In 2018, Lexis will continue to purchase existing products. They are taking the lead in visual analytics. By acquiring great products such as Intelligize, Lex Machina, and Ravel Law, this momentum is expected to continue.
We anticipate that Lexis will further enforce their rules. If you don’t have core Lexis you won’t have access to their peripheral products (right now this is only being enforced with AMLaw firms). Rolling out of this policy to the entire market will be dependent upon their success rate.
More firms will choose Lexis this year, unless Westlaw corrects its tone deaf pricing model.
As Lexis and Westlaw usage declines at the firm level, we anticipate Lexis/Westlaw will try to aggressively lock firms into longer term contracts.
What does legal information management mean for firms in 2018? Recovery rates firms used to pass through to clients will continue to dwindle. We are seeing more firms seeking solutions to modernize their library, in search of great efficiencies and cost-savings. This is an illustration of a growing investment of time and money to improve and enhance the library and its role.
Michael Feit earned his J.D. from the Loyola University School of Law in Chicago and was an executive at Westlaw before founding Feit Consulting 16 years ago. Feit Consulting partners with law firm administrators and legal information professionals to optimize vendor contracts and the management and delivery of legal information resources by providing leading-edge, customized solutions. Contact Michael at firstname.lastname@example.org