When your company is looking down the barrel of federal litigation that’s bet the farm-level significant or that could cost millions to litigate, issuing and executing an RFP can not only help you obtain a range of estimates in terms of cost, but it can also reveal which law firms are prepared to handle the issues you face and achieve the results you want. Leveraging legal data and analytics on top of law firm RFP responses can provide your team with the critical insights you need to find the right firm for the job when your chips are on the table.
While RFPs and legal analytics have been around for quite some time, there are growing shifts with how in-house legal departments and legal operations teams look at procuring legal services to find more value and curb cost increases. With the advent and increasing expansion of organizations like CLOC and ACC Legal Operations, the importance of using legal analytics and uniform metrics to evaluate performance and capabilities has come to the forefront of law firm engagement. This is a continuing trend that’s here to stay.
