Tag Archives for " value "

Time is money. Leverage it wisely.

By Michael Feit | Best Practices , Contract Negotiations , Pricing , White Papers

What leverage does your firm have going into contract negotiations?

Many firms wait until around three months prior for legal information contract expiration to come top of mind. However, if a firm can allocate more time for planning and evaluating its legal information resources’ value, the extra time creates a huge leverage for the firm. Firms that obtain market knowledge to compare their contract pricing, coupled with key metrics to assess contract resources’ value, will gain significant leverage in legal information contract negotiations.

Planning ahead with the right tools and knowledge is not only critical but absolutely necessary for success. Key leveraging points may include change in size of firm, ample time to make certain contracts co-terminus, firm-wide interest in the sole-provider option, usage and value of each legal information resource, to name a few. A multi-year plan allows one to know ahead of time what the firm’s goals are going into contract negotiations.

Feit Consulting’s latest report, Optimizing Legal Information Pricing, provides market intel to compare your firm’s contract pricing, as well as key leveraging points to utilize in your upcoming legal-information contract negotiation. This resource shares tactics to achieve optimization. It also shares how to optimize your legal-information pricing and terms with Lexis, Westlaw, Wolters Kluwer, BBNA, and other products.

Get ahead of the vendor’s strategy and timeline. Don’t wait to prepare. Optimizing Legal Information Pricing is a tool that will help your firm prepare in time with the essential leveraging tools to achieve success. Learn more here.

Oversaturated Market Causes Unfavorable Contracts for Loyal Customers

By Michael Feit | Contract Negotiations , Pricing

If you love Nordstrom (or Target, Starbucks, etc), being a loyal customer has lots of benefits.

Retailing in the 21st century is oversaturated, so many similar brands create a bidding war for consumers.

And loyal consumers win the most: discounts, perks, events, you name it–they all await the customer willing to channel more spending toward one brand.

That mentality is so ingrained, it’s easy to think it’s true with your legal information vendors. Sadly, it’s the opposite.

The key difference, of course, is that legal information isn’t really a marketplace at all, and the benefits of open competition don’t apply.

Stick with Westlaw and/or Lexis long enough, and chances are you’ll be getting among the worst value.

In legal information the best deals and offers are reserved for new customers. And who’s funding those great deals? Loyal customers like you.

The new customer is their preferred customer. Loyal customers just pay for it.