30% of the Market is Still Paying Too Much
By Michael Feit | Feit Consulting , Legal Information Trends , Pricing , Sole Provider , Vendors
“As a person who has watched this industry for over 17 years; it is amazing and frustrating to see that 30% of the market is still paying way too much.” -Michael Feit
Prices for Westlaw and Lexis grew astronomically from the late 90’s up until the 2008 due to usage growing so fast. After 2008, 30% of the market said it cannot afford to cover the costs of online research – not being able to pass off the full costs to clients.
Some firms were successful in getting concessions from both Westlaw/Lexis. However, in 2010 the Sole Provider trend emerged. Many firms started to move forward and eliminate either Westlaw or Lexis.
Right now; 55% of large law firms have one or the other. Of the 45% of firms that continue to have both Lexis and Westlaw, 20% have threatened to eliminate a vendor….or have eliminated a vendor but then took them back at best of market pricing.
Currently, 25-30% of market are still overpaying by greater than 50-100% of mid-market pricing (per Feit’s Benchmarks). Is your firm getting the best market pricing? Click here to get more information from our experts.