All Posts by Michael Feit

Sole Provider Adoption Trends: Key Data

By Michael Feit | Feit Consulting

Imagine if Lexis and Westlaw were new products today, offering your firm the same subscription price you already have. Would you really purchase both? Most of those informed on the topic would argue that these products are far too close in total content to need both. This duopoly paradigm has been in place since the early 90s and has been the norm since until recently.

Historically, firms could retain both Lexis and Westlaw because the majority of costs would be passed through to clients. The recession forever changed the dynamics of the online legal information market for both vendors and firms. Firms started to see their sophisticated corporate clients closely scrutinizing costs and refusing to pay for online legal research. Now that recovery rates have greatly diminished, firms are being forced to evaluate their need to retain both vendors.

Feit Consulting collected data on 389 law firms with over 100 attorneys in the US within the last year those firms provided relevant, decision-making insight on adoption trends, including this key data point: for the first time since the 90’s, the sole provider option has become the norm at most firms. See the charts below:

The historic growth of the sole provider trend amongst firms in the Am Law 200/100 has been growing rapidly from the early 2000s to today.  As a greater number firms continue to move in this direction, the validity and viability of this option has been reinforced.

For U.S. Law Firm email addresses only:

Curious for more?  Email Feit Consulting here to see how the sole provider trend breaks down by Westlaw and Lexis.

At AALL: Westlaw Edge Introduction

By Michael Feit | Feit Consulting

Thomson highlighted five major components that set Westlaw Edge apart from its predecessor, Westlaw Next:

• Enhanced search capabilities, with a new algorithm (WestSearch Plus) that looks beyond terms and at metadata and case citing relationships for more responsive search and a predictive question asking system.

• Warnings for invalid or questionable law, which flags both bad, outdated law and risks for overruling, even on cases that are not directly cited by a new case that changes the law.

• A tool for statutory change analysis, allowing comparison between versions of statutes and highlighting added and deleted language, similar to Microsoft Word’s tracked changes.

• Integrated litigation analytics, which employs machine learning and the company’s stable of legal editors to break down state and federal dockets for analysis by attributes like judges, motions, attorneys and more.

• “User Experience improvements,” such as synopsis-like case backgrounds, holdings, and more.

The new features are interesting/exciting but it’s not likely to come with a substantial upcharge. As you may recall in the introduction of Westlaw Next in 2010, the new platform was offered initially as a monthly upcharge. Eventually, (5 years plus) all hold-outs were moved to the new platform with no cost as Westlaw.com was sunsetted.

In its release of Westlaw, Thomson Reuters analysis showed that complex legal research tasks take an average of six hours, with some taking much longer. AI-driven platforms should reduce the time for searches and should improve the quality of the results. Firms want to be in an a flexible/nimble position to adapt to the rapid pace of change.

At AALL: Here Are Your 5 To Do’s

By Michael Feit | Feit Consulting

LexisNexis and Westlaw will, of course, dominate discussions at AALL this year as they have in years past.  With the recent pricing tactics taken on by Lexis (see Michael Feit’s take on this in Legaltech News here), and the big announcement from Thomson Reuters’ introduction of Westlaw Edge, there’s a lot to talk about.  Here are our 5 things to do to make the most out of your time in Baltimore:

Do:  Learn as much as possible about the AI releases and features.

There’s so much buzz around AI, it is difficult at times to separate the hype from the application.  AI is coming to library services and so we should all be learning as much as possible about its true potential. It is not surprising to see Westlaw finally get into the AI arena with the release of Westlaw Edge.  AI features will continue to erode consumption, and so the onus is on the provider to build those features into the platform to make them more valuable.

Do:  Learn as much as possible about the features of Westlaw Edge.

Do:  Learn more about the changes to BBNA platform and management.

Do:  Find out what your peers are thinking about the Lexis bundling tactics and the AALL’s inability to move them away from their position, despite the outcry.

Do:  Vendors such as Westlaw and Lexis are re-selling surveillance data to ICE and other government agencies.  Ask your vendor do you use our Firm’s legal search user data in their surveillance search platforms?

BONUS: Do NOT miss:  John Waters’ keynote address, we’re sure it will be fantastic and fun.

Wexis contracts? Now is not the time to commit to long-term

By Michael Feit | Feit Consulting

Whether you are attending AALL this year or reading the news from afar, we can guarantee you that the one thing to do right now is a ‘do not’: Do not enter into any long-term contracts.

Why lock your firm into a long-term price commitment in this rapidly evolving market?

Negotiating with the vendors can be a frustrating, drawn-out and often unsatisfying process. For many of our clients, negotiating ranks with tax-time on everyone’s list of fun things to do making the idea of fewer renewals sound enticing.

However, with rare exceptions, a long-term contract is among the worst paths a firm can choose for several reasons. One important reason seems obvious: change. Technology and pricing are continuously changing. You wouldn’t buy a plan that kept you from upgrading your phone for 5 years, would you? The legal information landscape is rapidly evolving with exciting acquisitions and new companies/products emerging. These products will continue to pull away use and interest in Lexis and Westlaw. It is always possible that one change in the market could make another product irrelevant. And as Artificial Intelligence rapidly gains momentum, there is much to be seen. What will the legal information landscape look like in 5 years?

Generally, a longer contract benefits the vendor. For legal information contracts, we always advise keeping the term to within your near- and long-term forecasts, generally 3 years or fewer unless you are receiving a truly exceptional deal.

How exceptional is the new proposal? What are the year over year increases? What additional benefits are you receiving for a longer-term contract? Perhaps your firm/organization deleted the vendor in the past and is seeking to reinstate, leading to pricing and terms that are best in market. Make sure they are, and not just because the vendor has told you so. Another option to consider is bundling. Bundling products together can be an advantageous for some. However, for many, a new contract bundle may be hiding unnecessary products or content that the firm or organization doesn’t need. Take a good look at the bundle being offered. It could be a great deal, or it might not, but in either case, it is worth investigating.

Mid-year check up: Reflect, Adjust, then Strategize

By Michael Feit | Feit Consulting

While a library can modernize without a strategic plan, having a strategic plan provides direction and concrete goals and objectives to reaching this vision. It can be challenging to find the time to create this strategic vision, however.

We wrote last December about the power of reflection:  both as to what went well last year, and what can still be improved upon. At year end, it can seem almost impossible to make time for reflection, but that same process can provide significant value at mid-year, when the power and time to adjust course is still in your grasp.

In 2016, a group of researchers comprised of experts from Harvard Business School, HEC Paris, and the University of North Carolina Kenan-Flagler Business School found that taking time to reflect can greatly improve job performance. In one of their studies, individuals who took time to share and/or reflect on their learnings increased their performance by 22% than those who did not take time to reflect/shared. (Source: https://hbswk.hbs.edu/item/reflecting-on-work-improves-job-performance)

The take-away – take time now to write down your reflections on the following:

• What are the accomplishments for the Library/Team/Department so far this year?
• What have I done well so far this year to enhance/improve workflow?
• What have I done well so far this year to enhance/improve work culture?
• What could I do differently between now and year-end to improve workflow?
• What can I start planning now to do differently next year to improve work culture?

Also, as a business unit within the firm, incorporating awareness  of strategy should be part of this reflection.  Library professionals should be cognizant of the firm’s overall strategic plan, and resources and initiatives should be evaluated to make sure that they are in support of where the firm is going in the future.

• Is the firm’s overall business strategy integrated with library services?
• 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?

Making this time to reflect can be a key step to making the Library’s success your business as well as help you perform better through the end of this year and on the right course for 2019.

Feit Consulting Announces Feit 360™ for Small Firms

By Michael Feit | Feit Consulting

Feit Consulting is proud to announce expansion of its comprehensive consulting services, Feit 360™, to small firms. The Feit 360 for Small Firms services menu includes Contract Benchmarking, Vendor Negotiations, Vendor/Product Vetting, Strategic Planning, ROI Analysis, Library/Information Audit, Sole Provider Viability, Gap Analysis, Guidance for Legal Information Support Services, Metrics Development & Reporting and Technical Library Services Support.

The Feit 360 comprehensive solution has long been leveraged by AmLaw 100/200 firms to optimize library services and gain substantial cost-efficiencies from providers. Extending Feit 360 solutions to small firms levels the playing field for this traditionally underserved segment, challenged by staff and/or budget constraints. Feit 360 for Small Firms will be available on-demand and with a predictable monthly expense, enabling small firms to access the solution offering.

For managers of legal information resources at small firms just as in larger firms, the goal is to purchase the most appropriate tools at the best price. However, there are many factors that contribute to resource management and contract pricing: evaluating value and effectiveness of resources, where to find new efficiencies, legacy contract pricing negotiated before you arrived, contracts based on past vendor promises, legacy usage and recovery rates.

The task, therefore, is not straightforward as legal information needs are continually in flux, pricing strategies are not published nor remain standard from firm to firm, new entrants to the market splinter choices and aggressive pricing strategies by providers complicate the decision-making process. Small firms may not have the resources or in-house expertise to dedicate to the task.

President of Feit Consulting, Michael Feit, remarks, “This is a market that has been historically underserved, but comprises the largest segment of law firms. As new entrants in online research cause market confusion, fragmented purchasing processes and unnecessarily high costs, we are pleased to bring our industry-wide expertise and decades of large firm experience to bear upon the goals and unique needs of smaller law firms.”