In legal matters, corporate clients have long been concerned about managing the sometimes exorbitant rates of law firms. Yet, a recent study reveals that certain firms excel in cost control, making them preferred choices for many clients.
As per the report from BTI Consulting Group, an astounding 87% of corporate counsel claim that their trust in an outside counsel bears a direct relation to effective cost control. The more they trust the firm’s approach and communication, the better they perceive cost management. Such behaviour leads to increased trust and includes aspects such as:
- Early assessments,
- Providing budgets at the initiation of a matter,
- Introducing the full team at the start of a matter,
- Constant feedback on budgets concerning dollars and timing,
- Updating clients about budget changes in near real-time,
- Relational partners having full authority to assure the firm’s rates and fees,
- Explanations of unusual invoices before sending, and
- Meaningful post-matter feedback.
The top five firms demonstrating optimal cost control are:
- Alston & Bird,
- Carpenter Lipps,
- Jones Day,
- Kirkland & Ellis, and
- McGuireWoods.
Furthermore, there are nine more firms regarded as leaders in managing their clients’ money. These include:
- Bartlit Beck,
- DLA Piper,
- Foley & Lardner,
- Greenberg Traurig,
- K&L Gates,
- Quarles & Brady,
- Reed Smith,
- Riley Safer Holmes & Cancila, and
- Sidley.
In addition to these firms, there are more than 50 others distinguished for their competence in cost control. For more details, click here.
The ultimate question is: what is your firm doing to manage client costs? If the attorneys are proactive in maintaining client budgets rather than exceeding them, the firm could find itself on this distinguished list soon—if it isn’t already.