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Experience Management: Platform vs. Best of Breed
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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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.