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.
Although there are likely several factors driving firms to choose a sole provider, there is a clear inverse relationship between the diminishing ability to recover online legal information costs and the movement to sole-provider.
Since recovery rates began decreasing in 2008, the percentage of sole-provider firms has been increasing correspondingly. The chart above illustrates this trend.
Learn more about these trends in our latest white paper, Westlaw & Lexis: Path to Commoditization.
Westlaw & Lexis: Path to Commoditization shares an analysis on the current state of the market, supported by data collected from 98% of the large law firm market.
Our white paper provides law firm administrators the data and context behind this trend to make informed decisions in a rapidly changing market.
Gain critical insight into what firms may expect in the future on recovery rates and overhead, as well as personal thoughts from firm administrators about their satisfaction and expectations of these two vendors.
For more information, click here.