Sources

Industry Research & Reports

• Best Lawyers / Best Law Firms – Clients Are Demanding AI and Savings—Can Law Firms Deliver?

• ikaun – Top 7 Reasons Firms Are Leveraging Experience Data

• ikaun – 2024 RFP Impact Report for Marketing and Business Development Professionals

• ikaun – 2024 RFP Impact Report (PDF)

• Thomson Reuters Institute – Pricing legal technology and the impact on the role of the pricing professional

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Key Statistics

Statistic	Value	Source
RFP responses taking 20+ hours	54%	LMA/ikaun 2024
Time spent finding past experience	42% of RFP effort	LMA/ikaun 2024
Time spent reading past RFPs	31% of RFP effort	LMA/ikaun 2024
Average law firm RFP win rate	18%	Industry surveys
Annual hours on RFP data gathering (100 RFPs)	~2,000 hours	Calculated
Annual cost of RFP data gathering	~$1,200,000	Calculated
Annual BD opportunity cost (large firms)	$1-2 million	LMA/ikaun 2024
Clients who adjusted law firm rosters in past year	50%	Industry surveys
Potential time savings with AI in proposals	Up to 90%	Industry reports
RFP content that is repetitive	50%+	LMA/ikaun 2024