-effective manner. That’s why McGuireWoods has been a pioneer in crafting alternative fee arrangements.
In fact, we developed a proprietary legal project management system, ClientSync, to improve transparency and predictability for clients and to help control costs. Compass, the primary tool used as part of ClientSync, tracks AFAs to assist our lawyers with managing single or multiple matter fee arrangements and developing more thoughtful case planning and budgeting.
Because AFAs are an important part of our value-added commitment to clients, we have mastered the art and data-driven science of customized fee arrangements with an array of proven alternatives to the billable hour across matters of all sizes and shapes. And legal decision makers at top corporations have taken notice, ranking McGuireWoods in an elite group of law firms that are “absolutely best” at developing and implementing AFAs for clients and ensuring AFAs are 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.”
According to the BTI Consulting Group report, which is based on unprompted responses of legal leaders at companies with annual revenue of $1 billion or more, McGuireWoods is one of only a handful of firms with skin in the game as well as “confidence, comfort and enthusiasm in pursuit of the AFA” — firms that stick to fee agreements and don’t ask for changes, and have tight project controls to ensure they don’t need to ask.
- BTI State of Alternative Fee Arrangements