It has been an exciting year for legal information, everything from Lexis purchases to the increasing sole provider trend. Here, we sum up the major happenings of 2017.
The sole provider trend continues to take hold. Firms are choosing to no longer be hostage to their vendors. The announcement by a big firm eliminating a vendor illustrates the reality of the trend. What will this mean for 2018? See Feit’s future forecasts this Friday.
We saw changes with regards to negotiation strategies by the all three vendors: Westlaw, Lexis and Bloomberg.
Regarding Westlaw, no matter what your contract is, the storyline is the same. They will tell you that you are at the right price. If you are seeking a contract that is less than three years, you will likely be penalized, rewarding those who choose longer contracts.
Firms choosing to eliminate Lexis may receive the threat of not being able to keep peripheral products. This is especially true for AmLaw. AmLaw firms eliminating Lexis will automatically lose their peripheral products once the contracts expire.
The very popular products, Law360 and Practical Law, have become drugs for lawyers. Once in the door, everyone is hooked. Given their popularity, these are very difficult to remove.
As for Bloomberg, they continue to struggle to find footing in solidifying pricing that makes sense in today’s market, particularly in light of Westlaw and Lexis pricing.
2018 will no doubt also be an exciting year. Check out Feit Consulting’s post on what to expect in 2018 this Friday.
Michael Feit earned his J.D. from the Loyola University School of Law in Chicago and was an executive at Westlaw before founding Feit Consulting 16 years ago. Feit Consulting partners with law firm administrators and legal information professionals to optimize vendor contracts and the management and delivery of legal information resources by providing leading-edge, customized solutions. Contact Michael at firstname.lastname@example.org