Tag Archives for " viability "

Jan 19

Conclusion from Feit Consulting’s Newly Released White Paper “The Sole Provider Playbook”

By Michael Feit | Sole Provider , Vendors , White Papers

The Westlaw/Lexis duopoly has broken down.

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. 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.

When Feit Consulting first started writing The Sole Provider Playbook, our view was that for a majority of large law firms, the sole-provider option would not be truly viable. After diving into the factors contributing to the sole-provider trend, we have changed our minds. With most firms recovering less than 50% of their legal information costs, it no longer makes sense to have both vendors.

When you consider the redundancy, coupled with the mounting evidence that large law firms are successfully making the change, the case becomes clear: the sole-provider option is not only viable at most firms, including the largest, but it is actually becoming the norm. And, perhaps surprisingly, the vast majority of firms that have made the change are happier.

While eliminating either Lexis or Westlaw is not appropriate for all firms, we believe that every firm must at least entertain the idea as part of regular due diligence and good business practices. Assessing sole-provider viability provides a firm an opportunity to review, revise and refine its legal information strategy and potentially save significant money. Unfortunately, even for firms wishing to remain dual-provider, the short-term kick-out of a vendor might be the only way to achieve reasonable pricing.

It is hard to imagine a law firm emerging today choosing to purchase both Lexis and Westlaw, given unreasonably high pricing for redundant products. Similarly, there is no reason for your firm to feel imprisoned by the traditional dual-provider model. Implementing the change to sole-provider can be a challenging process, but the payoff can be tremendous.

To learn more about what The Sole Provider Playbook has to offer, click here.

Jan 16

Busting the Wexis Duopoly

By Michael Feit | Sole Provider , White Papers

The Lexis and Westlaw duopoly has been broken. More than 50% of large law firms have made the choice to eliminate either Lexis or Westlaw. The norm of having both Lexis and Westlaw has officially ended. For firms who currently have both Lexis and Westlaw, how do you assess whether the sole-provider option is right for your firm? And if so, how do you implement this huge-change management decision? The Sole Provider Playbook is an essential resource for law firm administrators to assess the viability of the sole-provider option. This step-by-step guide details what components to include in your business plan, from the cost/benefit analysis and content hurdle issues, to making a recommendation to firm management. The Playbook includes checklists, detailed processes, hurdles and solutions, a sample presentation and much more. This is a must-have tool for every law firm administrator.

Click here to learn more about The Sole Provider Playbook.

Jan 16

First Step in Assessing the Viability of the Sole-Provider Option

By Michael Feit | Sole Provider , White Papers

Assessing the sole provider option has become a critical and necessary step in developing or refining a firm’s legal information strategy. The sole provider is not for every firm.
 
The Sole Provider Playbook provides detailed steps for law firm administrators to develop a business plan and presentation for management.
 
The first step (one section of the Playbook) details specific components of the sole provider viability business plan development:
 
A) Overview of the market
B) Financial review
C) Preliminary Gap Analysis: Content & Non-Content Hurdles
D) Workarounds & Replacement Costs
E) Recommendation
 
Checklists, formulas and a sample presentation are included, as well as solutions to hurdles. The Playbook is a resource tool kit that can be used now and again in future strategy planning and assessments.
 
To learn more about The Sole Provider Playbook, click here.
Jan 15

Introduction & Purpose (Excerpt from The Sole Provider Playbook)

By Michael Feit | Sole Provider , White Papers

Vigorous debate continues regarding the viability of a large law firm successfully operating with just Lexis or just Westlaw. However, for the first time since the early 1990’s, retaining just one of these vendors has become the norm. Today, nearly 51% of large law firms have opted to retain only one vendor.

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.

In a perfect world, Lexis and Westlaw would publish retail pricing, and firms could pick and choose which products they wanted based on their practice needs and budget. This ideal world does not exist today, as both vendors have discontinued standardized pay-as-you-go retail pricing. Instead all they offer is secret pricing and terms that vary greatly from firm to firm.

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.

Yet, the pay-off in taking a deep look at these factors can be exceptional. A midsize U.S. law firm with favorable pricing will spend well over half a million dollars annually to retain both vendors. There was a time not long ago when firms could pass through online legal information costs to clients, making Lexis and Westlaw essentially free. That is no longer the norm. We have entered a new paradigm.

This is what inspired us to write the Sole Provider Playbook. It is intended to empower you and your firm to break free from the vendors’ shackles. In a world where every law firm is searching for efficiencies, the Playbook presents a clear path to savings. Our team of experts has carefully examined each step of the process, and we aim to provide a range of solutions to any obstacle whenever possible. Meant to be an all-encompassing guide, Playbook will provide your firm with tools to quickly determine the viability of the sole-provider option and how to actually execute it.

Order your copy today!