We observe an increase in the amount and quality of work available through open competitions and tender processes. But, before you decide to bid, size up the opportunity.
Be on the lookout for the answers to these questions as important indicators of your prospects of success for opportunity:
- Why has the tender opportunity or competition come about ?
- What are the objectives for the tender and appointment ?
- Who will manage the process - service users, the internal legal function, procurement, others ?
- How many current providers service this client ?
- Who are the incumbents ?
- What is the approximate annual spend ?
- How does this annual spend break, by category or area of expertise ?
- How is work distributed to incumbents ?
- Are user departments compelled to use the selected providers, or does work go "off panel" ? Under what circumstances ?
- What is the expected duration of appointment ?
- What panel size is envisaged ?
- What changes are expected which may significantly impact the value of this work and its fee potential ?
This information will help you establish the "size of the prize", assess your prospects of success, and better understand whether this is the right one for an investment of your resources.
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