The LexisNexis RFP Activity Survey found that 42 per cent of the law firms which responded to the survey reported an increase in requests, and they also cited the increased pressure to compete for corporate business as a strain on the firm.

Major disparity

However, the survey found that a significant percentage of the respondents simply did not know the level of RFP activity occurring at their firms. Almost 41 per cent were unable to answer the survey’s first question on monthly RFP activity. Therefore, the findings of the survey were based on only 213 of the 359 participants.

The survey found that law firms are responding to an average of five to 16 proposals each month, with a major disparity between large and small firms. The average response time to RFP requests also ranged from 19.6 to 25 hours, although this question also received a relatively high ‘don’t know’ response of 22.6 per cent.

Wins and losses

Although most of those questioned could address volume and growth rate questions, many were unaware of the effort required to handle the workflow. The survey also found that, compared to the energy put into a RFPs, only a modest 58 per cent of respondents confirmed they actually tracked wins and losses.