How does competition fit into your practice? Yes, clients are seeking the best representation at a reasonable rate. Naturally, you want to hire great lawyers and charge a fee that will keep you competitive. So, what is your competitive advantage that will make you better than your competitors?
What about the companies with whom you do business? When it comes to legal research, where do you draw the line between getting reliable resources and getting the best rates? Let’s look at Westlaw and Lexis. When it comes down to it, both providers basically have all of the updated cases and statutes with citation checking.
So why do you prefer Westlaw? Why do you prefer Lexis? Or another provider?
- Is it the user interface?
- Are you more comfortable with the search engine with one over the other?
- Is it the summaries or headnotes?
- Are you drawn to a particular author or treatise?
- Is it the cost?
Is one company more flexible than the other?
- Do you have fewer options with content packages being offered?
- Can you easily remove content that you are not using?
- Are you continuously extending your contract whenever you make a change?
- How are annual increases determined?
- Are you required to get content that you won’t use?
- How do you find comparable content with a competitive provider?
When a law firm is looking at legal research content, the top priority is to ensure that the firm has reliable resources needed to conduct their research effectively. In order for firms to stay competitive, cost for research is always a factor.
Each year, more clients are reluctant to pay for legal research costs. Even clients will look at other law firms if they feel they are paying too much. Client retention is critical to survival.
So, how can you make sure you are staying competitive?