Legal decision makers at top corporations named McGuireWoods among an elite group of six law firms that are “absolutely best” at developing and implementing alternative fee arrangements (AFAs) for their corporate clients, according to a new survey from BTI Consulting Group.
Of the 600 law firms serving Fortune 1,000 companies, 70 were identified as firms that use AFAs to “better align themselves with clients’ short- and long-term goals.” McGuireWoods was one of only six that BTI singled out as AFA Powerhouse Law Firms.
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.
BTI cited several reasons why McGuireWoods and other leading firms excel in the use of AFAs. They “know the ins and outs of successful AFAs,” are “more focused, more decisive,” and “quick to point out the benefits and take the time to explain how” AFAs work, BTI reported.
According to BTI, these firms also “have tight project controls and share them with clients,” and “don’t go back and ask for fee changes unless there is a substantial change in facts.”
BTI’s 2020 survey on AFAs is the latest to document the firm’s client service leadership. Corporate counsel recently included McGuireWoods in a select group of law firms that are “leading the pack” guiding clients through the COVID-19 pandemic, according to BTI.