Feit Consulting decided to enter the library modernization space when we began hearing law firm administrators ask “do we still need the library?” This was something that we never heard until just a few years ago. As believers in the value of a thriving library, we began to explore potential library shortcomings and developed services to highlight and enhance the return on investment to the firm.
The recession of 2008 was a slap in the face for most law firms and legal information vendors. After an era of rapid growth they were forced to crunch numbers and eliminate waste. In recent years, legal information resources, and more generally, the library have become easy targets for administrators to cut cost. It is our view that it is misguided to target the library as just a cost.
The concept of library modernization is more than downsizing space, cancelling print and right-sizing resources. The modern library supports not only the daily business of law, but also aligns itself with the organization’s strategic plan. Rather than being viewed as costly overhead, the modern law library is value-focused — Always enhancing the organizations profitability.
We realized that if we do not partner with our clients to focus on library ROI, there is a real threat that libraries will be swapped out as a commodity for an outsourced solution. It is our position that a library, when focused on modernization, will provide clear demonstrable value to its organization. The Feit Consulting Modern Law Library panel discussion at the February 22nd Ark conference confirmed this reality.
If you are a Librarian or Administrator who has the mindset of continuous process improvement with the goal of optimizing resources (time and money), the Modern Library Audit provides concrete steps specific to your firm’s needs to achieve this.
In a Modern Library Audit, Feit Consulting’s team of experts conducts a thorough assessment of all legal information functions in the library and the support provided for various departments and practice groups. We evaluate the utilization of personnel, internal processes, technology, legal information resources and the overall support for the business of law.
From the assessment, we develop and present a plan to further modernize your Law Library. What this equates to is a solid plan with clear action steps and ROI for improving how your Law Library operates.
The Modern Law Library is not a destination but an approach to managing legal information resources. Even when a firm reaches the realm of modernizing their law library, changes will occur – internal and external to the firm – that affect the role of the Library and what it provides.
The result of a Modern Law Library Audit is a clear plan with recommendations specific to your firm/organization with the goal of saving money, improving efficiencies, and maximizing the utilization of resources.
If you are ready to take your Law Library to the next level, Feit Consulting’s Modern Library Audit provides a clear path forward. Contact a Feit Advisor today to set up an initial consultation and schedule your Audit.
While a library can modernize without a strategic plan, having a strategic plan provides direction and concrete goals and objectives to reaching this vision. A surprising 61% of survey respondents indicated the library does not have its own strategic plan.
Surprisingly, only 37% of respondents indicated the library’s strategies are derived from the firm’s larger strategic plan as illustrated below.
As a business unit within the firm, the Modern Library should be cognizant of the firm’s strategic plan. Resources and initiatives should be evaluated to make sure that they are in support of where the firm is going in the future.
Consider the value of the resources and skills that you offer your firm. Does the library have the right tools in place to support the changing needs of the firm? Does firm leadership capitalize on the skills of your team to assess, implement and utilize new processes and technology to move the firm’s strategic vision forward?
Make the Library’s success your business!
Our latest report was developed with intel from over 250 interviews and in-depth surveys with legal information professionals. Included are check-lists and best practices to guide your firm in achieving maximum ROI –and ensure that the Modern Law Library is in alignment with the firm’s strategic plan.
To purchase a copy of the Library Modernization Survey Results, click here.
Purchase of the Survey Results can be applied to the purchase of Feit Consulting’s white paper: Beyond Virtualization: Transforming the Law Library.
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. 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.
The idea of transitioning to sole-provider can be daunting, considering the many individuals and processes that might be impacted. There are a great number of elements to examine, from contracts to content, not to mention the strong reactions of users to fundamental system changes. Lexis and Westlaw have both successfully infiltrated law firms’ cultures and infrastructures over their many years of service.
Feit Consulting offers a variety of resources to help firms and organizations transition to sole provider. Firms and organizations can engage with Feit Consulting to provide project management direction, tools and resources to implement the change from two provider to one provider, or for some firms and organizations – flipping from one vendor to the other vendor. Feit Consulting will evaluate your specific needs to determine our role and pricing that is customized to your firm’s needs. Learn more about our consulting solutions here.
If your firm or organization is seeking a resource on how to implement the sole provider transition, Feit Consulting’s Sole Provider Playbook is an excellent resource for Administrators and Librarians. It is an all-encompassing guide, with detailed processes, steps, timelines and tools to actually execute the change.
Flipping vendors or eliminating a vendor can provide substantial savings, however this process requires an intense amount of time and planning. Let Feit Consulting guide your firm or organization through the process. Contact Feit Consulting today to set up an initial consultation with our team of experts.
The Modern Library requires individuals to change their mindset from maintaining the status quo to adopting a new way of doing things. What is the ROI of your Law Library? Do you feel the library’s resources are being optimized?
Our team of experts evaluate resources, personnel, technology, processes, and overall usage of the Library and its’ resources.
This allows Feit Consulting to custom tailor and deliver invaluable knowledge, guidance and processes for analyzing the ROI of your legal information portfolio.
A Modern Library Audit will include clear steps to increasing the Return On Investment of your Library by evaluating the utilization of personnel, internal processes, technology, legal information resources and the overall support for the business of law. With this information we will develop a unique business plan with workable recommendations that are specific to your firm’s needs and culture.
Another excellent resource for ROI assessment is our Market Trends Legal Information Series. This series is composed of white papers and survey results on pertinent topics such as:
As thought leaders working to challenging existing paradigms, Feit Consulting is committed to providing your firm with tools, concrete steps and leading-edge solutions for making the best decision for your legal information strategy and bottom line. CLICK HERE and Contact Feit Today for More Information.