In an era where strategic procurement is crucial, understanding how to effectively manage the selection of outside counsel is more important than ever. Lex Mundi is pleased to release the new “Best Practices Guide: Preparing and Issuing Requests for Proposals,” which offers a detailed roadmap for legal departments. This guide provides general counsel with the essential tools and insights needed to refine their RFP processes, ensuring they can secure the right legal partners while enhancing efficiency and transparency.
The use of RFPs has become a cornerstone of modern legal management, with over 75% of companies now integrating them into their strategies for engaging external counsel. A well-executed RFP is not just a method for comparing prices; it is a powerful instrument for fostering strong, value-driven relationships. The guide illustrates how a fair and objective process can lead to higher quality, cost-effective legal services and create a more collaborative dynamic between a company and its law firms.
This guide has been compiled to provide a clear and actionable framework, addressing every stage of the RFP lifecycle. It offers best practices for developing a clear and comprehensive RFP document, exchanging information effectively with external counsel, managing the process efficiently, and making a well-informed final decision. Key insights focus on tailoring questions to specific needs, providing sufficient context to participants, and maintaining open communication to ensure the best possible outcomes for all parties involved.
Navigating the complexities of legal procurement requires a strategic and informed approach. Lex Mundi’s member firms provide general counsel access to this precise and comprehensive knowledge through resources like the new guide. We invite members to share this guide with their clients to help strengthen partnerships and improve the RFP process, ensuring that engagements are built on a foundation of clarity, fairness and mutual respect.