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Many factors have contributed to the sole-provider phenomenon.
The leading factor driving this trend is the deterioration of recovery rates, now at 38%*.
With half of large law firms successfully retaining only one of these vendors, there is validity that the sole-provider option is viable. Firms that have eliminated a vendor are achieving tremendous new efficiencies without compromising work product.
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 mike@feitconsulting.com