The sole-provider option is more than a cost-cutting exercise.
Exploration of the sole-provider option shows firms how to pivot to a modern legal information model. Old traditions, such as passing through legal research costs and retaining both Lexis and Westlaw, are no longer the norm.
A holistic evaluation of your firm’s current legal information utilization and anticipated future needs will allow you to fully understand whether or not retaining both Lexis and Westlaw still makes sense. Examine what information is actually being used, by whom, and how.
Today, roughly 25% of large law firms have unfavorable legal information contracts. Lexis and Westlaw have infiltrated their clients’ culture and infrastructure after so many years of service. This makes the process of vendor elimination or flipping vendors complicated/excruciating for larger firms.
Firms that make the decision to go sole-provider and successfully execute will enjoy the benefits of savings, simplified work processes, elimination of redundancies, new complementary products, and an improved vendor relationship.