Many firms give themselves just three months or so to work on their next round of legal-information contracts. Whenever possible, however, it is best to allocate more time for planning and evaluating the real value of legal-information resources. The vendors will have their own timeline. However, your timeline should be much longer to account for resource evaluation prior to the start of vendor negotiations.
Planning ahead with the right tools and knowledge is not only critical but absolutely necessary for success. Key leveraging points may include change in size of firm, ample time to make certain contracts co-terminus, firm-wide interest in the sole-provider option, usage and value of each legal information resource, to name a few. A multi-year plan allows one to know ahead of time what the firm’s goals are going into contract negotiations.
With 3+ year contracts, the deadlines can seem to immediately appear without realizing the time left to prepare. Firms that obtain market knowledge to compare their contract pricing, coupled with key metrics to assess contract resources’ value, will gain significant leverage in legal information contract negotiations. Get the tools you need now in order to successfully negotiate and optimize your firm’s legal-information resources and pricing. Working with a consultant can help your firm navigate the complexities of these important vendor negotiations. Feit Consulting partners with firms to strategize and obtain optimal contract pricing and terms. Learn more about our consulting services here.
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