The True Value Partnering Institute (TVPi) and BTI are pleased to announce the Inaugural and legal sector First-ever Law Firm Alternative Fee Arrangement (AFA) Awards for those law firms recognized by Clients as being the very Best at AFAs.
The Awards will be presented at the AFA Law Firm Awards Ceremony on September 9 at 2:00 pm (eastern) and winner trophies will be sent to the Chairperson of each law firm who receives this distinguished award. To take part in the festivities, please join us for the Institute's 2nd Virtual Value Summit by registering here.
The awards will recognize the following two categories of AFA excelling law firms. AFA Powerhouse Law Firms and AFA Standout Law Firms. Only 22 law firms out of 600 made the cut – see the list of those outstanding firms below.
What is unique about these Awards is that this is based on what clients are saying and nominated as “the best” in a survey by BTI, an independent 3rd party legal sector specialist. This is not law firms saying why they should be recognized but rather the actual buyers of their services that are saying this. Top in-house legal decision makers identified 22 of the 600 law firms serving large and Fortune 1000 clients as absolutely best at developing and implementing alternative fee arrangements.
To date there has never been such an industry award for law firms who have demonstrated:
- Partners are Authorized to Agree to an AFA
No waiting for law firm committee meetings or management approvals. These partners can agree quickly. The negotiating partner also knows the parameters the firm will accept and approval is all but assured and swift.
- Certain Comfort
These firms know the ins and outs of successful AFAs. They have enough experience to anticipate the bumps in the road and how to handle – and allow for – the truly unexpected.
- Streamlined Approach
Things just go smoother than other arrangements. Clients see law firms under AFAs as more focused, more decisive, and quicker to communicate.
- Offer It Up First
The skilled firms offer an AFA as an option before clients ask. They’re quick to point out the benefits and take the time to explain how it works. Offering an AFA scores points for being client-focused and proactive – even when clients decline.
- Share the Strategy and Approach with the Fee
The best clients want to know you benefit if they do. Clients want you to work smart and hard – and they see this in the strategy you propose along with your fee.
- Have Tight Project Controls and Share Them with Clients
These law firms don’t go back and ask for fee changes unless there is a substantial change in facts. They use project managers to move matters along and introduce them to clients, explaining their pivotal role in meeting the fixed fee.
Every fixed fee relies on trust. Your clients have to believe you will deliver. You can gain this trust by developing an AFA with a client – but it’s best to walk in the door with a high-trust relationship.
AFA Powerhouse Law Firms
AFA Standout Law Firms
AFA Distinguished Law Firms
|Armstrong Teasdale||Lathrop GPM|
|Baker Donelson||Michael Best|
|Bartlit Beck||Nixon Peabody|
|Boies Schiller Flexner||Orrick|
|Bryan Cave Leighton Paisner||Perkins Coie|
|Constangy Brooks, Smith & Prophete||Porzio, Bromberg & Newman|
|Covington||Quarles & Brady|
|Crowell & Moring||Quinn Emanuel Urquhart & Sullivan|
|ElevateNext Law||Squire Patton Boggs|
|Epstein Becker Green||Stinson|
|Eversheds Sutherland||Thompson Hine|
|Haynes and Boone||Troutman Sanders|
|Hinshaw & Culbertson||Tucker Ellis|
|Holland & Hart||Weil|
|Jones Walker||White & Case|
|King & Spalding||WilmerHale|
|Kleinfeld, Kaplan & Becker||Wilson Sonsini|