Responding to formal Requests for Proposals (RFPs)…
Responding to formal Requests for Proposals (RFPs) is no small lift. A single submission can consume dozens of attorney hours and stretch business development teams thin—all under tight deadlines. Yet many firms still jump in without first asking the most critical question: Is this opportunity truly winnable and worth our time?
That’s where a Go/No-Go Framework comes in. It provides a firm-approved way to assess whether an RFP is truly winnable and aligned with strategy. Since some lawyers view marketing and BD resources as equally available to all, a decision matrix helps manage competing demands, giving marketing and firm leadership the ability to evaluate RFPs consistently. By applying this discipline, firms can avoid pursuits that distract from higher-value business development opportunities or potentially drain profitability.
When to Say Yes
An RFP is worth pursuing when:
- You have strong pre-existing knowledge of the entity, the business drivers behind the RFP, and the decision-makers involved.
- The services requested align with your firm’s core practices, industries, or growth priorities.
- The fee structure and terms support profitability—not just at the outset, but over the life of the engagement.
- Your firm has the talent, experience, and resources to deliver top-quality work without overextending.
When to Say No
It may be smarter to walk away when:
- The relationship is weak or non-existent, and you’re essentially a “cold caller.”
- The work falls outside—or only tangentially touches—your firm’s strategic strengths.
- Preparing the submission would consume significant time and resources with an uncertain chance of success.
- Pricing, discounts, or terms are structured in a way that erodes both short- and long-term profitability.
20 Questions to Guide Your Go/No-Go Decision
Use these questions to quickly assess whether an RFP is worth your firm’s time and energy. Rule of thumb: While some questions carry more weight than others, If you answer “No” or “Unknown” to more than five, it’s likely not worth pursuing.
Client/Prospect Relationship
- Do we already represent a competitor or strategic partner to the issuer?
- Had we spoken with the issuer and were we aware of the RFP before it was released?
- Do we already represent this entity, or have strong relationships?
- Do we know the decision-makers or influencers behind the RFP and can we engage them with questions?
- Has the issuer shown genuine interest in working with us, or is this a “cold” opportunity?
- What has been our track record with this entity over the past five years?
- Do we understand why the entity issued this RFP now?
Strategic Fit
- Are the right firm Partners committed to supporting the work and relationship if we are successful?
- Does this opportunity align with our industry, practice, or geographic priorities?
- Do we bring specialized understanding or relevant experience that competitors cannot match?
- Does the work involve complex, cross-practice, or high-value issues that require sophisticated outside counsel?
Competitive Position
- Who are the likely competitors, and how do we compare on direct experience, pricing, and senior team strength?
- Are there existing preferred counsel relationships that could limit our chances? Are we a “stalking horse” being used as a comparison point?
- Do we have a compelling value proposition beyond price that the client will recognize?
Capabilities & Resources
- Are the right attorneys committed and willing to contribute within the submission timeframe?
- Do we have the bench strength and bandwidth to serve this client at scale?
- Do we have clarity on next steps after submission (interviews, reverse auctions, presentations)?
Financial & Risk Considerations
- Are the requested fees and rate structures reasonable and sustainable over time?
- Will required discounts or alternative fee arrangements compromise profitability?
- Are conflict checks and outside counsel guidelines manageable?
Conclusion
RFPs are an important part of law firm growth, but not all opportunities are worth pursuing. By asking the right questions before committing time and resources, firms can focus on RFPs that are strategically aligned, profitable, and, most importantly, winnable.