Legal IT Newswire… Feit Consulting Opens 2019 Legal Information Vendor Market Survey
Feit Consulting, a premier legal information services consultancy, is pleased to announce the 2019 Legal Information Vendor Market Survey is now open to participation. The 2019 Legal Information Vendor Market Survey has expanded to include data capture of vendor sentiment and satisfaction, interchangeability, recovery and overhead and pricing expectations of Westlaw, LexisNexis, Bloomberg BNA and Wolters Kluwer platforms. Survey participants receive a complimentary copy of the Survey results, expected to be released in January 2019. To participate, go here: https://www.feitconsulting.com/the-2019-legal-information-vendor-market-survey/
In 2018, major providers such as LexisNexis and Bloomberg BNA delivered renewal packages to their respective customer bases forcing customers to keep or add core products in order to retain needed content. This bundling tactic added to an already existing price frustration law firm administrators were experiencing with its legal information vendors and further complicated purchasing strategies.
To that end, the Feit Consulting 2018 Legal Information Vendor Market Survey endeavors to expand and capture data across 6 key areas:
1. Status of the sole provider trend/impact of Lexis’ new purchasing restrictions
2. Depth of Bloomberg’s firm-wide penetration in law firms
3. Other products are firms considering or adopting
4. Current recovery rates and the movement to overhead
5. Market response to Westlaw Edge
6. Overall sentiment of legal information product users.
To help law firms understand their platform purchasing options more fully, Feit Consulting created the Market Trends Legal Information Series in 2015. The series provides objective guidance to large and medium law firm administrators on best practices relating to the management of legal information resources as well as provides critical insight, analysis and guidance not available elsewhere that helps firms make informed decisions regarding legal information options.
The 2018 Legal Information Vendor Market Survey will inform updates of Feit Consulting’s upcoming Market Trends Legal Information Series white papers.
President of Feit Consulting, Michael Feit, remarks, “Law firms need to know and understand this data to leverage and maneuver in this quickly evolving market. Our Market Trends Legal Information Series white papers allow firms to make informed decisions regarding information vendor service providers. Data-driven negotiations help firms achieve their goal of purchasing the tools their attorneys truly require at the best market price. We look forward to delivering this valuable market intelligence in Q1 of 2019.”
There are many factors that contribute to platform purchasing, including evaluating value and effectiveness of current resources, where to find new efficiencies, negotiating contracts based on past vendor promises, the role of legacy usage and recovery rates. The task, therefore, is never straightforward as legal information needs are continually in flux–new entrants to the market splinter choices, and aggressive pricing strategies such as those recently demonstrated by Lexis and Bloomberg providers further complicate the decision-making process.
About Feit Consulting
Feit Consulting has been a pioneer in the field of information services management consulting for almost two decades. The experts of Feit Consulting are trusted legal information advisors and partners in the assessment, negotiation and implementation of customized solutions that optimize information services while achieving substantial savings for the top 400 firms, and now for small firms. As leaders with unparalleled experience, Feit Consultants have been challenging existing paradigms for the benefit of their clients since 2001.