Sole Provider | Feit Consulting

Mar 20

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.

Mar 07

Lost Content No Big Deal

By Michael Feit | Sole Provider , Surveys

When Feit Consulting began studying the sole-provider trend, we expected that content replacement and workaround costs would be significant.

In Feit Consulting’s Sole Provider Experience Survey, 50 firms responded to the question, “How did you handle lost content?” Surprisingly, only 56% of firms needed to purchase print, and 22% said lost content was not an issue.

Mar 01

The Wexis Duopoly Has Broken Down

By Michael Feit | Sole Provider , Vendors

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; however, 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.

Feb 28

How long will vendor elimination take?

By Michael Feit | Sole Provider

Often before beginning the vendor elimination process, the big question is, “How long will this take?” There are two approaches to vendor elimination. The first is the “pull off the Band-Aid” approach, whereby Management buys in, and then the decision is announced with no planning or re-resourcing of content. Let the chips fall where they may.

Jan 19

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.