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Law Firm Intelligence: The What, the Why and the How of Win/Loss Analysis
We've all heard it: More work is staying in-house, law departments have been consolidating for years, and the work that is being sent to outside counsel requires alternative fee arrangements. As the marketplace for legal services has become more and more competitive, law firms have hired business development professionals to develop targeted responses to RFPs. Is it working, though? Has the firm brought in more business, and has it capitalized on its success?
Many firms cannot answer those questions, and for good reason: They do not have a win/loss analysis program in place. Fortunately, many firms have instituted components of a win/loss analysis program. These can be leveraged, combined and tweaked to develop a rich system for determining why the firm does or does not win new business.
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