Monthly Archives: December 2017

2017 Legal Information Market: What We Saw

By Michael Feit | Vendors

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.

What We Learned at AALL: Transforming Knowledge Into Power

By Michael Feit | Librarians , Modern Law Library

The American Association of Law Libraries’ (AALL) conference this past year reminded us of our abilities, and more so the importance of transitioning from guardian of books to ‘linchpin librarians’.

Instead of guardians of books, it is time for librarians to become information brokers. Whether embedded in a practice group to support an attorney team or partnering with client development to support business development and increase revenue streams, take on the the linchpin mindset. High-level collaboration and interdepartmental support will break down librarian stereotypes as we work on building relationships within our organizations. Step outside your comfort zone.

In short, librarians need to showcase the true value they possess and can offer their organizations. The question now is, “How will you transform the knowledge and empowerment gained at AALL into action steps at your firm or organization?”

We revisited our checklist post AALL. Here are ways you can begin transforming knowledge into action:

• Brainstorm what new step(s) you can take to build high-level collaboration and interdepartmental support at your firm or organization.
• Determine the best avenues to grow your visibility within your organization.
• Ask yourself, “How can I change my habits? What can I do differently that offers value to my organization?”
• Plan a lunch or phone call with colleagues inside and outside your organization to brainstorm what cutting-edge solutions you can bring to your organization or firm.
• Reach out to your new networking contacts. Choose one each week with whom to connect.
• Develop a Conference Recap to show management the value of attending; highlight program sessions and vendor products that support current and potential organization/firm initiatives.
• Include conference benefits in the library’s annual report to Management.

At the core, librarians utilize knowledge and resources to answer questions and solve problems; and have a multitude of skills to offer value to their organizations – beyond performing legal research.

On-Demand Consulting

By Michael Feit | Feit Consulting

Feit Consulting introduced a new program this past year, FEIT360. In this program, firms/organizations choose a base number of hours per month for consulting use – minimally 1 hour per month. This hour may be used for legal information management questions, benchmarking contracts and a variety of projects.

Unused hours are rolled over to future months. Firms/organizations may request additional consulting hours for larger projects as they arise. Approximate number of hours needed to complete a project are provided ahead of time to ensure no big surprise on your bill. Fees have a monthly cap to limit the cost exposure to the firm/organization, allowing for ease in budgeting and expense outlay.

FEIT360 is a subscription plan, cancellable at anytime. Have your legal information questions answered when needed. Perhaps a question about an invoice or determining whether to make your contract co-terminus, FEIT360 offers flexibility while meeting your legal information needs.

Click here to learn more.

Resources Offering ROI

By Michael Feit | Legal Information Trends , Resources

In 2016, Feit Consulting launched the Market Trends Legal Information Series. The Series is composed of white papers and survey results on pertinent topics in the legal information arena. The Series was launched with our report on Westlaw & Lexis: Path to Commoditization discussing the historical pricing and strategies of these vendors, and detailed insights to where the legal information market is heading.

Another hot topic is the sole provider trend. In January 2017, Feit Consulting released The Sole Provider Playbook and the Sole Provider Viability Decision Guide. These resources provide more than a high-level discussion about the trend. These resources can be used by firms and organizations as how-to guides, walking them through the process of evaluating, assessing, and implementing change. Out hope is that more firms will take on a proactive approach to evaluating the option, not waiting to the last minute when their hands are tied by the vendor. We want to provide firms and organizations with tools, concrete steps for making the best decision for their legal information strategy and bottom line.

This past summer, Feit Consulting released Optimizing Legal Information Pricing. A unique resource offering Feit Consulting’s view of pricing in the market. This is an excellent resource for getting a general sense of how your firm or organization’s contracts measure up. Feit Consulting can also conduct personalized benchmarking for your firm or organization.  This is highly recommended for anyone who has not received a Lexis or Westlaw price adjustment since 2008.

In developing these reports, we utilized surveys and conducted one-on-one interviews with experts in the field to provide comprehensive resources. What we heard over and over again from firms and organizations who purchased these reports has been how impressed they are with the wealth of knowledge and detail provided.

Whether you have unused funds for 2017, or want to get head of the game for anticipated 2018 projects, the Market Trends Legal Information Series provides a wealth of knowledge, guidance and processes for ROI of your legal information portfolio. Contact Feit today for year-end special pricing. Click here to learn more about all the reports and surveys we offer.

What does it mean to be a Modern Law Library?

By Michael Feit | Modern Law Library

What does it mean to be a Modern Law Library??

The first thing that comes to mind for many is the focus on virtual versus print. Examining the need of both is an essential component. However, the Modern Law Library is more than providing content, it encompasses a proactive approach and mindset, new processes, and utilizing metrics and technology.

Open-mindedness is necessary for transitioning to a Modern Law Library, by both Administrators and the Library team. This includes a flexible approach, meeting change head-on. Consider, “How can I change my habits to actually facilitate change? How can I move out of my mindset of but we have always done it that way? What can I do differently to offer value to my organization and make them see me and my library in a new way?”.

In the Modern Law Library, both Administrators and Librarians recognize and open their minds to allowing librarians and their team to apply their skills differently in the past. While law firms have always depended on library and information professionals to support the research needs of their lawyers, the Modern Law Library is undergoing a paradigm shift. Success now depends on the library taking a more active role in the organization, to help support the day-to-day business of law. One such way is providing interdepartmental support. A few examples of this include:

• Embracing new roles in Conflicts Support for new business intake
• Partnering with Marketing to provide competitive intelligence to support the RFP process
• Partnering with IT to identify and beta-test software
• Driving Knowledge Management

Reviewing how the Library functions, it’s processes and what can be changed to increase collaboration and efficiencies to support the business of law is another necessary component to transitioning to a Modern Law Library. What changes can be made to improve access to content, increase usage?

The Modern Library, a business within a business, is not passive in its approach but rather utilizes metrics and analytics to forecast, predict and analyze data as changes occur. Examine what tools are being utilized to collect data on content needs and usage, how often this data is reported, and how this informs the budget development process. Preparing and monitoring annual budgets and working with Finance on cost and recovery of client-related research are important fiscal initiatives. With the cost of resources continuing to rise, data-analysis tools such as Electronic Resource Management (ERM) are invaluable in analyzing usage, preparing for contract renewals and general collection development. No longer a nice-to-have tool, ERMs are essential as the Modern Library moves away from print towards virtualization.

It is no secret that the legal sector is in flux and change, which is the only constant in our organizations. There are changes we can forecast, and there are those we must be able to react to in order to function as a fiscally responsible unit in our organizations. Rather than be a target of downsizing or outsourcing, the Modern Library is innovative and forward-thinking. It strives to carve out new roles within the organization while showcasing the value of resources and staff. Becoming a Modern Law Library is not done overnight, or in a week or month. It is complex and includes many little steps in order for a Law Library to modernize. In sum, the Modern Law Library is a trendsetter, evaluating and embracing new techniques, ideas and technology to help support business processes.

Feit Consulting offers Modern Library Audits, examining and recommending changes to save the firm/organization money, improve efficiencies, and maximize utilization of resources. Contact Feit Consulting today to set up a free consultation on modernizing your Law Library.

Does your firm or organization need a Modern Library Audit?

By Michael Feit | Modern Law Library

A paradigm shift is underway in how organizations and firms are utilizing the resources of their Law Library. Inter-departmental collaboration, metrics, technology, Librarians, and Administrators are the core components involved in modernizing a Law Library.

A Modern Library Audit is a measure of the utilization of personnel, internal processes, technology, legal information contracts and the overall support for the business of law. In this two-month audit, Feit Consulting will examine each of these components and provide clear recommendations specific to your firm/organization with the goal of saving money, improving efficiencies, and maximizing the utilization of resources.

Having an outside, objective analysis will save the firm/organization time and money. It is an investment in supporting the business of law. Click here to set up an initial, complimentary consultation.