Feit Presenting at ARK on the Modern Library February 22nd

By Michael Feit | Feit Consulting , Modern Law Library

Upcoming in February, Feit Consulting will present on Beyond Virtualization: Transforming the Law Library at the Ark Group’s 12^th annual Law Firm Library, Research & Information Services conference.

What is the Modern Law Library? The role of library services within firms and organizations has shifted. Rather than being a target of downsizing or outsourcing, librarians need to move beyond traditional research roles reinventing themselves to support the business of law. Administration needs to be open to the new roles the modern law library can play. Without this support, library modernization cannot be fully realized.

Feit Consulting’s program addresses the steps firms need to take for maximum efficiency and delivery of legal information resources and the role of the Modern Library. Feit Consulting’s Michael Feit, President & Founder and Monice Kaczorowski, Vice-President of Library Strategy and Innovation will lead the program by sharing their research on library modernization and how this is defined. A panel discussion with key experts from the field will speak on the “Big Picture” of Librarians as disruptors, how to change the stereotypical image of the librarian, how to run the Library as a business and the importance of interdepartmental support and technology. Panelists include

Is Lexis on the rise?

By Michael Feit | Legal Information Trends , Vendors

There has been a long-standing preference by attorneys and other legal information researchers for Westlaw products. And as such, Westlaw’s pricing has been significantly higher than Lexis. It had been enticing for some consumers to contract with Lexis based on pricing alone. But given how aggressively Lexis is acquiring Westlaw customers, it is clear that the reason is more than pricing and terms.

Based on a roadmap of enhancements that LEXIS provides subscribers, firms are looking to the future as they negotiate multi year contracts. Firms are choosing Lexis based on visual, analytical tools that have been highly received. Lexis has developed a clear vision for the future which includes a richer and more diverse portfolio than their past product mix.

With acquisitions like Lex Machina and Ravel, Lexis has seemingly cornered the market on analytics and data-driven decision making. Their new strategy is rebounding their solutions and products. It is evident that Lexis is paying attention to the future trends of artificial intelligence, and end users’ desire for greater functionality. The result, an improved LexisAdvance that knits these new products with a common gateway.

2017 has been a critical pivot year for Lexis. We anticipate to see Lexis continual rise in the market, both in number of contracted clients as well as in the richness of their products.

Troubles for Thomson?

By Michael Feit | Legal Information Trends

Despite immense popularity, firms are no longer tolerating the price disparity between Westlaw and Lexis. Lexis has turned a corner. They have been buying up a lot of exciting new products.

Lexis is offering Westlaw preferred firms an array of products, a suite at a price that is a percentage of Westlaw comparables. Westlaw’s stronghold is waning as firms learn to develop work arounds for alternative Lexis product offerings.

Before, firms did not have the wherewithal nor time to combat attorney pushack. Recovery rates continue to diminish, leaving less dollars in the firm’s pocket. We now see firms taking the time to plan ahead to consider eliminating a vendor. This adequate planning is allowing for smoother transition and substantial savings to the firm. As we see larger firms make the transition to having Lexis solely, we project the trend to increase more rapidly.

If your firm or organization is interested in assessing whether vendor elimination is the optimal path, check out our step by step guide on the Sole Provider Viability Decision Guide. For a limited time, Feit Consulting is offering a special year-end price on this report. Click here to learn more.

Is a 0% or 1% increase a good deal?

By Kate | Contract Negotiations , Pricing

This year more than ever, Thomson is approaching firms with 3, 4 or 5 year extensions in return for 0% or 1% increase. The messaging, “Extend now because your contract pricing is so good; you won’t be able to get these great pricing and terms when your contract is up.”

This is a red flag. If there is an offer for 0% or 1% increase, consider whether your current contract pricing and terms are fairly priced. If your firm or organization has not had a price adjustment since 2008, it is likely you are overpaying.

If indeed your pricing and terms were good in the eyes of the vendor, then it is likely they would wait and offer the standard 3% to 5% increase.

Consider having your contracts benchmarked by Feit Consulting to ensure best pricing and terms. Confidence in your pricing adds great value to the bottom line. Click here to connect with Feit about benchmarking your contracts this week.

Spend Those Year-End Reserves on Help for 2018

By Michael Feit | Benchmarking , Resources

If you are fortunate, you may have leftover dollars on some of your budget lines. Think about how you will spend those year-end reserves to best set yourself up for 2018. Spending remaining 2017 reserves wisely can prove to a great investment in the future.

Provided here are quick, year-end solutions that offer excellent Return on Investment for your 2018 bottom line.

• Benchmark your Lexis and Westlaw Contracts. Feit Consulting will evaluate your contracts, analyzing the Spend Per Attorney, geographical location, practice group mix, and other metrics to provide your firm or organization with a realistic view of how well your pricing and terms are.

• Purchase rich resources specific to an anticipated 2018 project, such as Feit Consulting white-papers.  One of many white papers Feit offers on various legal information management needs is the Sole Provider Viability Decision Guide. This report provides clear steps to analyzing your strategy and evaluating whether vendor elimination is a good option for your firm or organization.

• Schedule a Market Overview Presentation. Gain an understanding of current market trends including pricing stats, strategies and anticipated outcomes for your upcoming contract negotiations – presented in a 1 hour presentation by Feit Consulting Experts.

Contact Feit Consulting today to learn how we can address your legal information year-end needs, and 2018 goals. Click here to get started.

Year-End Special Contract Renewal….Too Good to Be True?

By Kate | Contract Negotiations , Pricing

At this time of year, many firms and organizations are receiving special tidings (or offerings) from their legal information vendors. Perhaps it is a flat annual increase renewal. That may sound enticing but if you consider that your current contract may not have the best pricing and terms, does it make sense to renew it?

Westlaw, Lexis, Bloomberg, WK–virtually all your legal information vendors–provide bonuses and incentives to salespeople who can add incremental sales at the end of the year.

Vendors may offer year-end gifts that on the surface seem quite generous. The resulting variety of offers can be staggering but they can also be tricks. Your firm may be offered price breaks on new contracts, extensions on current deals, trial periods of new products, and the list goes on and on. There may be something hidden in these special tidings. If a vendor has proposed to extend your contract at the same price or slightly lower price, it is very possible your firm is already paying too much.

Be proactive this December! Get the gift you truly want. If you have a wish list, tell your vendor now; you just might get a deal you actually want. Confirm whether your legal information vendor’s latest offer truly is a good tiding; contact Feit Consulting to review and benchmark your pricing and terms.