{"id":19612,"date":"2016-04-28T04:00:00","date_gmt":"2016-04-28T04:00:00","guid":{"rendered":"https:\/\/www.mcguirewoods.com\/news\/\/2016\/4\/mcguirewoods-among-absolutely-best-delivering-alternative-fee-arrangements-corporate-clients\/"},"modified":"2023-10-09T11:11:54","modified_gmt":"2023-10-09T16:11:54","slug":"mcguirewoods-among-absolutely-best-delivering-alternative-fee-arrangements-corporate-clients","status":"publish","type":"news","link":"https:\/\/www.mcguirewoods.com\/news\/press-releases\/2016\/4\/mcguirewoods-among-absolutely-best-delivering-alternative-fee-arrangements-corporate-clients\/","title":{"rendered":"McGuireWoods Among Best Firms at Delivering Alternative Fee Arrangements to Corporate Clients"},"content":{"rendered":"<p>Legal decision makers at top corporations ranked McGuireWoods in an elite group of law firms that are \u201cabsolutely best\u201d at developing and implementing alternative fee arrangements (AFAs) for their corporate clients, according to a new report from BTI Consulting Group. <\/p><p>Only 22 of 650 law firms serving Fortune 1000 and large clients were identified as the \u201cbest at making AFAs the successful cost control tool they were intended to be \u2014 bringing improved client focus, predictability in budgets, a more streamlined approach to the work, and double-digit savings.\u201d The findings in the \u201cBTI State of Alternative Fee Arrangements\u201d report are based on unprompted responses from leading legal decision makers at companies with annual revenue of $1 billion or more. <\/p><p>McGuireWoods has been a pioneer in crafting alternative fee arrangements. In addition, the firm developed a proprietary legal project management system, <a data-link-post-id=\"0\" data-link-blog-id=\"2\">ClientSync<\/a>, to improve transparency and predictability for clients and to help control costs. <\/p><p>\u201cNow more than ever, our clients count on us to understand their business and deliver excellent service in a cost-effective manner,\u201d said McGuireWoods partner J. William Boland, who oversees the firm\u2019s negotiation and management of AFAs. \u201cAlternative fee arrangements are an important part of that commitment, and we\u2019re honored that our clients appreciate our efforts to enhance predictability and value.\u201d <\/p><p>In the BTI report, clients cited several reasons why McGuireWoods and other leading firms excel in the use of AFAs. These firms exhibit \u201cconfidence, comfort and enthusiasm in pursuit of the AFA\u201d and have convinced clients that the firms \u201chave skin in the game,\u201d the report states. Leading firms stick to fee agreements and don\u2019t ask for changes, and \u201cthe best have tight project controls to ensure they don\u2019t need to ask.\u201d <\/p><p>BTI\u2019s report on AFAs is the latest survey from the consulting group documenting the firm\u2019s client service leadership. McGuireWoods ranked sixth out of more than 300 firms on BTI\u2019s 2016 <a href=\"https:\/\/www.mcguirewoods.com\/news\/press-releases\/2015\/12\/mcguirewoods-ranked-elite-law-firms-bti-a-team-survey\">\u201cClient Service A-Team\u201d<\/a> \u2014 elite firms singled out for excellence by clients in major companies. BTI\u2019s <a href=\"https:\/\/www.mcguirewoods.com\/news\/press-releases\/2016\/3\/mcguirewoods-best-of-the-best-bti-survey\">\u201cBrand Elite 2016\u201d<\/a> report rated McGuireWoods among the \u201cbest of the best\u201d 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 <a href=\"https:\/\/www.mcguirewoods.com\/news\/press-releases\/2015\/9\/top-cumulative-score-bti-litigation-survey\">\u201cBTI Litigation Outlook.\u201d<\/a> <\/p><p>The widely-read legal trade Law360 featured the BTI report in an April 27 story, \u201c22 Firms Win Top Marks From GCs On AFAs.\u201d Subscribers can access the story <a rel=\"noopener noreferrer\" href=\"http:\/\/www.law360.com\/articles\/789626\" target=\"_blank\">here<\/a>. <\/p>","protected":false},"excerpt":{"rendered":"<p>Legal decision makers at top corporations ranked McGuireWoods in an elite group of law firms that are \u201cabsolutely best\u201d at developing and implementing alternative fee arrangements (AFAs) for their corporate&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"template":"","tags":[],"industry_tax":[],"international_tax":[],"location_tax":[],"media_role":[22],"news_type":[2418],"people_tax":[],"practice_tax":[],"site_tax":[2],"class_list":["post-19612","news","type-news","status-publish","hentry","news_type-press-releases"],"acf":[],"links_out":[],"links_in":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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