Category Archives for "Feit Consulting"

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.”

ARK Conference Panelists Share Some of Their “Secret Sauce.”

By Michael Feit | Feit Consulting

Feit Consulting joined other industry leaders in sponsoring the Ark Group’s 12th Annual Law Firm Library, Research & Information Services Conference.  Always an exciting platform for discussion and debate, this year didn’t disappoint as attendees focused on the Modern Library.

New challenges and opportunities were plentiful for the information resource professional willing to “adapt, expand, digitize, virtualize, analyze and broaden their portfolio of knowledge enabling services.”  Lively Q & A sessions provided presenters and panelists the opportunity to share a bit of their “secret sauces” for creative solutions to any number of challenges being faced.

During an early morning session Feit Consulting proudly announced their latest White Paper titled Beyond Virtualization: Transforming the Law Library.  Monice Kaczorowski, Feit’s Vice President for Library Strategy and Innovation, moderated a panel of noteworthy industry thought leaders sharing their own views on the Modern Library.  Shabeer Kahn shared his beliefs that hiring the right people, creating a roadshow highlighting the value of the library within the firm and demonstrating ROI, is where it all begins.  Nancy Rine, the ultimate collaborator shared an eye opening story about how Hurricane Sandy whipped up new collaborative efforts resulting in unexpected success stories of interdepartmental support and improved services.  Finishing up the FEIT morning session was Greg Lambert sharing his sage advice to  take on the problems that no one else wants to and remember to solve more than just the library problems – aim high and solve for the problems facing the firm.

As Feit is known to say, The Modern Library is a journey, not a destination and their morning session at ARK helped those who want to Modernize to identify the road they’ll need to travel.

The Modern Law Library is Value-focused.

By Michael Feit | Feit Consulting

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.

The Modern Law Library’s Alignment with the Firm’s Strategic Plan

By Michael Feit | Best Practices , Feit Consulting , Legal Information Trends , Librarians , Modern Law Library , Resources , Survey Results , Surveys , White Papers

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.