LegalTech News — There’s an emerging RFP market and corporate legal Is riding shotgun
The number of RFPs that corporate legal departments are issuing and law firms are responding to has been increasing steadily over the last few years. Corporate legal departments are engaging in the procurement process to get the best value possible from their partnerships. The shift to strategic sourcing coincides with continued digital transformation in the legal industry, giving rise to new digital solutions designed to manage the RFP process.
RFP software, which uses artificial intelligence to respond to questions in the RFP, improves efficiency and consistency. Adoption of RFP software is just beginning, but the ability to cut costs associated with issuing RFPs makes the technology appealing to corporate legal teams who are being encouraged to operate as leanly as possible. While corporate legal teams are taking the lead in investing in software, as they do the law firms who want to win their business follow.
When it comes to RFP technology in legal sourcing, it seems to be a question of when, not if.