Tag Archives for " add value "

Billables: A Metric of the Modern Law Library

By Michael Feit | Benchmarking , Budgeting , Modern Law Library , Pricing

Seeking out new ways to (bill) financially support the library is a core element of the library modernization.  Feit Consulting’s research found that 94% of Libraries that deem themselves “modern” are billing for their time.

Billing for Library time and research services is an easy metric to illustrate use and ROI, if your firm has the necessary tools in place.

Here are 3 tips for how to implement appropriate billing practices.

1.  Monthly Monitoring – You can work with Finance to obtain monthly reports.  These monthly reports allows one to see which attorneys are passing on costs or writing off your time.  This information provides talking points for conversations with attorneys, shedding light on which attorneys are billing and which are not.
2. Highlight Expertise – For some, the title of librarian is not optimal for billing.  If the case, it could be time to change the billing title to analyst or senior analyst.  This provides an opportunity to dispel the librarian stereotype.  Many attorneys are not aware of the librarian credentials and subject expertise.  
3. Create a Billing Structure – There are various ways billing can occur.  The Library’s time can be directly billed to usage.  Alternatively, the Library’s costs could be divided evenly amongst all attorneys. 

Billing time allows the Library to function like a business, and provides data for annual budget development.  If these conversations are not yet part of one’s annual budget development, it can feel uncomfortable at first but is necessary to becoming a Modern Library.

Strategy, Planning, and ROI Tracking for 2018

By Michael Feit | Benchmarking , Contract Negotiations , Modern Law Library

The new year brings about the opportunity to do things differently. Technology and the buzz word – modernization, are top of mind as we enter into this new year. There are tactical things you as an Administrator or Librarian can do to stay ahead of the game this coming year, and make technology and modernization optimized within your Library.

Budget – Two key words come to mind with regards to budget: collaboration and reporting. Work with Finance to more efficiently monitor budget and expenses. Establish a new schedule for collecting data, and the date of each month or quarter you will turn around that data. For example, receiving data on the 3rd of the month and providing a report to management on the 10th of each month.

Reporting – What metrics are you using to measure ROI and showcase value? Are you collecting feedback from library users? Are you using an Electronic Resource Management (ERM) tool? If so, are you utilizing its full capacity?

Contract Management Planning – Implement new deadlines for legal information management planning. Most of us mark contract expirations on a calendar or in a tracking program. Go a step further.

Month 1: Determine which tools you have in place that can provide data on usage, costs, and value. Such tools may include: Invoices, ERM, developing a survey for users, and scheduling one-on-one conversations with attorneys and staff to assess value and usage of products.

Month 2: Collect data. Based on the tools determined in month 1, begin collecting data. Work with finance to dive into invoices.

Month 3: Analyze the data. Understand what is your ROI for the expiring product(s). Look at as many metrics as you can: Spend per Attorney, usage, discount, etc.

Month 4-6: Begin the negotiation process by requesting a proposal from vendor. Remember, it is more beneficial for vendors to wait to the last minute for pressure to sign the new contract. It won’t be easy but start early.

For firms and organizations considering eliminating Lexis or Westlaw, start this process 9 months to 12 months in advance of your contract expiration of either vendor. Assessing vendor preference and combating concerns is a lengthier process than one might think. While it has been done in a month, having more time on your side is always an advantage.

Feit Consulting’s Optimizing Legal Information Pricing is an excellent resource. It shares detailed processes and steps for contract negotiation planning, knowing which metrics to use, and how best to strategize the negotiation process.

What to Expect from Feit Consulting in 2018

By Michael Feit | Feit Consulting

2018 will be an exciting year! Feit Consulting is expanding our solutions and services around Library Modernization. Our webinar series will continue. This coming year, we will launch a Librarian Mentoring program. Our goal is to take the vision of the Modern Library and work with our clients in implementing it, to continue towards making the Library a place of excellence.

Feit Consulting is not siloed to working with only large firms. We work with smaller clients, government entities, law libraries, and corporations on an array of legal information needs and projects ranging from contract management and negotiations to steps for moving towards a Modern Library.

We continue our work on making the good fight with the vendors on pricing and terms. Focusing on metrics, tools and technology to empower firms and organizations to understand their ROI on the products and services the Library offers.

What FEIT is Saying About Membership Libraries

By Michael Feit | Best Practices , Modern Law Library

When we perform Modern Library audits, we are always looking for creative ways to advise firms on how they can supplement shrinking collections and tight staffing. One solution we have found to be of value is to recommend that firms explore joining a membership Library to support their specific needs. Generally speaking, membership libraries can help with additional research and content support, just in time document delivery, and access to specialized collections.

Since most of us are in the midst of budget season for 2018, consider how a membership Library might supplement your shrinking Library collection or cancelled online provider – what better way to address content gaps at a significant savings. For those Librarians supporting practice areas like intellectual property or specialized litigation, the cost of non-legal highly expensive technical journals can quickly eat up a Library budget. Once again we advise our clients to do a deep dive into the content offerings of the membership Library they are considering to make sure they are choosing wisely. One size does not fit all when it comes to choosing a membership Library or a level of membership.

It is not just research and documents, membership libraries have embraced new models to support their members. We like to tell our clients that membership libraries can fill needs you may not even know you have. Consider that some offer plug in apps that interface with SharePoint pushing curated information that the Library can use to enhance their online catalogs and practice group pages. Others provide remote office and meeting space and even advertising opportunities.

We advise that the Librarian should look at potential membership libraries to make sure the choice supports the needs of the firm beyond the basics of research services and document delivery. Evaluate their general, special and archival collections and ancillary services. Outline the benefits. What is the Return on Investment (ROI) to your firm? Prepare a Business Case so that management or finance understands. Membership means something entirely different in this context and you need to explain it in terms they can understand.

Modern Library: Value of the Business Case

By Michael Feit | Best Practices , Modern Law Library

The Modern Library evolves and shifts as needs of the firm or organization change. By being proactive to change, the law library brings added value to the firm or organization. A well-developed business case responding to changes and needs provides solutions to current issues and showcases the value the law library brings to the firm or organization.

Don’t discount what your law library can do. If you are an administrator, be open to considering business cases for new ideas, products, or processes. If you are a librarian or director, think about what solutions or new value the law library can bring.

In your business case, include the factors driving the reason for the proposed idea. Be specific, and clearly state what problem you are solving. Include a financial review with comparables. If there are several options, state each, but include your recommendation and the back-up for it. Surveying or interviewing current or potential users or recipients of this proposed idea can bring value to your business case.

Budget season can serve as an optimal time to deliver business cases. As you develop your budgets, include business cases for budget increases or changes. In short, a law library that presents well-planned business cases not only impacts the bottom line in the long run, but also showcases the value of the law library, transforming it into a Modern Library.

The Modern Library Defined

By Michael Feit | Librarians , Surveys

Cutting-edge…state-of-the-art…unconventional…using the most up-to-date techniques, technology and metrics…

While all these ideas are traits of the Modern Library, the first step to modernization really starts with you, the librarian. You need to be flexible in your approach and meet change head-on. Ask yourself, “How can I change my habits to actually facilitate change? How can I move out of my mindset of but we have always done it that way? What can I do differently to offer value to my organization and make them see me and my library in a new way?” While law firms have always depended on library and information professionals to support the research needs of their lawyers, the Modern Library is undergoing a paradigm shift. Success now depends on the library taking a more active role in the organization, to help support the day-to-day business of law.

While librarian skill sets remain the same, the methods used to apply those skills are vastly different from those of the past. The Modern Library is a nexus for interdepartmental support, including, but not an exhaustive list:

• Embracing new roles in Conflicts Support for new business intake
• Partnering with Marketing to provide competitive intelligence to support the RFP process
• Partnering with IT to identify and beta-test software
• Driving Knowledge Management

Be enthusiastic about new ideas. The Modern Library is a trendsetter, evaluating and embracing new techniques, ideas and technology to help support business processes.

It is no secret that the legal sector is in flux and change, which is the only constant in our organizations. There are changes we can forecast, and there are those we must be able to react to in order to function as a fiscally responsible unit in our organizations. The Modern Library, a business within a business, is not passive in its approach but rather utilizes metrics and analytics to forecast, predict and analyze data as changes occur.

Preparing and monitoring annual budgets and working with Finance on cost and recovery of client-related research are important fiscal initiatives. With the cost of resources continuing to rise, data-analysis tools such as Electronic Resource Management (ERM) are invaluable in analyzing usage, preparing for contract renewals and general collection development. No longer a nice-to-have tool, ERMs are essential as the Modern Library moves away from print towards virtualization.

Rather than be a target of downsizing or outsourcing, the Modern Library is innovative and forward-thinking. It strives to carve out new roles within the organization while showcasing the value of resources and staff.

Feit Consulting is interested in learning how modern you see your law library and what obstacles stand in the way of modernization. Click here to get started on our 15-minute survey.