Selecting Bond Counsel

Best Practice
Approved by GFOA's Executive Board: 
January 2004

The Government Finance Officers Association (GFOA) recommends that issuers select bond counsel on the basis of merit. A competitive process using a request for proposals (RFP) or request for qualifications (RFQ) process permits issuers to compare qualifications of firms and select a firm or firms that best meets their needs. An RFP or RFQ process should be considered where market conditions are such that this process can add value. If an RFP or RFQ process is used, the RFP or RFQ should clearly describe the scope of services desired, the length of the engagement, evaluation criteria, and the selection process. The GFOA has developed a recommended practice on selecting financial advisors and underwriters that provide advice on setting up an objective RFP process, advice which is also generally applicable to the selection of bond counsel.