Everyone knows that requests for proposals put a lot of pressure on law firm marketing departments, but just how much can be surprising when you start putting numbers to it. On average, firms spend about 46 hours on any particular RFP or 4,738 hours per year and it is costing the firm about $959,141.34 annually—but these numbers often swell on the higher end to over 100 hours on an RFP or $2 million annually.
When you take these numbers and consider that law firm win rates are around 18%, one may start wondering what can be done to improve this process.
