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

Modern Libraries: Paradigm Shift for Legal Information Professionals

By Michael Feit | Modern Law Library , White Papers

The concept of library modernization is more than downsizing space, cancelling print and right-sizing resources. It is a paradigm shift in the way law librarians and knowledge managers assess and deliver services within their organizations. As clients demand efficiency of services and lower costs, firms have been forced to take a closer look at how they themselves do business.

The role of library services within firms has shifted. No longer passively waiting for requests for assistance, librarians have taken on the role of innovator and change agent as they assist their organizations in assessing and creating information strategies to improve workflow and cut expense. Librarians have become interdepartmental collaborators, taking on new roles in Competitive Intelligence, Client Intake and Knowledge Management, to name a few. Staffing models run the gamut, from embedded researchers in practice groups to outsourced services. And as library responsibilities continue to evolve, so do the core competencies demanded of library staff.

In Feit Consulting’s future white paper, Beyond Virtualization: Transforming the Modern Library, our team of experts will discuss challenges and opportunities as well as the various approaches to the changing role librarians can play in the context of the Modern Library. Click here to learn more about this upcoming resource.

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.
1 … 26 27 28 29 30 … 34