Our 2019 Legal Information Market survey contains many surprises – and several contradictions.
One of the most surprising contradictions was that despite the overwhelming market dissatisfaction with Bloomberg (at 64% reporting moderate or extreme dissatisfaction - more than all the other vendors combined), just 28% of our survey respondents intend to cancel or reduce Bloomberg this year.
Content wins out over extreme dislike – at least for the time being.
The market was relatively unprepared for Bloomberg’s aggressive upselling tactics in 2018. It is clear the market has only so much price tolerance. The verbatims in our survey (more than 500 in all) reveal many things – including a desire by many firms to find solutions to replace Bloomberg.
Regarding Bloomberg’s performance, our survey collected data on how successful the Bloomberg enterprise expansion has been, and pricing expectations from law firms for Bloomberg and the other vendors. For that part of the story and much more you’ll want to get a copy of our survey here.
One thing is for sure, 2019 is going to be a tumultuous and exciting year in the legal information space. You can get Feit’s complete strategic market overview, including price guidance in our upcoming book: Optimizing Legal Information Pricing. Don’t miss your chance to pre-order the 2019 release here. Through February 15th, the book is 15% off.
Optimizing Legal Information Pricing is an indispensable source for decision makers who manage legal information resources. It provides the latest information to help them make informed choices in the legal information vendor market, in 2019 and beyond.
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