Tag Archives for " vendor elimination "

Jun 22

Is Sole-Provider the Best Option?

By Michael Feit | Sole Provider , White Papers

The sole-provider option is not for every firm, and largely depends on your firm’s legal practices, recovery rates, contract pricing, and usage. While the option may not be the right decision for every firm, an evaluation of the sole-provider option is necessary for law firm administrators.

The idea of transitioning to sole-provider can be daunting, considering the many individuals and processes that might be impacted. There are a great number of elements to examine, from contracts to content, not to mention the strong reactions of users to fundamental system changes.

Whether or not a firm chooses to go sole-provider, the evaluation in itself provides an opportunity for a firm to review, revise and refine its legal information strategy and potentially save significant money. In a secret pricing market, knowledge is power. Knowing to what extent the sole-provider option is viable for your firm can serve as great leverage in contract negotiations.

Feit Consulting’s Sole Provider Viability Decision Guide walks legal information administrators through the pre-decision process, and lays out the groundwork necessary for informed decision-making. Learn more about this resource here.

Jun 16

Don’t Be a Hostage to Your Vendor

By Kate | Sole Provider , White Papers

Many firms become a hostage to their vendor due to timing. The timeline for negotiating is dictated by contract expirations. Two or more years of dedicated planning allows for adequate time to evaluate the value of legal information resources and consider if vendor elimination or flipping to another vendor is an option. Your firm may get stuck with a vendor simply because there is not enough time to explore other options.

The idea of transitioning to sole-provider can be daunting, considering the many individuals and processes that might be impacted. There are a great number of elements to examine, from contracts to content, not to mention the strong reactions of users to fundamental system changes. Lexis and Westlaw have both successfully infiltrated law firms’ cultures and infrastructures over their many years of service.

An evaluation of the sole-provider option has become necessary for law firm administrators. Whether or not a firm chooses to go sole-provider, the evaluation in itself provides an opportunity for a firm to review, revise and refine its legal information strategy and potentially save significant money. Additionally, understanding the value of choosing either Lexis or Westlaw for your firm can be advantageous in negotiations.

The Sole Provider Playbook has been developed to be an all-encompassing guide, with tools to quickly determine the viability of the sole-provider option and how to actually execute it. If your firm first wants to only evaluate the sole-provider option, then the Sole Provider Viability Decision Guide is a great starting place. Click here to learn more about Feit Consulting’s Sole Provider Playbook.

Apr 20

LexisNexis: Leveraging Assets Too Soon?

By Michael Feit | Pricing , Vendors

As legal information experts, we closely monitor changes to pricing policies of the major players in the field. Recently, Lexis has stated that they will not allow AmLaw 200 Firms to purchase any of their other products if the firm does not retain their core Lexis contract.

While Lexis has made key exciting and smart acquisitions in the last few years, the value of all their products combined still is not enough to hold firms hostage to Lexis. With new assets such as Intelligize, Lex Machina, MLex, and Law360, Lexis is approaching a critical turning point, whereby they might soon be able leverage the total value of all products to force a firm to keep Lexis. In sum, by withholding these resources from firms now who do not hold a core Lexis contract, Lexis is foregoing critical buy-in for the long run.

Apr 17

A Librarian’s Perspective: Concerns of Eliminating a Vendor

By Michael Feit | Sole Provider , White Papers

As a former research librarian who has worked at various large law firms across the country, I always looked forward to visits from our vendors, in particular our regular weekly Lexis and Westlaw rep visits. Throughout my many years of working in law firms, I developed numerous friendships and truly considered our Westlaw and Lexis reps to be part of our extended library team. During this time I always considered how difficult it must be for law library directors to make the decision to go sole-provider, especially when so often there are strong relationships in place with both vendor reps and account managers. Today, that seems to be less of an issue, as there has been an increase in turnover of Lexis and Westlaw reps and decreased firm visits.

Law library directors are under significant pressure from administrators tasking them with saving their firm money, all the while having to deal with the pressure and demands of attorneys and paralegals who are terrified of losing content if one of the vendors is eliminated, and keeping their users happy. It is critical to take emotions out of the equation when making critical decisions about vendors and focus on what is best for your law firm and users. With so much duplicate content on both Westlaw and Lexis, cutting one of these providers can mean significant savings to law firms. As a new member of the Feit Consulting team, reading our white paper The Sole Provider Playbook was eye-opening for me, as I didn’t realize all of the steps involved when going sole-provider and the length of time the entire process can take.

Some things I learned:

1.) Eliminating Westlaw is a much more difficult task than eliminating Lexis. Westlaw’s popularity is one of the most difficult hurdles to overcome.

2.) Feit Consulting forecasts that by 2018, 58% of large law firms will have eliminated a vendor. For the first time since the 1990’s, retaining just one vendor has become the norm.

3.) Creating small 2-4 person task forces, comprised of librarians, associates, IT staff, etc., can help make the transition to a sole provider easier and more inclusive. Ideas for task forces include ones on Vendor Strategies, Content Hurdles, Purchasing, and a User Buy-In task force. The more inclusive the process is, the easier the transition will be for everyone involved. Heavy users of the vendors should be included.

4.) Today, there are numerous on-demand research services that that can serve as an excellent tool for access to lost content.

If you are new to the process and want to be prepared, this step-by-step inclusive guide is essential reading to help you navigate all of the intricacies of vendor elimination. Law firms should carefully evaluate their need to retain both vendors. Our Sole Provider Playbook will not only guide you, but will empower you, through the sole-provider process.

Mar 20

Tough Choices: Navigating Difficult Decisions in the Legal Information Market 

By Michael Feit | Contract Negotiations , Sole Provider , White Papers

Achieving optimal results in legal information management and costs requires tough decisions. The decisions may be small, as to which content or products to keep, or grand, like the consideration of eliminating or flipping a vendor.

When a library audit is completed, it may become apparent that retaining a resource that is rarely used is not worth the costs. However, on the flip side this could upset the 1 or 2 people who do utilize it. If deleted, an alternative option may be as simple as a different product, or it could be more time spent by accessing a local law library.

Another difficult choice is the decision of whether to eliminate Lexis or Westlaw (for firms who currently retain both) or to flip to the alternative (for firms who currently retain only Lexis or only Westlaw). In either instance, this is a complex change-management process. The downsides include a lengthy process from start to finish, the amount of time necessary within the process by key personnel to execute, and the general adversity by many towards change. The upsides: the process forces a firm to really review each and every resource–how they are used and the value they bring, substantial savings with available funds to purchase more complementary resources, and price correction. To correct the pricing path your firm has been on, the firm might need to eliminate a vendor for a short period of time or indefinitely. If your firm has been with a vendor for a while, flipping to a new vendor may present the best outcome.

Feit Consulting’s Legal Information Market Trends Series addresses the questions and concerns facing law firm administrators. Each report is a tool that offers guidance and insight with supporting data from interviews and/or surveys. Learn more about these tools here.

Mar 01

The Wexis Duopoly Has Broken Down

By Michael Feit | Sole Provider , Vendors

Most firms no longer accept the notion that there is a need to have both vendors. Vendor elimination may come with some initial hassles and inefficiencies; however, when properly managed and successfully executed, the hassles associated with vendor elimination quickly fade, and an abundance of new efficiencies are created. This is a rare opportunity for firms to free up considerable resources, allowing for the purchase of new and exciting complementary products.