BanyanRFP grew out of frustration. Dave Sampsell, founder of BanyanRFP, was once an in-house lawyer for a telecom equipment manufacturer. Shortly after the turn of the century that industry went through what can only be described as a severe depression.
Like many an industry in-house lawyer, Dave was placed under intense pressure to reduce outside legal spend. He turned to RFPs. They generally yielded savings on legal fee rates. But running them was always difficult. Firms didn’t follow instructions. They each formatted their proposals differently and often included information he never requested. Getting an apples-to-apples comparison was time consuming. Dave had to crunch basic financial metrics from proposals using a calculator. And, if he wanted firms to improve their offers, Dave had to pick up the phone and ask because the firms had no price discovery of competing proposals.
Frustrated with the inefficiency of the manual RFP process, Dave knew he could yield deeper savings. He looked for online solutions. Nothing existed that was geared expressly towards the purchase of legal services.
When his employer was sold to a competitor, Dave decided it was time. He created BanyanRFP to provide an easier, more efficient and more effective way to run RFPs for legal services.