Last week I attended an LMA panel on Best Practices for Responding to RFP's. The most profound takeaway:
Make sure that the effort (time + energy + money) you spend on an RFP aligns with the strategic goals of the firm
This means you don't have to answer every RFP that comes in the door just because it's an RFP but it also means that when you decide to respond, you should plan to win the work. To win you must have these tools in place:
- research capabilities
- a keen understanding of your growth areas
- customizable pitch packages
- an exceptional knowledge of your law firm's network (by attorney)
- ability to customize invoices (alternative billing)
- historical information (cases)
- diversity in your team
- a relationship with the company or their counsel
- a strong understanding of the prospect's industry
- desire to form a long-lasting relationship
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