Tag Archives for " Wexis "

Sep 15

One of the largest law firms goes sole-provider. Does this foretell the Wexis monopoly demise in the largest segment?

By Michael Feit | Sole Provider , White Papers

Today, over 50% of large law firms retain only Lexis or only Westlaw. Within large law, 21% of firms with over 500 attorneys have gone this route. However, recently White & Case shared their success with one provider for their legal information research. Does this change your view on considering the option? How does this shape your legal information strategy?

Feit Consulting has been monitoring the sole-provider trend for over a decade. As corporate clients pushed back on research costs, firms were not able to recover costs entirely. The effect on the bottom line pushed some firms to make the decision to go sole-provider. The freedom of funds allows firms and organizations to purchase wish-list software and technology to enhance the delivery of legal information. While this has worked for some, the big question is whether it is the right decision for your firm or organization.

How should you proceed?

1) Get the pricing intel to determine if contract pricing is favorable. Compare contracts with market intel in Feit’s white paper, Optimizing Legal Information Pricing.

2) Whether or not your firm or organization has favorable pricing, this alone does not predetermine whether you should keep both vendors. It is worthwhile to assess the viability of sole-provider option. Develop a business case. If needed, check out this resource, the Sole Provider Viability Decision Guide.

3) Execute and implement. Consider hiring a consultant if you decide to make a change.

Regardless of the outcome, exploring the sole-provider option is a healthy step in revising your legal information strategy and can provide intelligence to enhance your tactics for upcoming negotiation. If you choose to do it alone, these resources are an advantage to legal information decision-makers toward which steps and considerations to include in the process.

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.

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 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 at 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.

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. 

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.