A law firm survey shows more than half of respondents who kept track of request-for-proposal (RFP) activity said their firms spent an average of more than 20 hours a month answering RFPs. About 42 percent of respondents said they had seen an increase over the past year in the volume of RFPs to which their firms were formally invited to respond, while about the same percent saw no change, according to results released last week from a survey conducted by LexisNexis InterAction.
The survey findings are based on 213 law firm respondentsor 59 percentwho said they knew the level of RFP activity at their firms. The remaining 41 percent of the total 359 survey participants said they didn’t know the exact level of RFP work. The report comes amid reports of corporate legal departments increasingly using RFPs and other competitive bidding mechanisms to vet and select outside counsel.
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