Category Archives for "Pricing"

Jun 16

How does your Spend Per Attorney compare?

By Kate | Contract Negotiations , Pricing , White Papers

Imagine you want to buy a house, but you can’t find out how much any other house on the street sold for. Welcome to the world of Lexis and Westlaw pricing. The secretive nature makes it nearly impossible to know whether your firm has optimal pricing.

Feit Consulting’s latest white paper, Optimizing Legal Information Pricing sheds light on the market by providing our view of the market and, in particular, on the Spend Per Attorney metric.

Additionally, the report provides detailed metrics and market benchmarks on usage, discounts, excluded costs, and recovery. The report also includes guidance for achieving optimal pricing on Lexis, Westlaw, Bloomberg, Wolters Kluwer and other legal information products. Click here to learn more about this report.

May 02

Secret Pricing Published

By Michael Feit | Pricing , White Papers

With 15-25% of the law firm market substantially overpaying for Lexis or Westlaw, Feit Consulting seeks to empower law firms with the knowledge necessary to achieve reasonable and mutually beneficial pricing. For too long, pricing has been kept secret. No firm knows whether their contract is truly “excellent”, which the vendors often claim with each new renewal.

Until now, only Feit’s clients received this intel. In our next white paper, Optimizing Legal Information Pricing, Feit Consulting will be disseminating our benchmarks on what is reasonable pricing historically, current, and projected, with supporting data and rationale.

Why share this privy information? By publishing our unique market view, firms that are trapped in bad contracts will obtain the necessary context to take the first step towards corrected pricing. Having this market knowledge is only one element to achieving successful contract negotiations. Feit Consulting is here to advise firms at all stages of vendor contract negotiations and overall legal information strategy.

Act now! Have up to five of your firm’s legal information contracts benchmarked against our data. Sign up here.

Apr 20

LexisNexis: Leveraging Assets Too Soon?

By Michael Feit | Pricing , Vendors

As legal information experts, we closely monitor changes to pricing policies of the major players in the field. Recently, Lexis has stated that they will not allow AmLaw 200 Firms to purchase any of their other products if the firm does not retain their core Lexis contract.

While Lexis has made key exciting and smart acquisitions in the last few years, the value of all their products combined still is not enough to hold firms hostage to Lexis. With new assets such as Intelligize, Lex Machina, MLex, and Law360, Lexis is approaching a critical turning point, whereby they might soon be able leverage the total value of all products to force a firm to keep Lexis. In sum, by withholding these resources from firms now who do not hold a core Lexis contract, Lexis is foregoing critical buy-in for the long run.

Apr 17

Top 5 Likely Reasons Why Pricing is Secret

By Michael Feit | Pricing , White Papers

Top 5 likely reasons why pricing is not published for certain products:

1. Numerous firms are paying considerably more than average/median price.

2. Allows vendor to manipulate benchmarks to justify price increases in all situations.

3. The value and/or usage of product is diminishing.

4. The product has reached saturation near or at capacity in the market.

5. Vendor will lose substantial revenue.

Learn how to optimize pricing for your legal information in Feit Consulting’s next white paper.

Apr 16

Our “Secret Sauce” is Revealed

By Kate | Contract Negotiations , Pricing , White Papers

​In a secret pricing market, how can firms truly know whether their contract is on par with the market without external advisement? Our new white paper, Optimizing Legal Information Pricing, shares benchmarking information for firms to begin to understand how their contracts measure up.

Many may shake their heads, wondering why we would give away this information.

Having knowledge of appropriate metrics and a pricing framework only provides a foundation upon which to build in your contract negotiations. Any negotiation is a give-and-take process, with two sides of the table deciding to collaborate together in order to find a mutually beneficial middle ground. There are still many other elements that factor into the negotiation process including practice areas, size, vendor rep, product/content mix, vendor preference and many more.

We estimate that 15% of the large law firm market is substantially overpaying, a majority of which are AmLaw 100 or based out of New York City. This report serves as a point of reference for law firm administrators and legal information decision makers to initiate the process of correcting pricing for their firm. For the rest of the market, this report brings assurance to how your contracts and proposals for new products compares and takes into consideration multiple variables and parameters.

In May 2017, Feit Consulting will release our next white paper, Optimizing Legal Information Pricing, in which we share revealing benchmarks every firm will need to have in contract review and negotiations. With 16 years in this business, we’ve accumulated a knowledge base unparalleled in legal information; we call it our “secret sauce”.

In sum, Feit Consulting’s Optimizing Legal Information Pricing report reveals valuable, essential information we think every law firm should have. It gets you to a level playing field. Firms that order the report pre-release can have up to five legal information contracts evaluated against our benchmarks. For more information, click here.

Dec 06

Year-End Vendor Gifts Too Good to be True?

By Kate | Best Practices , Contract Negotiations , Pricing

Year-end holidays are full of fun, gifts, giving and cheer!

But beware of those special tidings from your legal information vendors that seem too good to be true.

Westlaw, Lexis, Bloomberg, WK–virtually all your legal information vendors–provide bonuses and incentives to salespeople who can add incremental sales at the end of the year.

Vendors may offer year-end gifts that on the surface seem quite generous. The resulting variety of offers can be staggering but can also be tricks. Your firm may be offered price breaks on new contracts, extensions on current deals, trial periods of new products, and the list goes on and on. There may be something hidden in these special tidings. If a vendor has proposed to extend your contract at the same price or slightly lower price, it is very possible your firm is already paying too much.

Be proactive this December! Get the gift you truly want. If you have a wishlist, tell your vendor now; you just might get a deal you actually want. Don’t play “Secret Santa” with your vendors; take a moment now to anticipate the year-end push, and alert the rest of the firm to be wary of reps bearing gifts.