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Why responding to RFPs makes no sense

For years I've counseled my clients that responding to RFPs is usually a waste of time, especially when compared to what you can accomplish with the same amount of time and money by pursuing tightly targeted business. Here's why. 

The lateral-partner revenue mirage

A third of lateral partner candidates deliver less than half their promised book of business, and only 54% of laterals hired in the previous five years were regarded as a ‘break-even’ on the firm’s investment.” Here's what firms should do to turn things around, and what laterals should insist on before moving.