Jan 19

Upcoming Webinars & Conferences

By Jenny Potocnik | Events , Feit Consulting , Legal Information Trends , Modern Law Library , Pricing

As 2018 takes hold, January is an excellent time to plan out the year and schedule in key dates for you to stay abreast of current trends in the legal information market. Feit Consulting’s webinar series will continue to expand in 2018. In February, Feit Consulting will present on the Modern Library at the Ark Group’s 12th annual Law Firm Library, Research & Information Services conference.

Webinar Series

The current slate of webinars offering deep insights into the world of legal information include:

 

Upcoming ARK Conference 

Join Feit Consulting at the Ark Group’s 12th annual Law Firm Library, Research & Information Services conference, February 22, 2018. Feit will address “What is the Modern Library?” offering clear insights into the steps firms need to take for maximum efficiency and delivery of legal information resources and the role of the Modern Library.  Click here for more information about the conference.

 

Jan 19

2018 Changes & Projects for Improving Your Bottom Line

By Jenny Potocnik | Benchmarking , Best Practices , Feit Consulting

Return on Investment (ROI): For some firms and organizations, the law library can seem like a large expense without full trackablity of the value it offers. Some firms and organizations use it as a cost center. However, there are ways to enhance return on investment beyond general reporting. Not to negate reporting because we do highly recommend it. Here are other ways to provide ROI for your law library.

Billing Title Change: Changing the billing title of one or all of the Library staff can be a simple fix to passing on their research time to clients.

Modern Library Audit: A Modern Library Audit provides a current assessment of where your law library is today, and based on your unique firm’s or organization’s situation, what opportunities exist for transforming and streamlining workflow. Feit Consulting conducts Modern Library Audits for firms and organizations. This encompasses our team of experts completing an assessment of usage, processes and technology use. We provide a full business case with clear recommendations, specific to your firm and organization. Recommendations provided highlight the impact on your bottom line. No two law libraries are alike, nor are the solutions and services needed for optimizing use and value.

Start the Negotiation Process Early: Time is a huge advantage in the legal information contract negotiation process. Providing an adequate amount of time to begin the process can mean the difference of thousands of dollars for the firm/organization. Assess value early, Get quotes early.

Benchmark Your Contracts: When was the last time you had your contracts benchmarked by an outside firm? Your firm or organization may have the strongest negotiators in the industry but without the knowledge of where your contract stands in the market, you have no foundation to start from.

Revisit your Legal Information Strategy: Don’t wait till the last minute to negotiate (Plan ahead post) – Look at Sole provider playbook report and blog posts.

Collection Audit: Is your portfolio of resources serving your constituents fully? We have clients to sign a new contract year over year without assessing the use and value to users because the price tag is not significant. These small items can add up. Take the time to review your collection. If you don’t’ have the time, hire an outside consulting firm like Feit Consulting. With a little investment of time and money, you could be saving thousands over the years to come.

Interested in learning more about what Feit can do for your firm, contact us today for an initial consultation.

Jan 19

Strategy, Planning, and ROI Tracking for 2018

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

The new year 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.

Jan 19

What can we expect in 2018

By Michael Feit | Feit Consulting , Legal Information Trends , Modern Law Library , Vendors

In 2018, Lexis will continue to purchase existing products. They are taking the lead in visual analytics. By acquiring great products such as Intelligize, Lex Machina, and Ravel Law, this momentum is expected to continue.

We anticipate that Lexis will further enforce their rules. If you don’t have core Lexis you won’t have access to their peripheral products (right now this is only being enforced with AMLaw firms). Rolling out of this policy to the entire market will be dependent upon their success rate.

More firms will choose Lexis this year, unless Westlaw corrects its tone deaf pricing model.

Bloomberg will continue to struggle to get a seat at the table with firms. Until it rectifies its pricing model, Bloomberg will not have major successes in 2018.

As Lexis and Westlaw usage declines at the firm level, we anticipate Lexis/Westlaw will try to aggressively lock firms into longer term contracts.

What does legal information management mean for firms in 2018? Recovery rates firms used to pass through to clients will continue to dwindle. We are seeing more firms seeking solutions to modernize their library, in search of great efficiencies and cost-savings. This is an illustration of a growing investment of time and money to improve and enhance the Library and its role. 

Jan 19

30% of the Market is Still Paying Too Much

By Jenny Potocnik | Feit Consulting , Legal Information Trends , Pricing , Sole Provider , Vendors

“As a person who has watched this industry for over 17 years; it is amazing and frustrating to see that 30% of the market is still paying way too much.” -Michael Feit

Prices for Westlaw and Lexis grew astronomically from the late 90’s up until the 2008 due to usage growing so fast.  After 2008, 30% of the market said it cannot afford to cover the costs of online research – not being able to pass off the full costs to clients.

Some firms were successful in getting concessions from both Westlaw/Lexis. However, in 2010 the Sole Provider trend emerged. Many firms started to move forward and eliminate either Westlaw or Lexis.

Right now; 55% of large law firms have one or the other.  Of the 45% of firms that continue to have both Lexis and Westlaw, 20% have threatened to eliminate a vendor….or have eliminated a vendor but then took them back at best of market pricing.

Currently,  25-30% of market are still overpaying by greater than 50-100% of mid-market pricing (per Feit’s Benchmarks).  Is your firm getting the best market pricing?  Click here to get more information from our experts.

Jan 18

What is the Lexis strategy of blocking Amlaw from buying other products?

By Michael Feit | Feit Consulting , Vendors

In 2017, Lexis decided existing clients can no longer have access to Law 360 or any other products if they cancel core Lexis. This strategy seems to be working in about 20% of firms that might have otherwise canceled Lexis. For the most part, these products are too new and not that important yet to most firms for this new strategy to have a major impact.

We recommend that Lexis take advantage of Westlaw’s arrogant pricing and try to partner with firms to show the value in their suite of products.  It does not make sense to cut off revenue streams given firms’ willingness to walk away from Lexis.  In most instances, not allowing customers access to your jewel products is going to be more costly than the value of trying to retain products.  

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