Cofi compares the incumbent to the market rather than comparing the incumbent to other candidates. This takes less time than an RFP, and there are no interviews in an Incumbent ReviewSM.
Category: Support for Attorney-led Incumbent Review
2. How does my role, as the lawyer, differ in an Incumbent ReviewSM as compared to an RFP?
The lawyer’s role is pretty much the same in an RFP and in an Incumbent ReviewSM. Cofi’s roles are different (i.e., less extensive for an Incumbent ReviewSM).
3. Will Cofi make templates available to me?
Cofi supplies templates for all documents that the lawyers need to perform their functions.
4. What documents am I, as the lawyer, responsible to prepare/deliver in an Incumbent ReviewSM?
Incumbent ReviewSM letter to vendor (request for documents, information and revised terms of services )
Service contract with incumbent vendor
Minutes of confirmation meeting
Final opinion to Board regarding fiduciary compliance of process and ultimate terms of engagement (as renegotiated)
Cofi has templates available for all of these documents.
5. What services is Cofi responsible to perform in an Incumbent ReviewSM?
Supplies templates for all documents required by the lawyer for the lawyer’s functions
Interacts with incumbent on submission to ensure that all Incumbent ReviewSM responses are clear and represent firm commitments
Performs market analysis to determine how the breadth of the incumbent’s services compare to the market and how the incumbent’s fees compare to the market.