Negotiating an expensive legal-information contract requires more than a few conversations with the vendor. If you want the most value for your buck, allocate the appropriate amount of time to evaluate your resources. Assess usage, content redundancies on other vendor products, practice group or firm size changes–to name just a few.
Many firms give themselves just three months or so to work on their next round of legal-information contracts. Whenever possible, however, it is best to allocate more time for planning and evaluating the real value of legal-information resources. The vendors will have their own timeline. However, your timeline should be much longer to account for resource evaluation prior to the start of vendor negotiations.
With 3+ year contracts, the deadlines can seem to immediately appear without realizing the time left to prepare. Get the tools you need now in order to successfully negotiate and optimize your firm’s legal-information resources and pricing. Working with a consultant can help your firm navigate the complexities of these important vendor negotiations. Feit Consulting partners with firms to strategize and obtain optimal contract pricing and terms. Learn more about our consulting services here.
Alex West is Feit Consulting's Senior Vice President working closely with clients on strategy and contract negotiations. With an extensive corporate background in management and marketing at Fortune 500 companies such as Sara Lee, Hasbro and P&G, Alex oversees all Feit client engagements.