Responding to RFPs

September 4th, 2012 by Altman Weil

LexisNexis released a new survey last month on RFP activity in law firms.  Considering the importance of winning new business in the current market, a surprising 41% of the 359 law firms responding to the survey reported that they don’t track the number of RFPs they receive or the time they spend responding.   Of the 200+ firms that did quantify RFP activity, the survey found:

  • The number of RFPs firms respond to varies proportionally with firm size.  Firms with 50 or fewer lawyers respond to an average of 5 RFPs each month, while firms with over 500 lawyers respond to 16 per month on average.
  • Firms spend between 20 and 25 hours on each RFP response, which works out to a minimum of 1,000 hours each year up to 4,800 hours a year.
  • 84% of firms responding said the number of proposals they send is the same or increasing compared to a year ago.
  • Despite the considerable resources expended on the RFP process, only 58% of firms report that they track RFP success rates.

Read it at LexisNexis

This entry was posted on Tuesday, September 4th, 2012 at 7:30 am and is filed under Law firm marketing, Surveys. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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