Last updated on September 29, 2020
Above the Law has a fantastic interview with Feit Consulting, who recently published its 2020 Legal Information Vendor Market Survey. The highlight of the interview is how major legal information vendors have failed to adjust their pricing models to reflect the collapse of cost recovery following the Great Recession of 2008, when law firms faced a buyers’ market and legal research costs became almost 100% overhead.
According to Feit, the response of the two dominant players, Lexis and Westlaw, was to protect their revenue by eliminating “all usage-based pricing and published retail rates. From that point on, pricing from Lexis and Westlaw went rogue.”
As law librarians and knowledge managers prepare their firms’ post-pandemic budgets, Feit has shared insights and negotiation strategies in the interview that follows.
Go here for the full interview.