Biglaw

The Biglaw & Boutique Firms That Are The 'Best Of The Best' When It Comes To Cost Control (2024)

Does your law firm make the cut when it comes to controlling costs for clients?

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981450If there’s one thing that corporate clients hate more than anything else when it comes to their legal matters, it’s managing law firms’ often sky-high rates. Some law firms, however, are better than others when it comes to cost control, and their clients are incredibly thankful. Thanks to a new study, we now know which firms are truly the best of the best in terms of financial oversight as outside counsel.

According to a recent report by BTI Consulting Group, 87% of corporate counsel say that their trust in outside counsel’s approach and communication usually equates to more effective cost control. Some of the behaviors in-house counsel cite as leading to increased trust include:

  • Very early assessments
  • Budgets offered at matter inception
  • Full team introductions at matter start
  • Getting feedback on the budget on both dollars and timing
  • Advising clients of budget changes in near real-time
  • Relationship partners have full authority to commit the firm to rates and fees
  • Explaining any unusual invoices to clients before sending
  • Obtaining meaningful post-matter feedback

Without further ado, these are the firms that consistently come out on top when it comes to cost control. These five firms are considered to be the best of the best (in alphabetical order):

  • Alston & Bird
  • Carpenter Lipps
  • Jones Day
  • Kirkland & Ellis
  • McGuireWoods

These nine firms are considered leaders in terms of managing their clients’ money (in alphabetical order):

  • Bartlit Beck
  • DLA Piper
  • Foley & Lardner
  • Greenberg Traurig
  • K&L Gates
  • Quarles & Brady
  • Reed Smith
  • Riley Safer Holmes & Cancila
  • Sidley

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More than 50 other firms are thought of as distinguished and standouts when it comes to cost control. Click here to see them.

What is your firm doing to manage client costs as outside counsel? If your attorneys are earning trust through minding clients’ budgets rather than blowing through them, then the firm may someday find itself on this ranking if it isn’t here already.

67 Firms Best at Cost Control — And You’ll Never Guess Why [Mad Clientist / BTI Consulting Group]

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.

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