Year-End Special Contract Renewal….Too Good to Be True?

By Michael Feit | Contract Negotiations

Nov 21

At this time of year, many firms and organizations are receiving special tidings (or offerings) from their legal information vendors. Perhaps it is a flat annual increase renewal. That may sound enticing but if you consider that your current contract may not have the best pricing and terms, does it make sense to renew it?

Westlaw, Lexis, Bloomberg, WK–virtually all your legal information vendors–provide bonuses and incentives to salespeople who can add incremental sales at the end of the year.

Vendors may offer year-end gifts that on the surface seem quite generous. The resulting variety of offers can be staggering but they can also be tricks. Your firm may be offered price breaks on new contracts, extensions on current deals, trial periods of new products, and the list goes on and on. There may be something hidden in these special tidings. If a vendor has proposed to extend your contract at the same price or slightly lower price, it is very possible your firm is already paying too much.

Be proactive this December! Get the gift you truly want. If you have a wish list, tell your vendor now; you just might get a deal you actually want. Confirm whether your legal information vendor’s latest offer truly is a good tiding; contact Feit Consulting to review and benchmark your pricing and terms.

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