Tag Archives for " benchmark "

2018 Changes & Projects for Improving Your Bottom Line

By Michael Feit | Benchmarking , Best Practices , Feit Consulting

Return on Investment (ROI): For some firms and organizations, the law library can seem like a large expense without full trackablity of the value it offers. Some firms and organizations use it as a cost center. However, there are ways to enhance return on investment beyond general reporting. Not to negate reporting because we do highly recommend it. Here are other ways to provide ROI for your law library.

Billing Title Change: Changing the billing title of one or all of the Library staff can be a simple fix to passing on their research time to clients.

Modern Library Audit: A Modern Library Audit provides a current assessment of where your law library is today, and based on your unique firm’s or organization’s situation, what opportunities exist for transforming and streamlining workflow. Feit Consulting conducts Modern Library Audits for firms and organizations. This encompasses our team of experts completing an assessment of usage, processes and technology use. We provide a full business case with clear recommendations, specific to your firm and organization. Recommendations provided highlight the impact on your bottom line. No two law libraries are alike, nor are the solutions and services needed for optimizing use and value.

Start the Negotiation Process Early: Time is a huge advantage in the legal information contract negotiation process. Providing an adequate amount of time to begin the process can mean the difference of thousands of dollars for the firm/organization. Assess value early, Get quotes early.

Benchmark Your Contracts: When was the last time you had your contracts benchmarked by an outside firm? Your firm or organization may have the strongest negotiators in the industry but without the knowledge of where your contract stands in the market, you have no foundation to start from.

Revisit your Legal Information Strategy: Don’t wait till the last minute to negotiate (Plan ahead post) – Look at Sole provider playbook report and blog posts.

Collection Audit: Is your portfolio of resources serving your constituents fully? We have clients to sign a new contract year over year without assessing the use and value to users because the price tag is not significant. These small items can add up. Take the time to review your collection. If you don’t’ have the time, hire an outside consulting firm like Feit Consulting. With a little investment of time and money, you could be saving thousands over the years to come.

Interested in learning more about what Feit can do for your firm, contact us today for an initial consultation.

When to benchmark your Legal Information Contracts

By Michael Feit | Benchmarking , Best Practices , Contract Negotiations , Feit Consulting , Legal Information Trends , White Papers

Contract negotiations not only set product/vendor pricing for the next contracted term, but can also determine the pricing path your firm will be on for years after. We all know the story–3-5% increases year over year. Once you lock in at a price and terms, this becomes your new baseline for future negotiations. Vendors will only want to increase over your current price.

However, price corrections can be made at your next contract negotiations. Feit Consulting sees about 15-20% of the large law firm market paying substantially higher than the market mid-point. Firms that fall into this category won’t be able to reach the market mid-point in one contract cycle; it could take several cycles to price-correct.

There are two secrets to securing optimal pricing in your next legal information contract negotiations: planning and market knowledge (benchmarking your contracts).

Allocating enough time to plan for negotiations is one element. Due to secret pricing, no one firm can truly know whether their contract is exceptional or fair without outside knowledge. Benchmarking your legal information contracts is a worthwhile exercise to understanding your starting place going into contract negotiations.

Feit Consulting has been a leader in optimizing legal information resources for firms since 2001.

Have your legal information contracts benchmarked by Feit Consulting, and receive a firm-specific benchmark. Alternatively, Feit Consulting’s white paper, Optimizing Legal Information Pricing shares Feit’s market benchmarks on Spend Per Attorney, Discounts and more.

Contact Feit Consulting today to get started.

Modern Library Audit: Are you optimizing your current resources?

By Michael Feit | Benchmarking , Best Practices , Feit Consulting , Librarians , Resources

A Modern Library Audit is a measure of the utilization of personnel, internal processes, technology, legal information contracts and the overall support for the business of law.

Having an outside, objective analysis will save the firm/organization time and money. It is an investment in supporting the business of law. In this two-month audit, Feit Consulting will examine each of component of your library and provide clear recommendations specific to your firm/organization with the goal of saving money, improving efficiencies, and maximizing the utilization of resources.

Some of the unique topics that Feit Consulting will cover include;

• What best practices need updating ?
• Have you benchmarked your contracts lately ?
• Are your integrated library resources optimized ?

Having a 3rd party can add an objective view to your library

Click here to set up an initial, complimentary consultation. https://www.feitconsulting.com/get-started/

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.