Now that law libraries have gone through changes physically and virtually, have you sat down and looked at the Return on Investment for the different aspects of your library?
Prior to 2020, you had been doing things a certain way for a period of time with a few adjustments here and there. Over the last year, you might have made some drastic changes due to the needs of attorneys to get the job done. Today’s ROI might not be measured the same way that it was before 2020.
- Have your online subscriptions increased as more attorneys are working from home?
- Have you looked at the difference in investment dollars for the books year-over-year?
- Do you have a formula to calculate the latest ROI?
- Are your new investments based on the needs of select individuals or the majority of the firm?
ROI is important to know how your dollars are being spent and make sure that you don’t get stuck in long-term contracts to facilitate a need that could be short-term. Maybe some of the changes are necessary and could fall into that “permanent” category. The key is to not have that knee-jerk reaction whenever a request is made.
- Have you looked at other alternatives for the resource that you need?
- Is your need a temporary fix or do you actually need a solution for a longer period?
- What were you using before this “crisis” arose?
- How has the budget shifted dollars from pre-2020 to post-2020?
Vendors realize that your needs are changing and they are more than willing to help (upsell). Keep in mind that your decision can stay with you longer than necessary. On the other hand, there may be some good opportunities offered if the need is valid. So, how will the new investment benefit the firm and what is the ROI?
Step back and take a look at the big picture. Most likely, time is on your side. Evaluate your options and make the best decision that works for your firm.
Legal Counsel Consulting has the resources to evaluate contracts to assure competitive pricing and prevent oversubscribing.
If there is any way I can help or if you would like to schedule a brief conversation, please feel free to contact me.
Best regards,George
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