Category Archives for "White Papers"

Tough Choices: Navigating Difficult Decisions in the Legal Information Market 

By Michael Feit | Contract Negotiations , Sole Provider , White Papers

Achieving optimal results in legal information management and costs requires tough decisions. The decisions may be small, as to which content or products to keep, or grand, like the consideration of eliminating or flipping a vendor.

When a library audit is completed, it may become apparent that retaining a resource that is rarely used is not worth the costs. However, on the flip side this could upset the 1 or 2 people who do utilize it. If deleted, an alternative option may be as simple as a different product, or it could be more time spent by accessing a local law library.

Another difficult choice is the decision of whether to eliminate Lexis or Westlaw (for firms who currently retain both) or to flip to the alternative (for firms who currently retain only Lexis or only Westlaw). In either instance, this is a complex change-management process. The downsides include a lengthy process from start to finish, the amount of time necessary within the process by key personnel to execute, and the general adversity by many towards change. The upsides: the process forces a firm to really review each and every resource–how they are used and the value they bring, substantial savings with available funds to purchase more complementary resources, and price correction. To correct the pricing path your firm has been on, the firm might need to eliminate a vendor for a short period of time or indefinitely. If your firm has been with a vendor for a while, flipping to a new vendor may present the best outcome.

Feit Consulting’s Legal Information Market Trends Series addresses the questions and concerns facing law firm administrators. Each report is a tool that offers guidance and insight with supporting data from interviews and/or surveys. Learn more about these tools here.

Modern Libraries: Paradigm Shift for Legal Information Professionals

By Michael Feit | Modern Law Library , White Papers

The concept of library modernization is more than downsizing space, cancelling print and right-sizing resources. It is a paradigm shift in the way law librarians and knowledge managers assess and deliver services within their organizations. As clients demand efficiency of services and lower costs, firms have been forced to take a closer look at how they themselves do business.

The role of library services within firms has shifted. No longer passively waiting for requests for assistance, librarians have taken on the role of innovator and change agent as they assist their organizations in assessing and creating information strategies to improve workflow and cut expense. Librarians have become interdepartmental collaborators, taking on new roles in Competitive Intelligence, Client Intake and Knowledge Management, to name a few. Staffing models run the gamut, from embedded researchers in practice groups to outsourced services. And as library responsibilities continue to evolve, so do the core competencies demanded of library staff.

In Feit Consulting’s future white paper, Beyond Virtualization: Transforming the Modern Library, our team of experts will discuss challenges and opportunities as well as the various approaches to the changing role librarians can play in the context of the Modern Library. Click here to learn more about this upcoming resource.

Reintegrate, Reinvent, and Optimize your Role in the Modern Library

By Michael Feit | Events , Librarians , White Papers

For those who attended the ARK Conference on Best Practices & Management Strategies for Law Firm Library, Research & Information Services last week in New York, the message was loud and clear. It is no longer business as usual.

While law firms have always depended on library and information professionals to support the research needs of their lawyers, the paradigm is shifting. Success will depend on taking a more active role in your organization. ARK presenters provided viable strategies for librarians to transition into possible management roles by supporting the client intake process, assisting attorneys in managing outside counsel guidelines and a myriad of innovative ways to service the firm’s business needs.

Streamlined and efficient delivery of knowledge was another hot topic, as libraries opt for mobile strategies to push out curated and personalized knowledge to lawyers, regardless of where they reside in the world.

It’s an exciting time for legal information and knowledge management professionals, and Feit Consulting is thrilled to be joining you on this journey. In December 2017, Feit Consulting will offer another white paper in the Market Trends Series, entitled Beyond Virtualization: Transforming the Law Library.

What are the changing roles librarians play in the Modern Library? 

This white paper will help you evaluate your current library structure and align with your firm’s strategy, with discussions on leveraging technology to improve workflow, for promoting efficiency and cost savings.

What Reporting to C-Suite Means for the Librarian

By Michael Feit | Librarians , White Papers

The new way librarians report up can present challenges. In the past, librarians may have reported to a library partner or management committee. As firms streamline management and C-Suite positions evolve, librarians find themselves reporting up in ways that can present not only new challenges but real opportunities. Legal information professionals have the opportunity to showcase their knowledge skills and promote interdepartmental cooperation.

Whether one reports to the CMO, CIO, CFO or COO, it is important to understand their concerns and what keeps them up at night. Knowing the issues facing C-Suite and their strategy to make the firm successful will give you, the librarian, a better understanding of where you fit in and what talents you can bring to the table.

Moving beyond “but they don’t understand what we do” puts you in the role of innovator and change agent. Knowledge is power, and librarians should not underestimate their ability to influence.

CMO’S need to understand that librarians can fulfill the role of Competitive Intelligence professionals, identifying and supporting business development initiatives, as well as assisting with marketing efforts. CIOs can tap into librarian skills of Knowledge Management, helping IT to identify technology and systems to improve workflow. For those librarians reporting up to the CFO, showcasing business skills in contract negotiations and implementation of cost-effective research strategies will show your willingness to work toward growing the firm’s bottom line.

To modernize, firms must assess the best approaches to delivering information while considering cost and work product. Feit Consulting is offering unique opportunities to participate in the development of its Beyond Virtualization white paper. Firms who purchase early have the opportunity to be directly involved. There will also be survey opportunities.

We hope you will join us as we explore the possibilities. For more information about Beyond Virtualization, click here.

Of course usage matters!

By Michael Feit | Best Practices , Contract Negotiations , White Papers

Usage is the purest barometer of how valuable a tool is to an organization. How much you use any product or service is your best indicator of how valuable it is.

So maybe this is why legal information vendors no longer want to talk about usage. If it is clear that usage has declined, then discussing this would undermine any reasoning for an increase in your next contract.

When Lexis and Westlaw considered usage as a factor in pricing, many big-city and larger Am-Law firms had the highest usage. Therefore, these firms were unfortunately locked in at higher pricing than the rest of the market.

Today, while these vendors do not recognize usage as a relevant factor, this does not mean your firm should acquiesce.

If your firm is curious about metrics to use in contract negotiations and how your firm compares to the market, consider our next report, Optimizing Legal Information Pricing.

Conclusion from Feit Consulting’s Newly Released White Paper “The Sole Provider Playbook”

By Michael Feit | Sole Provider , Vendors , White Papers

The Westlaw/Lexis duopoly has broken down.

Most firms no longer accept the notion that there is a need to have both vendors. Vendor elimination may come with some initial hassles and inefficiencies. When properly managed and successfully executed, the hassles associated with vendor elimination quickly fade, and an abundance of new efficiencies are created. This is a rare opportunity for firms to free up considerable resources, allowing for the purchase of new and exciting complementary products.

When Feit Consulting first started writing The Sole Provider Playbook, our view was that for a majority of large law firms, the sole-provider option would not be truly viable. After diving into the factors contributing to the sole-provider trend, we have changed our minds. With most firms recovering less than 50% of their legal information costs, it no longer makes sense to have both vendors.

When you consider the redundancy, coupled with the mounting evidence that large law firms are successfully making the change, the case becomes clear: the sole-provider option is not only viable at most firms, including the largest, but it is actually becoming the norm. And, perhaps surprisingly, the vast majority of firms that have made the change are happier.

While eliminating either Lexis or Westlaw is not appropriate for all firms, we believe that every firm must at least entertain the idea as part of regular due diligence and good business practices. Assessing sole-provider viability provides a firm an opportunity to review, revise and refine its legal information strategy and potentially save significant money. Unfortunately, even for firms wishing to remain dual-provider, the short-term kick-out of a vendor might be the only way to achieve reasonable pricing.

It is hard to imagine a law firm emerging today choosing to purchase both Lexis and Westlaw, given unreasonably high pricing for redundant products. Similarly, there is no reason for your firm to feel imprisoned by the traditional dual-provider model. Implementing the change to sole-provider can be a challenging process, but the payoff can be tremendous.

To learn more about what The Sole Provider Playbook has to offer, click here.