“We strongly encourage your proposals to be simple, straightforward and compelling. These types of value propositions will be accepted and implemented quickly. If we adopt your proposal quickly, you will have a substantial opportunity to take market share from competitor law firms whose proposals remain under consideration. Be bold.” – Bank of America request for proposals for legal services, August 2010.
The above excerpt from a Bank of America (BoA) pitch request gives as good an illustration as any of the heavy-handed elements that have crept into the relationship between banking giants and their legal advisers since the credit crunch nearly four years ago.
