Request for Proposal Legal Services
Request for Proposal legal services is one of our most complicated functions.
Large law firms regularly compete to become a “Panel” member of providers to large corporations. They are often confined in that process to specific practices areas or they may only be selected for specialty areas. Being on the panel does not guarantee you work and in fact, you still usually need to go through Request for Proposal (“RFP”) bid process to win work. The panel simply cuts the number of respondents. Sometimes.
The amount of money and opportunity cost that goes into these work winning efforts can be enormous.
Since Beacon has worked with law firms all over the world, we understand the nuances of global and regional panels and what it takes to win legal deals even in RFP processes.
We often work with law firms to provide specific advice on one RFP or help them look at the regional or global process by which they manage RFPs.
This is one of the fastest and highest payback areas for our clients. In one recent RFP process, we helped the team work with a government who was seeking legal contract and capital projects assistance for the development of two airports. The legal team was brilliant and had great credentials, but they were not differentiating themselves to key groups of influencers. We assisted with helping them to think differently about their strategies and then proved specific tactics on how to implement the changes we discussed.
The team executed extremely well, and they ended up winning both projects and the law firm’s client was thrilled with their selection and the entire handling of the RFP process.
How important is price to winning Request for Proposals in the legal sector?
Price sensitivity is directly dependent on the types of services being provided, but the greater the corporate risk the less price sensitivity there is. In the professional services sector price is a the determining factor in less than 15% of all deals.
When should I engage RFP legal services support?
RFP support should be employed as soon as it is know that a large RFP will be issued. This allows for proactive steps to be taken that can significantly enhance the probability of win.
Does being selected to a panel guarantee work?
Being selected to a panel does not guarantee work. In fact, there needs to be specific strategies woven into the panel response that will help your firm position for work winning should you be selected to the panel.
Whether you are looking for short-term one off support on an important RFP to your law firm, or a broader level of support to change the process by which RFPs are handled, we do both a regular basis.
If you would like to discuss how these service might help your firm feel free to reach out for a no obligation consultation at your convenience through the form below or simply call 1-833-701-5952.
Let's get started!
Contact Beacon Today