Imagine you had a new start-up law firm. You are deciding which legal-information resources to purchase. You sit down with Lexis and Westlaw. Each offers you the same pricing and contract terms your firm or organization currently has today. Would you purchase both?
With the majority of firms already making the choice to retain just one vendor, the market has proven that firms don’t need both Lexis and Westlaw to operate successfully. It is hard to imagine a start-up today purchasing these redundant services when, instead, the firm could redirect its legal-information budget to a multitude of other products and simultaneously enjoy substantial savings.
Until a decade ago, more than 85% of law firms had both Lexis and Westlaw. The vendors offered products with a lot of unique content, making it justifiable to have both. Additionally, approximately 90% of costs associated with online research were passed through to clients.
Since the 2008 recession, recovery rates have dropped to 36%, overall usage is down and continuing to decline, and Lexis and Westlaw products have become quite similar. While there is still some unique content, it is not enough to justify firms retaining both. And, fortunately, there are many workarounds to alleviate concerns about lost content.
If you are still retaining both vendors, it is time for you to re-evaluate your legal information vendor portfolio. Feit Consulting’s Sole Provider Playbook provides a step-by-step process for firms to assess the option and, if viable, implement the change. Learn more here.