Letter bombed - those post-recession RFPs are getting punchy
"The primary goal of this project is to drive greater fee opportunities to those firms that provide the greatest value proposition to us... we strongly encourage your proposals to be simple, straightforward and compelling... be bold." Despite its sometimes awkward mixture of jargon-fuelled management speak and starkly direct language, the request for proposals quoted above from a major bank for its upcoming adviser review makes strangely compelling reading. The document directs law firms that are considering pitching to be daring, bold and basically cut their rates to ribbons if they want to keep a place on its revised panel. The message is certainly explicit - the bargain on offer is for pitching firms to cut into their own margins to gain the "substantial opportunity to take market share from competitor law firms whose proposals remain under consideration".
“The primary goal of this project is to drive greater fee opportunities to those firms that provide the greatest value proposition to us… we strongly encourage your proposals to be simple, straightforward and compelling… be bold.”
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