Category Archives for "White Papers"

Jan 17

How did we collect data for Playbook?

By Michael Feit | Sole Provider , Surveys , White Papers

Several tools were utilized in obtaining data for our Sole Provider Playbook.

To capture the full-market view of the sole-provider trend, Feit Consulting collected and analyzed data from midsize and large law firms, with greater emphasis on large law. This report has been a collaborative effort, with subscribers’ concerns steering our research.

Data was collected through the following methods:

  • Phone Interviews: Conducted from March 2016 through November 2016, with 105 firms. These interviews focused on the firm’s current legal information purchasing strategy and sentiments toward vendors.
  • Surveys: Four surveys that provided the data shared in this report were conducted from March 2016 through December 2016. Surveys and respondents are as follows:
    • Associate Westlaw/Lexis Preference Survey, 238 firms responding.
    • Westlaw/Lexis Sentiment Survey, 127 firms responding.
    • Sole Provider Surveys (Customer Experience Survey & Concerns Survey), 116 firms responding.
    • Sole Provider Playbook Module: 13 dual-provider firms participated in the Module, allowing Feit Consulting to capture and investigate further more specific details related to concerns, questions, and hurdles associated with the sole-provider option.
Jan 16

Busting the Wexis Duopoly

By Michael Feit | Sole Provider , White Papers

The Lexis and Westlaw duopoly has been broken. More than 50% of large law firms have made the choice to eliminate either Lexis or Westlaw. The norm of having both Lexis and Westlaw has officially ended. For firms who currently have both Lexis and Westlaw, how do you assess whether the sole-provider option is right for your firm? And if so, how do you implement this huge-change management decision? The Sole Provider Playbook is an essential resource for law firm administrators to assess the viability of the sole-provider option. This step-by-step guide details what components to include in your business plan, from the cost/benefit analysis and content hurdle issues, to making a recommendation to firm management. The Playbook includes checklists, detailed processes, hurdles and solutions, a sample presentation and much more. This is a must-have tool for every law firm administrator.

Click here to learn more about The Sole Provider Playbook.

Jan 15

Introduction & Purpose (Excerpt from The Sole Provider Playbook)

By Michael Feit | Sole Provider , White Papers

Vigorous debate continues regarding the viability of a large law firm successfully operating with just Lexis or just Westlaw. However, for the first time since the early 1990’s, retaining just one of these vendors has become the norm. Today, nearly 51% of large law firms have opted to retain only one vendor.

An evaluation of the sole-provider option has become necessary for law firm administrators. Whether or not a firm chooses to go sole-provider, the evaluation in itself provides an opportunity for a firm to review, revise and refine its legal information strategy and potentially save significant money.

In a perfect world, Lexis and Westlaw would publish retail pricing, and firms could pick and choose which products they wanted based on their practice needs and budget. This ideal world does not exist today, as both vendors have discontinued standardized pay-as-you-go retail pricing. Instead all they offer is secret pricing and terms that vary greatly from firm to firm.

The idea of transitioning to sole-provider can be daunting, considering the many individuals and processes that might be impacted. There are a great number of elements to examine, from contracts to content, not to mention the strong reactions of users to fundamental system changes. Lexis and Westlaw have both successfully infiltrated law firms’ cultures and infrastructures over their many years of service.

Yet, the pay-off in taking a deep look at these factors can be exceptional. A midsize U.S. law firm with favorable pricing will spend well over half a million dollars annually to retain both vendors. There was a time not long ago when firms could pass through online legal information costs to clients, making Lexis and Westlaw essentially free. That is no longer the norm. We have entered a new paradigm.

This is what inspired us to write the Sole Provider Playbook. It is intended to empower you and your firm to break free from the vendors’ shackles. In a world where every law firm is searching for efficiencies, the Playbook presents a clear path to savings. Our team of experts has carefully examined each step of the process, and we aim to provide a range of solutions to any obstacle whenever possible. Meant to be an all-encompassing guide, Playbook will provide your firm with tools to quickly determine the viability of the sole-provider option and how to actually execute it.

Order your copy today!

Dec 02

Why We Changed Our Minds about the Sole-Provider Option

By Michael Feit | Sole Provider , White Papers

Our view going into the writing and development of The Sole Provider Playbook was that the outcome of the business case would vary from firm to firm.

We thought at the time that the ability to overcome hurdles would sometimes be too expensive, overwhelming, and difficult to make this option worthwhile.

We changed our minds, and we’re convinced.

After months of scrubbing the market to identify any and all possible hurdles and concerns, we are confident that the business case for a sole-provider option is clear and valid for virtually all large law firms. While hurdles and concerns are numerous, the workarounds, hassles and costs are inconsequential in comparison to the savings opportunity.

1 … 4 5 6 7 8