Category Archives for "Librarians"

The Modern Law Library’s Alignment with the Firm’s Strategic Plan

By Michael Feit | Best Practices , Feit Consulting , Legal Information Trends , Librarians , Modern Law Library , Resources , Survey Results , Surveys , White Papers

While a library can modernize without a strategic plan, having a strategic plan provides direction and concrete goals and objectives to reaching this vision. A surprising 61% of survey respondents indicated the library does not have its own strategic plan.

Surprisingly, only 37% of respondents indicated the library’s strategies are derived from the firm’s larger strategic plan as illustrated below.

As a business unit within the firm, the Modern Library should be cognizant of the firm’s strategic plan. Resources and initiatives should be evaluated to make sure that they are in support of where the firm is going in the future.

Consider the value of the resources and skills that you offer your firm. Does the library have the right tools in place to support the changing needs of the firm? Does firm leadership capitalize on the skills of your team to assess, implement and utilize new processes and technology to move the firm’s strategic vision forward?

Make the Library’s success your business!

Our latest report was developed with intel from over 250 interviews and in-depth surveys with legal information professionals. Included are check-lists and best practices to guide your firm in achieving maximum ROI –and ensure that the Modern Law Library is in alignment with the firm’s strategic plan.

To purchase a copy of the Library Modernization Survey Results, click here.

Purchase of the Survey Results can be applied to the purchase of Feit Consulting’s white paper: Beyond Virtualization: Transforming the Law Library.

Strategy, Planning, and ROI Tracking for 2018

By Michael Feit | Best Practices , Contract Negotiations , Feit Consulting , Librarians , Modern Law Library , Pricing , Sole Provider , Vendors

Spring brings about the opportunity to do things differently. Technology and the buzz word – modernization, are on the mind we enter into this new year. There are tactical things you as an Administrator or Librarian can do to stay ahead of the game this coming year, and make technology and modernization optimized within your Library.

Budget – Two key words come to mind with regards to budget: collaboration and reporting. Work with Finance to more efficiently monitor budget and expenses. Establish a new schedule for collecting data, and the date of each month or quarter you will turn around that data. For example, receiving data on the 3rd of the month and providing a report to management on the 10th of each month.

Reporting – What metrics are you using to measure ROI and showcase value? Are you collecting feedback from library users? Are you using an Electronic Resource Management (ERM) tool? If so, are you utilizing its full capacity?

Contract Management Planning – Implement new deadlines for legal information management planning. Most of us mark contract expirations on a calendar or in a tracking program. Go a step further.

• Month 1: Determine which tools you have in place that can provide data on usage, costs, and value. Such tools may include: Invoices, ERM, developing a survey for users, and scheduling one-on-one conversations with attorneys and staff to assess value and usage of products.
• Month 2: Collect data. Based on the tools determined in month 1, begin collecting data. Work with finance to dive into invoices.
• Month 3: Analyze the data. Understand what is your ROI for the expiring product(s). Look at as many metrics as you can: Spend per Attorney, usage, discount, etc.
• Month 4-6: Begin the negotiation process by requesting a proposal from vendor. Remember, it is more beneficial for vendors to wait to the last minute for pressure to sign the new contract. It won’t be easy but start early.

For firms and organizations considering eliminating Lexis or Westlaw, start this process 9 months to 12 months in advance of your contract expiration of either vendor. Assessing vendor preference and combating concerns is a lengthier process than one might think. While it has been done in a month, having more time on your side is always an advantage.

Feit Consulting’s Optimizing Legal Information Pricing is an excellent resource. It shares detailed processes and steps for contract negotiation planning, knowing which metrics to use, and how best to strategize the negotiation process.

What happened in 2017?

By Michael Feit | Contract Negotiations , Feit Consulting , Librarians , Resources , Sole Provider , Vendors

Westlaw and Lexis continued to see their market share erode due to firms eliminating one or the other vendors as the Sole Provider trend continues. Lexis is now starting to become victorious where previously Westlaw has dominated the market.  What is interesting is the rate at which firms choosing Lexis to Westlaw has increased.

Lexis really stepped it up in 2017.  By purchasing new companies and developing a suite of products. Lexis holds onto firms that might have canceled by allowing access to their exclusive suite of products, making it difficult for firms to exist without Lexis.  

Westlaw maintains legacy popularity but we find them priced too high in many places and firms cannot justify the astronomical price disparities. Firms are unhappy with Westlaw’s inexplicable pricing model and as a result, more firms are eliminating Westlaw more so than ever before.

BBNA had some success in 2017.  They have been breaking into firms that have phased out Westlaw or Lexis but for the most part they are more expensive than Westlaw/Lexis and firms are not interested spending that much money on an unproven product.  

Westlaw/Lexis were very aggressive in going after firms that they had historically lost by giving firms they lost?  10-15% of firms that had previously canceled a vendor contract are “flipping” in order to get best in market vendor pricing, sometimes at 1/10th the price, and taking vendors back to these lower price points.

The Role of Technology in the Modern Law Library

By Michael Feit | Best Practices , Librarians , Modern Law Library , Resources

Whether tackling big data, pushing curated content to client team dashboards, ensuring your Electronic Resource Management (ERM) or Integrated Library System (ILS) is meeting expectations or keeping abreast of legal apps, the Modern Library needs to be at the technological forefront of their organizations.

As information professionals, the Library needs to take a proactive approach of see a need fill a need and help organizations identify, and test possible technology solutions. It doesn’t have to be some grandiose approach, start small and present something simple that can solve a problem showing immediate ROI.

Learn more about the role of technology in the Modern Library in Beyond Virtualization: Transforming the Law Library. Release date is Friday, January 26th. Pre-release pricing now available. Click here to learn more.

Collaboration – What This Means for the Law Library Today

By Michael Feit | Associations , Legal Information Trends , Librarians , Modern Law Library

A key component of the Modern Law Library is moving outside the realm of Legal Research Support. Law firms have always depended on library and information professionals to support the research needs of their lawyers. While this is still true, great success now depends on the Library taking a more active role in their organization to help support the day to day business of law. See a need, fill a need.

Whether embedded in a practice group to assist attorney teams or partnering with client development to support business development and increase revenue streams, the Modern Library plays a vital role. No one size fits all when it comes to organizational structure.

Begin by assessing your organization and consider who you might target with your message of providing support. If you are going to propose new roles, talk to the involved departments. Understand what they do, their needs and their workflow. How might you assist them with library resources and staffing already in place?  

Beyond Virtualization: Transforming the Law Library elaborates in detail on the concept of collaboration and the many various components worth considering in modernizing your Law Library. Release date is Friday, January 26th. Pre-release pricing now available. Click here to learn more.

ROI of a Modern Library Audit

By Michael Feit | Feit Consulting , Librarians , Modern Law Library , Resources

The Modern Library requires individuals to change their mindset from maintaining the status quo and becoming open to new ways of doing things. What is the ROI of your Law Library? What tools are you utilizing to track metrics? Do you feel the library’s resources are being optimized?

Whether you are an Administrator or Librarian, the goal of becoming a modern law library can have many obstacles – money, time, firm culture.

In a Modern Library Audit, our team of experts evaluate resources, personnel, technology, processes, and overall usage of the Library and its’ resources. In analyzing all of these components, a unique business plan is developed with workable recommendations that are specific to your firm’s needs and culture. Recommendations will include clear steps to increasing the Return On Investment of your Library.

Let an objective team of experts develop a business plan for optimizing your Law Library to support the business of law. Contact Feit Consulting today to set up an initial call on how a Modern Law Library Audit can benefit your firm.