In the latest BTI Consulting Group report, “BTI State of Alternative Fee Arrangements (AFAs),” LTL ATTORNEYS LLP (LTL) was named by corporate counsel as one of only 22 firms of the 650 law firms serving the Fortune 1000 as best at developing and delivering AFAs. This accolade is particularly gratifying because the selected firms did not apply for consideration. LTL shares this recognition with such notable firms as Kirkland & Ellis, Fish & Richardson, McGuire Woods, Morgan Lewis, Bartlit Beck, Orrick Herrington, and Wilson Sonsini. LTL is the only NAMWOLF® certified minority and woman owned law firm on this list.
The report states that AFAs accounted for $21.1 billion of outside counsel spending in 2015 and found that AFAs have finally become the cost control tool they were intended to be.
Fortune 1000 Clients shared six key reasons why LTL and the other 21 firms stood out:
- Responsiveness. Partners have authority to enter into an AFA quickly.
- Confidence, comfort, and enthusiasm in pursuit of the AFA.
- Flexibility. Offer to change the approach as matter objectives evolve and are agreed upon.
- Shared Risk. Willingness to take some risk – firms have “skin in the game.”
- Focused and efficient. Clients see their law firms operating like an Olympic swimmer-no wasted strokes.
- Client-centric. Firms stick to the agreement and never complain.
This recognition complements LTL’s numerous recent honors, and validates LTL’s efforts to lead the industry in developing innovative fee options for the most complex matters clients face. LTL’s Managing Partner James Lee stated: “We are honored that our focus on unparalleled client service continues to be recognized by our clients. In addition to the many technological innovations we have brought to our practice, our suite of creative AFA options have ensured that our interests are aligned with those of our clients.”