Frequently Asked Questions

Most Commonly Asked
  • How does the process work?
  • In summary:

    • You use our RFP generator to create your RFP;
    • You configure two dashboards that will display key metrics from law firm proposals side by side:
      • One that you view; and
      • One that law firms who respond to your RFP will view without knowing the identity of competing law firms;
    • You invite law fims you know and trust to respond to your RFP. No other parties are aware you are conducting an RFP;
    • Law firms submit a response to your RFP, including the provision of a budget for your engagement
    • Law firms are given access to view the dashboard of comparative metrics which drives real-time competition for them to update their proposals
    • You compare proposals by reviewing the law firm responses, the dashboard and more detailed comparative reports;
    • When the process is complete you select whatever law firm you want (or none at all) to work on your engagement.

    See screenshots of the process on our How It Works page.

  • What are the benefits of using BanyanRFP to manage an RFP process?
  • BanyanRFP offers several enhancements over manually managed RFP processes:

    • All responses to the RFP follow a common format.
    • Key metrics of submitted proposals are calculated for you automatically.
    • A dashboard to compare key proposal metrics among service providers side by side is prepared for you automatically.
    • At your option, service providers can see key proposal metrics of their competitors (on an anonymous basis). This drives transparent and real time competition to win your engagement.
  • How much can I expect to save using BanyanRFP?
  • Savings vary significantly from engagement to engagement, but users to date are realizing double-digit savings on each RFP launched.  In some instances savings of more than 25% have been achieved.

  • How much does it cost to use BanyanRFP?
  • We provide details on pricing to prospective customers.  You can use the application on a “one-off” basis or purchase a subscription to obtain lower per use pricing.  In either event, the fee is a nominal relative to the fee proposals you receive.  Contact us to learn more.

  • Can I be confident that all information submitted on BanyanRFP is private and secure?
  • Yes.  BanyanRFP is private and secure and has an SSL certification.