(New York, NY June 29, 2015) – Competition for new work remains high inside law firms, and with clients increasingly pressured by their own organizations to tightly manage budgets, requests for proposal (RFPs) continue to play a pivotal role in how clients purchase legal services.
Recently, spurred by our Australasian alliance partner Seldon Rosser’s survey of how major Australian law firms are responding to RFPs, we sought to replicate it here in the U.S. to understand the current state of readiness for RFPs: what resources are utilized, what elements are necessary for a successful response and how firms track and measure success.
In the 115 responses we received, what we found is that U.S. firms are making progress particularly in the infrastructure and processes needed to successfully produce the document – for purposes of this article we refer to them as “component parts”. However we lag behind our peers outside of the U.S. in applying the next level of intelligence – true business assessments of opportunities, client interactions and lawyer/client relations before, during and after the process.
Here’s a look at what we found and a few recommendations on what might drive greater success for U.S. marketers and lawyers engaged in the process.
See the full report here.