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Firms, on average, respond to 103 requests for proposals annually, spending about 46 hours per response, which translates to 4738 hours per year on RFP response, 394.8 hours per month, or 98.7 hours per week.
And the number one, most time-consuming portion of this monumental, cross-departmental effort? Finding relevant experience. See, ikaun 2023 RFP Impact Report for Marketing and Business Development Professionals.
Experience management matters. It is vital not only in terms of raw time savings and cost efficiencies but is pivotal in the firm's ability to win new business. Firms are burning painful, menial hours of research in the absence of the right technology that aren't adding differentiating value to the output, but rather are over-extending just to meet minimum requirements. These firms are wading through a bog of "pardon the interruption" emails, Excel, and other unsuited tools because they don't have the right technology and process in place. The end results is impacting firm win rates.
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End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.