Once you feel comfortable with two or three firms, it is time to solicit a formal Request for Proposal (RFP) or Request for Quote (RFQ). Ask the consultant to provide you with the following information in writing:
Obtaining Letters of Agreement
Consulting Firms
- Detailed description of the process to be undertaken for your practice.
- Description of desired outcome.
- Anticipated timeframe for completion of the project. Clearly spell out expectations if it is discovered that the project will not be completed within the proposed timeframe.
- Billable charges
- Estimated fee for completing the project. Clearly spell out expectations if it is discovered that the project is going to go over-budget.
- Provisions on what will be done if the client is not satisfied with the final results.
Law Firms
It is not necessary to ask an attorney or law firm to complete a detailed Request for Proposal. In most circumstances, the professional relationship will be of a short duration, such as to evaluate a contract. Therefore, the formality of an RFP is not required.
Ask the attorney to provide you with a proposed engagement letter. (In many states, this disclosure is required by law.) This letter should be requested at the initial meeting or discussion and should address the following points:
Ask the attorney to provide you with a proposed engagement letter. (In many states, this disclosure is required by law.) This letter should be requested at the initial meeting or discussion and should address the following points:
- Description of the services to be provided.
- Names and qualifications of the attorneys who will be working on the project.
- Proposed time frame (estimate of hours) for completing the project.
- Hourly rate.
- Billing and payment procedures.
- Charge for initial consultation. (Typically, a firm will not charge for this discussion.)
Working with a Consultant or Attorney
