To mark the launch of its new best practices series, "Working Together: In-House Lawyers and External Counsel," Lex Mundi has published its "Best Practices in Preparing and Responding to Requests for Proposals (RFPs)". It is the first in a new series of best practices to be developed by Lex Mundi's network of 160 top-tier commercial law firms around the globe in collaboration with its Client Advisory Council and other leading corporate counsel.
The Working Together: In-House Lawyers and External Counsel best practices series provides a forum for Lex Mundi member firms and in-house counsel to identify "best practices" in the areas where they work together. Each best practice focuses on a current practice or topic that impacts legal practitioners around the globe and provides a comprehensive set of recommendations that aim to facilitate and maximize the inside/outside counsel working relationship.
Lex Mundi's "Best Practices in Preparing and Responding to Requests for Proposals" was jointly developed by Lex Mundi member firm lawyers, their corporate counsel clients, and members of the Lex Mundi Client Advisory Council. It provides a comprehensive set of recommendations for making the RFP process more efficient and successful for both the company that issues the RFP and the law firms that respond to it.
The use of RFPs for selecting legal counsel has been on the rise over the past few years. Once limited to health care concerns, governmental entities, and a few other substantive specialty areas, many companies are now finding the RFP process to be an effective method of identifying and selecting law firms. The trend is expected to continue with both in-house counsel and law firm representatives predicting an increased use of RFPs over the next three years. Nevertheless, issuing an RFP, evaluating the responses, and selecting a law firm can be a lot of work for a legal department and responding to the RFP can be a very demanding process for a law firm. Neither party seems completely satisfied with its side of the process.
The "Best Practices in Preparing and Responding to Requests for Proposals" sets forth ways for both sides to improve the process from start to finish. Jeffrey Hurd, Senior Managing Director, Chief Administrative Officer and General Counsel of AIG Investments and a member of Lex Mundi's Client Advisory Council, commented, "This set of best practices around the RFP process is very comprehensive and will be a valuable tool for law firms and clients."
The areas covered include:
Best Practices for Entities Issuing an RFP
- Developing the RFP Document and List of Recipients
- Exchanging Information with the Law Firms
- Managing the RFP Process
- Making the Final Decision
- Notifying the Participants
Best Practices for Law Firms Responding to an RFP
- Implementing an Effective Response Process
- Developing Responsive Content
- Formatting a User-Friendly Document
- Conducting an Effective Meeting with the Client
- Learning from the Process
To learn more about Lex Mundi's Working Together: In-House Lawyers and External Counsel best practices series and to access (free of charge) the "Best Practices in Preparing and Responding to Requests for Proposals", please visit http://www.lexmundi.com/images/lexmundi/PDF/BestPractices/Best_Practice_RFPs.pdf
Lex Mundi is the world's leading association of independent law firms. The association has more than 160 member firms around the world, representing approximately 20,000 lawyers. The organization provides for the exchange of professional information about the global practice and development of law, facilitates and disseminates communications among its members and improves the members' abilities to serve the needs of their respective clients. Member law firms are located throughout North America, Europe, Latin America and the Caribbean, Asia and the Pacific, the Middle East and Africa. Through its nonprofit affiliate, the Lex Mundi Pro Bono Foundation, Lex Mundi member firms provide pro bono legal assistance to social entrepreneurs around the globe. For more information, please visit http://www.lexmundi.com/ and http://www.lexmundiprobono.org/.