Jan 16

Busting the Wexis Duopoly

By Michael Feit | Sole Provider , White Papers

The Lexis and Westlaw duopoly has been broken. More than 50% of large law firms have made the choice to eliminate either Lexis or Westlaw. The norm of having both Lexis and Westlaw has officially ended. For firms who currently have both Lexis and Westlaw, how do you assess whether the sole-provider option is right for your firm? And if so, how do you implement this huge-change management decision? The Sole Provider Playbook is an essential resource for law firm administrators to assess the viability of the sole-provider option. This step-by-step guide details what components to include in your business plan, from the cost/benefit analysis and content hurdle issues, to making a recommendation to firm management. The Playbook includes checklists, detailed processes, hurdles and solutions, a sample presentation and much more. This is a must-have tool for every law firm administrator.

Click here to learn more about The Sole Provider Playbook.

Jan 16

The Sole-Provider Option: Is it worth it?

By Michael Feit | Sole Provider , Surveys

Feit Consulting conducted surveys with firms who currently are sole-provider or had only Lexis or only Westlaw in the last three years. We were surprised with the satisfaction rates. Out of 89 sole-provider firms surveyed, 82 characterized their experience as excellent or satisfactory (better than neutral). Only three firms characterized their experiences as less than satisfactory. The surprisingly strong satisfaction rate for sole-provider firms drives home the point that firms can operate exceedingly well without having these two duplicative vendors.

 

Jan 15

Introduction & Purpose (Excerpt from The Sole Provider Playbook)

By Michael Feit | Sole Provider , White Papers

Vigorous debate continues regarding the viability of a large law firm successfully operating with just Lexis or just Westlaw. However, for the first time since the early 1990’s, retaining just one of these vendors has become the norm. Today, nearly 51% of large law firms have opted to retain only one vendor.

An evaluation of the sole-provider option has become necessary for law firm administrators. 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 perfect world, Lexis and Westlaw would publish retail pricing, and firms could pick and choose which products they wanted based on their practice needs and budget. This ideal world does not exist today, as both vendors have discontinued standardized pay-as-you-go retail pricing. Instead all they offer is secret pricing and terms that vary greatly from firm to firm.

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. Lexis and Westlaw have both successfully infiltrated law firms’ cultures and infrastructures over their many years of service.

Yet, the pay-off in taking a deep look at these factors can be exceptional. A midsize U.S. law firm with favorable pricing will spend well over half a million dollars annually to retain both vendors. There was a time not long ago when firms could pass through online legal information costs to clients, making Lexis and Westlaw essentially free. That is no longer the norm. We have entered a new paradigm.

This is what inspired us to write the Sole Provider Playbook. It is intended to empower you and your firm to break free from the vendors’ shackles. In a world where every law firm is searching for efficiencies, the Playbook presents a clear path to savings. Our team of experts has carefully examined each step of the process, and we aim to provide a range of solutions to any obstacle whenever possible. Meant to be an all-encompassing guide, Playbook will provide your firm with tools to quickly determine the viability of the sole-provider option and how to actually execute it.

Order your copy today!

Dec 07

Are you in the 81%?

By Michael Feit | Surveys , Vendors

Pre-WestlawNext, law school preference was roughly

55% Westlaw/45% Lexis.

Feit Consulting conducted a random survey of 238 associates.

This year, 81% of surveyed associates who indicated a preference prefer Westlaw, compared to 19% for Lexis.