Jean O’Grady interviewed Michael Feit for Above the Law on September 29, 2020. That article appears below.
Last month, Feit Consulting released a new report on the state of the market for major legal vendors Thomson Reuters. LexisNexis, Bloomberg Law, and Wolters Kluwer. Over the past 30 years, what was once known as the Computer Assisted Legal Research (CALR) market has been dramatically transformed by the integration of workflow, drafting, brief analysis, and analytics tools into knowledge-enabled insight platforms.
My interview with Michael Feit, founder of Feit Consulting, reveals 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 CALR 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.
Read interview. https://www.feitconsulting.com/managing-the-post-covid-knowledge-resources-budget-in-an-era-of-rogue-pricing/
