Category Archives for "Feit Consulting"

When to benchmark your Legal Information Contracts

By Michael Feit | Benchmarking , Best Practices , Contract Negotiations , Feit Consulting , Legal Information Trends , White Papers

Contract negotiations not only set product/vendor pricing for the next contracted term, but can also determine the pricing path your firm will be on for years after. We all know the story–3-5% increases year over year. Once you lock in at a price and terms, this becomes your new baseline for future negotiations. Vendors will only want to increase over your current price.

However, price corrections can be made at your next contract negotiations. Feit Consulting sees about 15-20% of the large law firm market paying substantially higher than the market mid-point. Firms that fall into this category won’t be able to reach the market mid-point in one contract cycle; it could take several cycles to price-correct.

There are two secrets to securing optimal pricing in your next legal information contract negotiations: planning and market knowledge (benchmarking your contracts).

Allocating enough time to plan for negotiations is one element. Due to secret pricing, no one firm can truly know whether their contract is exceptional or fair without outside knowledge. Benchmarking your legal information contracts is a worthwhile exercise to understanding your starting place going into contract negotiations.

Feit Consulting has been a leader in optimizing legal information resources for firms since 2001.

Have your legal information contracts benchmarked by Feit Consulting, and receive a firm-specific benchmark. Alternatively, Feit Consulting’s white paper, Optimizing Legal Information Pricing shares Feit’s market benchmarks on Spend Per Attorney, Discounts and more.

Contact Feit Consulting today to get started.

Leverage in Contract Negotiations

By Michael Feit | Feit Consulting , Resources

What leverage does your firm have going into contract negotiations?

Many firms wait until around three months prior for legal information contract expiration to come top of mind. However, if a firm can allocate more time for planning and evaluating its legal information resources’ value, the extra time creates a huge leverage for the firm. 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.

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.

Feit Consulting’s latest report, Optimizing Legal Information Pricing, provides market intel to compare your firm’s contract pricing, as well as key leveraging points to utilize in your upcoming legal-information contract negotiation. This resource shares tactics to achieve optimization. It also shares how to optimize your legal-information pricing and terms with Lexis, Westlaw, Wolters Kluwer, BBNA, and other products.

Get ahead of the vendor’s strategy and timeline. Don’t wait to prepare. Optimizing Legal Information Pricing is a tool that will help your firm prepare in time with the essential leveraging tools to achieve success. Learn more here.

The Value of Membership Libraries to Support the Business of Law

By Michael Feit | Best Practices , Feit Consulting , Modern Law Library

We advise that the Librarian should look at potential membership libraries to make sure the choice supports the needs of the firm beyond the basics of research services and document delivery. Evaluate their general, special and archival collections and ancillary services. Outline the benefits. What is the Return on Investment (ROI) to your firm? Prepare a Business Case so that management or finance understands. Membership means something entirely different in this context and you need to explain it in terms they can understand.

When we perform Modern Library audits, we are always looking for creative ways to advise firms on how they can supplement shrinking collections and tight staffing. One solution we have found to be of value is to recommend that firms explore joining a membership Library to support their specific needs. Generally speaking, membership libraries can help with additional research and content support, just in time document delivery, and access to specialized collections.

It is not just research and documents, membership libraries have embraced new models to support their members. We like to tell our clients that membership libraries can fill needs you may not even know you have. Consider that some offer plug in apps that interface with SharePoint pushing curated information that the Library can use to enhance their online catalogs and practice group pages. Others provide remote office and meeting space and even advertising opportunities. One size does not fit all when it comes to choosing a membership Library or a level of membership; however it is worth your time to investigate how a Membership Library could be a wise investment for your firm.

Feit Presenting at ARK Conference on “What is the Modern Law Library?” February 22nd, NYC

By Michael Feit | Feit Consulting , Librarians , Modern Law Library , Resources

Feit Consulting is presenting on “What is the Modern Library?” at the Ark Group’s 12^th annual Law Firm Library, Research & Information Services conference, February 22, 2018.

Our program offers clear insights into the steps firms need to take for maximum efficiency and delivery of legal information resources and the role of the Modern Library. Feit Consulting’s Michael Feit, President & Founder and Monice Kaczorowski, Vice-President of Library Strategy and Innovation will lead the program by sharing their research on library modernization and how this is defined. We share key take-aways from our white paper, Beyond Virtualization: Transforming the Law Library.

An expert panel will discuss the “Big Picture” of Librarians as disruptors, how to change the stereotypical image of the librarian, how to run the Library as a business and the importance of interdepartmental support and technology. Panelists include:

What does it mean to be a Modern Law Library?

By Michael Feit | Feit Consulting , Librarians , Modern Law Library , Resources

The Modern Library is a business within a business, utilizing metrics and analytics to forecast, predict and analyze data as changes occur. More than providing content, the Modern Law Library encompasses a proactive approach and mindset, developing new processes and collaborations to support the business of law. An important component to realizing a Modern Library is open-mindedness by both Administrators and the Library team.

To fully embrace the Modern Library approach, consider the following questions in your role with the Library (whether as a Librarian or an Administrator):

• What can I do differently to offer value to my organization and make them see me and my library in a new way?
• How can I change my habits to actually facilitate change?
• How can I move out of my mindset of but we have always done it that way?
• How can I change the way I work with various departments, my Administrator, my Librarian to support the business of law in an improved, more efficient way?

While law firms have always depended on library and information professionals to support the research needs of their lawyers, the Modern Law Library is undergoing a paradigm shift. Success now depends on the library taking a more active role in the organization, to help support the day-to-day business of law. One such way is providing interdepartmental support.

A few examples of this include:

• Embracing new roles in Conflicts Support for new business intake.
• Partnering with Marketing to provide competitive intelligence to support the RFP process.
• Partnering with IT to identify and beta-test software.
• Driving Knowledge Management.

Becoming a Modern Law Library is not done overnight, or in a week or month. It is complex and includes many little steps in order for a Law Library to modernize. In sum, the Modern Law Library is a trendsetter, evaluating and embracing new techniques, ideas and technology to help support business processes.

Feit Consulting offers Modern Library Audits, 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 today.

Modern Library Audit: Are you optimizing your current resources?

By Michael Feit | Benchmarking , Best Practices , Feit Consulting , Librarians , Resources

A Modern Library Audit is a measure of the utilization of personnel, internal processes, technology, legal information contracts and the overall support for the business of law.

Having an outside, objective analysis will save the firm/organization time and money. It is an investment in supporting the business of law. In this two-month audit, Feit Consulting will examine each of component of your library and provide clear recommendations specific to your firm/organization with the goal of saving money, improving efficiencies, and maximizing the utilization of resources.

Some of the unique topics that Feit Consulting will cover include;

• What best practices need updating ?
• Have you benchmarked your contracts lately ?
• Are your integrated library resources optimized ?

Having a 3rd party can add an objective view to your library

Click here to set up an initial, complimentary consultation. https://www.feitconsulting.com/get-started/