As we prepared our 2019 Legal Information Vendor Market Survey questions, we realized a lot had changed in the market since our last Survey.
Multiple vendors had made aggressive moves to take more market share – and seemed to have left customer relationships at the side of the road.
It left us with the question, are legal information vendors operating on a new premise: “Goodbye relationship, hello transaction”? It may not be all that surprising behavior in a saturated market with vendors, but it’s good to understand the tactics of the major players and how firms across the industry are responding.
Here are some of the questions we had on our minds as we developed the survey:
In the end, the outcome may resemble what has transpired in other similar markets. Alternatives and new competitors will spring up. Customers will be on the alert to seek out more reasonably-priced options. And when the pain of these price increases – and presumably, additional increases to come – becomes too great to bear, firms may simply begin to walk away.
We look forward to what the data will show.
Michael Feit earned his J.D. from the Loyola University School of Law in Chicago and was an executive at Westlaw before founding Feit Consulting 16 years ago. Feit Consulting partners with law firm administrators and legal information professionals to optimize vendor contracts and the management and delivery of legal information resources by providing leading-edge, customized solutions. Contact Michael at firstname.lastname@example.org