Lawyers and business development face new challenges as clients involve their procurement teams in the securing of legal services, rather than relying on direct engagement with in-house legal executives. With greater focus on costs and service delivery and less emphasis on experience and reputation, law firms need to perform at their peak when bidding for new business and fight hard to keep existing clients. Firms that don’t adapt will:
- Fail to win RFP bids
- Impact cost margins
- Increase risk exposure
- Reduce revenues from value add services
- Lose clients to competitors
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