Increasingly, modern corporate legal teams are turning to traditional procurement strategies to engage with external counsel. Specifically, they’re using the request for proposal (RFP) process and strategic sourcing for legal service procurement. Indeed, RFPs are more popular than ever and it’s easy to see why. They allow in-house counsel to easily explore new legal service providers. At the same time, they create a more transparent, data-driven approach to law firm selection.
However, using RFPs can present a challenge. Unfortunately, the process can be time-consuming and can quickly get out of hand when trying to evaluate responses. To solve this problem, corporate legal teams are turning to RFP software. The technology centralizes and automates legal procurement. From RFP creation and issuing to administration and evaluation, RFP software streamlines the process of finding the right law firm partner for any matter.
Three ways RFP software improves legal procurement:
- Faster RFP creation with law firm profiles and RFP templates
- Centralized RFP issuing, administration and firm communication
- Data-driven, side-by-side law firm evaluation and selection
Explore more about how RFP software is changing how corporate legal teams approach strategic sourcing for legal service procurement.