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.