Mar 22

The Modern Law Library is Value-focused.

By Michael Feit | Feit Consulting

Feit Consulting decided to enter the library modernization space when we began hearing law firm administrators ask “do we still need the library?”  This was something that we never heard until just a few years ago.  As believers in the value of a thriving library, we began to explore potential library shortcomings and developed services to highlight and enhance the return on investment to the firm.

The recession of 2008 was a slap in the face for most law firms and legal information vendors.  After an era of rapid growth they were forced to crunch numbers and eliminate waste.  In recent years, legal information resources, and more generally, the library have become easy targets for administrators to cut cost.  It is our view that it is misguided to target the library as just a cost.

The concept of library modernization is more than downsizing space, cancelling print and right-sizing resources.   The modern library supports not only the daily business of law, but also aligns itself with the organization’s strategic plan.   Rather than being viewed as costly overhead, the modern law library is value-focused — Always enhancing the organizations profitability.

We realized that if we do not partner with our clients to focus on library ROI, there is a real threat that libraries will be swapped out as a commodity for an outsourced solution.   It is our position that a library, when focused on modernization, will provide clear demonstrable value to its organization. The Feit Consulting Modern Law Library panel discussion at the February 22nd Ark conference confirmed this reality.

Mar 20

The Modern Law Library’s Alignment with the Firm’s Strategic Plan

By Michael Feit | Best Practices , Feit Consulting , Legal Information Trends , Librarians , Modern Law Library , Resources , Survey Results , Surveys , White Papers

While a library can modernize without a strategic plan, having a strategic plan provides direction and concrete goals and objectives to reaching this vision. A surprising 61% of survey respondents indicated the library does not have its own strategic plan.

Surprisingly, only 37% of respondents indicated the library’s strategies are derived from the firm’s larger strategic plan as illustrated below.

As a business unit within the firm, the Modern Library should be cognizant of the firm’s strategic plan. Resources and initiatives should be evaluated to make sure that they are in support of where the firm is going in the future.

Consider the value of the resources and skills that you offer your firm. Does the library have the right tools in place to support the changing needs of the firm? Does firm leadership capitalize on the skills of your team to assess, implement and utilize new processes and technology to move the firm’s strategic vision forward?

Make the Library’s success your business!

Our latest report was developed with intel from over 250 interviews and in-depth surveys with legal information professionals. Included are check-lists and best practices to guide your firm in achieving maximum ROI –and ensure that the Modern Law Library is in alignment with the firm’s strategic plan.

To purchase a copy of the Library Modernization Survey Results, click here.

Purchase of the Survey Results can be applied to the purchase of Feit Consulting’s white paper: Beyond Virtualization: Transforming the Law Library.

Mar 20

ROI and the Modern Law Library

By Michael Feit | Benchmarking , Best Practices , Feit Consulting , Legal Information Trends , Modern Law Library , Resources , Surveys , White Papers

The Modern Library requires individuals to change their mindset from maintaining the status quo to adopting a new way of doing things. What is the ROI of your Law Library?  Do you feel the library’s resources are being optimized?

Our team of experts evaluate resources, personnel, technology, processes, and overall usage of the Library and its’ resources.

This allows Feit Consulting to custom tailor and deliver invaluable knowledge, guidance and processes for analyzing the ROI of your legal information portfolio.

A Modern Library Audit will include clear steps to increasing the Return On Investment of your Library by evaluating the utilization of personnel, internal processes, technology, legal information resources and the overall support for the business of law.  With this information we will develop a unique business plan with workable recommendations that are specific to your firm’s needs and culture.

Another excellent resource for ROI assessment is our Market Trends Legal Information Series.  This series is composed of white papers and survey results on pertinent topics such as:

  • How to take a proactive approach to evaluating the sole-provider option allowing you to make informed decisions regarding vendor elimination.
  • How to assess the value of your firm’s resources and learn key negotiation tools for optimizing results.
  • The historical pricing and current strategies of Westlaw & Lexis featuring data on 98% of the large law market.
  • Best practices on modernizing the law library to create efficiencies including survey results and checklists for evaluating technologies.

As thought leaders working to challenging existing paradigms, Feit Consulting is committed to providing your firm with tools, concrete steps and leading-edge solutions for making the best decision for your legal information strategy and bottom line.  CLICK HERE and Contact Feit Today for More Information.  

Mar 20

Sole Provider is not for every firm. Have you evaluated the option for your firm?

By Michael Feit | Feit Consulting , Sole Provider

The sole-provider option is not for every firm, and largely depends on your firm’s legal practices, recovery rates, contract pricing, and usage. While the option may not be the right decision for every firm, an evaluation of the sole-provider option is necessary for law firm administrators.

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.

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 secret pricing market, knowledge is power. Knowing to what extent the sole-provider option is viable for your firm can serve as great leverage in contract negotiations.

Feit Consulting’s Sole Provider Viability Decision Guide walks legal information administrators through the pre-decision process, and lays out the groundwork necessary for informed decision-making. Learn more about this resource here.

Contact Feit Consulting today for a free consultation on what sole provider means for your firm. Click here to get started.

Mar 19

Are you ready for your next Contract Negotiation?

By Michael Feit | Feit Consulting , Pricing

Many firms give themselves just three months or so to work on their next round of legal-information contracts. Whenever possible, however, it is best to allocate more time for planning and evaluating the real value of legal-information resources. The vendors will have their own timeline. However, your timeline should be much longer to account for resource evaluation prior to the start of vendor negotiations.

Planning ahead with the right tools and knowledge is not only critical but absolutely necessary for success. Key leveraging points may include change in size of firm, ample time to make certain contracts co-terminus, firm-wide interest in the sole-provider option, usage and value of each legal information resource, to name a few. A multi-year plan allows one to know ahead of time what the firm’s goals are going into contract negotiations.

With 3+ year contracts, the deadlines can seem to immediately appear without realizing the time left to prepare. Firms that obtain market knowledge to compare their contract pricing, coupled with key metrics to assess contract resources’ value, will gain significant leverage in legal information contract negotiations. Get the tools you need now in order to successfully negotiate and optimize your firm’s legal-information resources and pricing. Working with a consultant can help your firm navigate the complexities of these important vendor negotiations. Feit Consulting partners with firms to strategize and obtain optimal contract pricing and terms. Learn more about our consulting services here.

Mar 19

When do contracts longer than 3 years make sense?

By Michael Feit | Pricing , White Papers

Both Lexis and Westlaw are currently pitching long-term deals. This is symptomatic of a saturated market. Online usage and recovery rates have been declining since 2008 and as a result pricing has declined. Why lock your firm into a long-term price commitment in this rapidly evolving market?

Negotiating with the vendors can be a frustrating, drawn-out and often unsatisfying process. For many of our clients, negotiating ranks with tax-time on everyone’s list of fun things to do making the idea of fewer renewals sound enticing.

However, with rare exceptions, a long-term contract is among the worst paths a firm can choose for several reasons. One important reason seems obvious: change. Technology and pricing are continuously changing. You wouldn’t buy a plan that kept you from upgrading your phone for 5 years, would you? The legal information landscape is rapidly evolving with exciting acquisitions and new companies/products emerging. These products will continue to pull away use and interest in Lexis and Westlaw. It is always possible that one change in the market could make another product irrelevant. And as Artificial Intelligence rapidly gains momentum, there is much to be seen. What will the legal information landscape look like in 5 years?

Generally, a longer contract benefits the vendor. For legal information contracts, we always advise keeping the term to within your near- and long-term forecasts, generally 3 years or fewer unless you are receiving a truly exceptional deal.

How exceptional is the new proposal? What are the year over year increases? What additional benefits are you receiving for a longer-term contract? Perhaps your firm/organization deleted the vendor in the past and is seeking to reinstate, leading to pricing and terms that are best in market. Make sure they are, and not just because the vendor has told you so. Another option to consider is bundling. Bundling products together can be an advantageous for some. However, for many, a new contract bundle may be hiding unnecessary products or content that the firm or organization doesn’t need. Take a good look at the bundle being offered. It could be a great deal, or it might not, but in either case, it is worth investigating.
Your current contract pricing and terms serve as the basis for upcoming contract negotiations. Learn whether your current contracts or vendor proposals are on par with Feit Consulting’s Market Benchmarks. We can shed light on spend per attorney, discount, and usage. Contact a Feit Advisor to have your contracts and proposals benchmarked. Alternatively, utilize Feit Consulting’s Optimizing Legal Information Pricing report which shares Feit’s market knowledge on these metrics along with concrete strategies to maximize results in your legal information contract negotiations.
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