Monthly Archives: October 2019

Oct 25

Collection Re-balancing Part I: Facilitating the Move from Print to Digital in Law Firm Libraries and Information Services

By Becky Bowman and Stuart Zimmerman | Feit Consulting

Introduction

The competitive need for digitization has intensified across all industries—and this need is not sparing the legal industry.  If it’s any solace, it is not just law firms that are feeling the pressure of change.In this two-part series, we outline the primary points to consider when rebalancing the print/digital ratio of a law firm library collection, along with an approach to analyzing current print spend to identify titles with the highest potential for cancellation.

Reasons for reducing print

  • Reduce library footprint – Print libraries require lots of space which is expensive in law firms.
  • Eliminate duplication – Online services, especially from the big four legal vendors, typically include the same or comparable information online as in their print publications.
  • Reduce environmental impact – The production and shipment of print products increases firms’ carbon footprints.
  • Serve users in multiple locations – Multiple print copies are expensive; online easier to share/scale across large operations.
  • Reduce upkeep costs – Print requires upkeep including ordering, receiving, processing and maintenance.
  • Increase efficiency – Digital resources offer search and collaboration features that can improve research and project efficiency.

Challenges in reducing print

  • Attorney preference/resistance to change – Attorneys are famously change-averse, especially if they see change as an imposition with no benefit to them. 
  • Licensing terms & costs – Contracts may need to be expanded and/or additional licensing purchased to ensure access and compliance to digital resources. Ability to negotiate new or alternative terms varies widely by vendor.
  • Existing print commitments – Contracts that commit firm to purchasing a set level of print in exchange for discounts may limit options for reducing print.
  • Market instability – Increased competition between information vendors is resulting in market instability. Firms without access to one or more of the big four may need to purchase essential products in print in the absence of online access. Some vendors are tying essential/popular products to contracts for their online services thereby complicating choices.

Paths to Success

  • Communication is key to success. Seek input from print users while working through the process.
  • Leadership backing is critical. Firm leaders must be prepared to help make and communicate difficult decisions and manage reluctant lawyers.
  • Use as champions those attorneys already successfully using digital resources. Get testimonials, have them promote resources at practice group meetings, etc. Word-of-mouth campaigns can be very effective complements to other marketing efforts.
  • It is important to consider the firm’s online billing policies and practices and make any adjustments that may be needed.
  • Review firm’s practices and policies around office copies. Office copies are frequently heavily used for practice efficiency giving them a lower potential for elimination.
  • Prepare to transition print users to online alternatives. Make plans for impacted users to access new resources, including links, passwords, and training.
  • Follow up with key users in the weeks and months after implementation. Address issues and work to resolve them.

In part II, we drill down into some details as how to approach print reduction strategically—as well as a few reality checks that can be helpful along the way.

About the Author

Becky Bowman, Law Library Consultant Becky served as the Chief Research and Information Analysis Officer for Am Law 100 firm, Baker Donelson for 32 years where she ultimately led a team of 5 to serve 750+ attorneys across 23 domestic locations. Becky’s accomplishments at Baker were multiple, including transforming the library from print to digital, overseeing the efficient combination of 15 mergers and acquisitions of library materials, and successfully rebranding her department, and achieving buy-in from key stakeholders. Her exceptional experience is invaluable for clients as they assess the actual total cost and value of their library and research department including current print and digital collections, vendor contracts, as well as consider cultural and workflow disruptions or benefits in moving to an outsourcing vendor.

About the Author

Stuart Zimmerman, Law Library ConsultantStuart provides strategic input on library and research services in large law firms with a focus on library audits, the development of best practices for the delivery of library services, and the implementation of new generations of digital resources for research and library administration. Stuart brings more than 25 years of law library experience both in law firms and public law libraries. Prior to joining Feit Consulting, Stuart was Director of Research and Information Services for Davis Wright Tremaine LLP where he transformed a patchwork of individual law office libraries into a coordinated, efficient, contemporary, firm-wide library system providing high-quality research and library services across nine offices.

Oct 25

Do “They” Know You Exist? Marketing Library & Information Services in Law Firms Part I: Attorneys

By Becky Bowman and Stuart Zimmerman | Feit Consulting

Law firm expenses are outpacing revenue causing shrinking margins as we round the corner to the end of 2019.  This was detailed in Citi Private Bank’s Law Firm Group annual report, released just before Labor Day.  While lawyer compensation growth accounts for a significant portion of the expense increase, shrinking margins and the drumbeat of a potential recession in 2020 turn scrutiny to law firms’ cost centers—and of course, this includes the library and information centers.  Information professionals need to be ready to demonstrate the business value to the firm.

While it may be a common sentiment for information professionals to walk out of a meeting, whether it be with administration or a practice group and think, “‘They’ just don’t get it!” or “They have no clue the value the library brings to their work and the firm itself,” law firm leadership is under tremendous budgetary pressure.  It’s time to change the conversation.

Law firm libraries have evolved to deliver tremendous cross-departmental and cross-practice value.  We employ increasingly sophisticated tech tools to perform substantive legal and technical research. We partner with other departments such as business development, professional development and conflicts that need access to our resources and expertise.

In fact, information professionals have access to better data than ever before to help illustrate the value the library brings to the firm, and yet we still struggle with making sure our department gets the recognition it deserves from leadership and the firm’s decision-makers.

So, how do we demonstrate the business value of the library?  We will take this question and tackle it from three different perspectives:  in Part I, we tackle the attorney perspective; in Part II, we will review firm leadership’s perspective. Finally, in Part III, we will take into consideration branding.

Attorneys 

For lawyers, value is more immediate and tied to the resources and services provided by the library. They need library expertise to serve their clients and grow their practices. Communications will involve highlighting new and important resources and services.

Getting the attention of busy attorneys remains a primary challenge. Keep communications brief and lead with the primary message. Whether in person or by email there is a very small window of opportunity to reach the target. Below are suggestions for promoting the library/information center:

Practice Group Presentations – Practice Group presentations are the gold standard for reaching attorneys as they provide for face-to-face interaction with end users. In person, librarians can get candid feedback including subtle cues such as body language about attorneys’ needs and whether they are frustrated or satisfied with available services and resources. This is a fantastic opportunity to hear first-hand the value attorneys’ place on the library’s performance. Getting in front of attorneys, live or virtually, shows that there are actual librarians/people who provide the resources and services they need to succeed in their work. A Practice Group meeting is a captive audience … take advantage!

Custom Newsletters (e.g. NewsDesk) – Customized, curated practice group or department specific newsletters help attorneys stay abreast of news that is relevant and important to them.

New Product Demonstrations – Librarians and researchers can position themselves as experts and keep attorneys abreast of new tools.

Library Newsletters/Updates – Highlight success stories so firm leadership is aware of activities in the department. Use newsletter to inform lawyers of new resources in their practice area.

Teach New Skills – Provide training and skills development opportunities for library users. For example, offer Tech Tuesdays to help with setting up apps, learning how to save favorites on a particular product, etc.                  

Substantive CLE Sessions – Provide sessions throughout the year, not just in the month of December!

Involve Practice Group Chairs –  Involve the Chair in decision making for products to get buy-in and promote the capabilities of the department while developing a better understanding of the needs/concerns of practice groups. 

Word-of-mouth – Conversations among attorneys can also be a driving force. There are many attorneys who, although they may not voice it, do know the value of what the Library/Information Center does. Find and amplify those voices.

Next, in part II, we will shift the lens and consider how information professionals can demonstrate value to firm leadership.  Stay tuned! 

Did you know?   Feit Consulting offers Contemporary Library Solutions, 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.

About the Author

Becky Bowman, Law Library Consultant Becky served as the Chief Research and Information Analysis Officer for Am Law 100 firm, Baker Donelson for 32 years where she ultimately led a team of 5 to serve 750+ attorneys across 23 domestic locations. Becky’s accomplishments at Baker were multiple, including transforming the library from print to digital, overseeing the efficient combination of 15 mergers and acquisitions of library materials, and successfully rebranding her department, and achieving buy-in from key stakeholders. Her exceptional experience is invaluable for clients as they assess the actual total cost and value of their library and research department including current print and digital collections, vendor contracts, as well as consider cultural and workflow disruptions or benefits in moving to an outsourcing vendor.

About the Author

Stuart Zimmerman, Law Library ConsultantStuart provides strategic input on library and research services in large law firms with a focus on library audits, the development of best practices for the delivery of library services, and the implementation of new generations of digital resources for research and library administration. Stuart brings more than 25 years of law library experience both in law firms and public law libraries. Prior to joining Feit Consulting, Stuart was Director of Research and Information Services for Davis Wright Tremaine LLP where he transformed a patchwork of individual law office libraries into a coordinated, efficient, contemporary, firm-wide library system providing high-quality research and library services across nine offices.

Oct 25

Edge: Failure or Masterstroke?

By Michael Feit | Feit Consulting

Our recent mini survey about Westlaw Edge and Lexis Context results are in, and it is interesting to compare the data to our forecast for Edge pricing. In our latest book, Optimizing Legal Information Pricing, we forecasted that roughly 20% of the market would purchase Edge within a year, at nearly 10% increases.

With almost a year under its belt, it appears that Edge adoption will be very close to our forecast. With 15% of Westlaw firms having already adopted, we think it is reasonable to expect that in the next 5 months Westlaw Edge will penetrate another 5% of the market.

The average Edge percentage price increase is slightly lower than the double-digit year-one increases we expected, coming in at 9%. Firms that have purchased the product are happy with it, but for the most part, they do not feel that Edge is a game-changer in the way that WestlawNext was.

So, has Edge been a failure or a masterstroke?

To understand the impact Edge sales have had on Westlaw revenue, we looked at the large law firm market segment (defined as firms with over 100 attorneys). We made some general assumptions about that population and for illustrative purposes, using a hypothetical average spend per attorney to come up with potential revenue impact for this segment. Please note this hypothetical does not match our actual price guidance for Westlaw. (You can find that guidance in our Optimizing Legal Information Pricing book here). Below are our assumptions:

  • 400 firms in the over 100 attorney segment
    • 80% of those firms have Westlaw
    • 320 firms have Westlaw
  • Average firm size is 250 attorneys
    • 80,000 attorneys total large law population with Westlaw
  • Hypothetical average spend per attorney for Westlaw in the market $175 per attorney per month
  • Hypothetical revenue to Westlaw for over 100 attorney law firm segment: $168 million

Our survey indicated that roughly 15% of the market has purchased Edge, which translates to 12,000 attorneys with the product. If their cost increased 9%, Westlaw’s annual revenue grew roughly $2.2 million annually, or roughly only a 1.4% increase. If this 1.4% increase was the entire story, you’d probably call Edge a failure.

However, to really understand how well Westlaw has actually performed with Edge you need to consider who the real purchasers likely are. In our Optimizing book, we note that roughly 15% of the market is over-paying for Westlaw, by 150% or more. Although we have no way to correlate who each of those firms are, it is very likely that they are most of the early adopters of Edge. These firms tend to be early-adopters of all products and have less price resistance than the market in general.

If you assume that most of the early adopters of Edge have a spend per attorney that is vastly (>150%) above the market, Westlaw’s incremental revenue grows to $6.8 million per year. This represents a 4% increase alone, just from Edge. If that is the case, Edge would be deemed a moderate success.

Beyond this, and likely the greatest impact to Westlaw is the ability to leverage Edge to lock-in and extend a majority of their highest-paying customers. Every Westlaw Edge discussion that is not a renewal (about 2/3rds) is a reason to drop into the firm and extend the agreement for another 3-5-year period, securing a very significant and otherwise vulnerable revenue stream.

In conclusion, although Westlaw Edge may seem to have had an unspectacular first year, the dollar value increase combined with the ability to extend existing contracts has bought valuable time for Westlaw to hold off potential threats from Lexis or Bloomberg – making Edge a masterstroke.