As you reflect on the past year, it is worth taking a moment to consider how your law firms are delivering for you. Are they anticipating your needs? Investing in your relationship? Maintaining a high standard of client service? It is likely that some of your firms have faltered or even become complacent.
COVID times have been complicated for all. That, however, is why your law firms should be going the extra mile. The uncertainty of COVID, coupled with your need to do more with less, is all-the-more reason for your law firms to step-up. Per Altman Weil, 66% of CLOs report a fall in revenue in response to COVID-19 and 77% reported an increase in workload. Additionally, 44% anticipate that their total budgets will decrease in 2021.
Law Firm Struggles
In this competitive legal marketplace, complacency is unacceptable. There are hundreds of law firms who would love to have your work and who will step-up with the client service that you deserve. With overcapacity and underutilization in law firms continuing to be an issue, it is clear that law firms need your business. Firms that excel at client service are likely to retain or gain your work. Hopefully, most of your firms are delivering on basic requirements: handling problems, keeping you informed and navigating unexpected changes. When it comes to being truly client-focused, it is likely a shorter list of firms that is winning the day.
Matter-Level RFPs FTW
When firms are falling short, matter-level RFPs are a great equalizer. Matter-level RFPs will keep your law firms on their toes and help you with both cost certainty and cost savings. Matter-level RFPs are an efficient way to learn a lot, uncover market pricing and diminish your firms’ complacency. If you are not in the practice of running matter-level RFPs today, it is reasonable to wonder if it is worth the effort. Our clients would say it is worth the effort every single time.
Partnering with BanyanRFP will make the process simple and efficient. From drafting the RFP, to managing the firms throughout, to analyzing the results, BanyanRFP takes the vast majority of work off your plate. You are always in control of whom you invite. You are never under any obligation to select the low bid, but always uncover each firm’s best shot to do your work. The process can be executed as quickly as you need.
BanyanRFP is ready when you are. We look forward to helping you unlock savings and the great client service you deserve.
Kathy Heafey is the President of BanyanRFP, a consultancy fueled by a cloud-based platform. BanyanRFP makes running RFPs to hire outside counsel painless. Prior to leading BanyanRFP, Kathy enjoyed over 20 years in management roles, most recently on margin management and continuous improvement initiatives that enabled $20MM in annual cost savings. She is now helping in-house legal teams save millions of dollars as they find best-fit counsel for their legal wor
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