Greetings!
One of the biggest challenges law firms face when renewing or signing a legal research contract is the nagging feeling that you are just not getting the best deal possible. It’s a common feeling almost everyone can relate to. I mean, weren’t you always told to get 3 competitive bids? It’s a universal problem in any sales relationship, particularly when you had a negative experience.
Law firms experience that same sense of worry every time they have to navigate a new legal services contract. In a recent survey I conducted with 10 law firms, every single one expressed a desire for value, whether it fell under products and services or representation. It’s not that firms don’t want to pay for their services, they’re mostly concerned about paying a fair price and getting the products they need.
Common Concerns About Legal Research Contracts
- How do I know I’m getting the best bang for my buck?
- How do I get the resources my firm needs?
- What is the ROI of my legal research contract?
- Where do I find the prices?
- Why isn’t there more transparency?
Unfortunately, the answers to these questions are tricky to find unless you’re an insider. You often have to rely on the transparency of your provider, which can feel like a cat-and-mouse game. Adding to the difficulty factor is the lack of providers that could get the job done. Like most of us, if you don’t like a mechanic’s estimate, you can always get a second opinion. With legal research providers, you have very few options for comparison or competitive influence. So, how do you know if you’re getting the best deal?
Tips for Determining the Value of Your Legal Library Services
- Assess your current usage of your suite of services. Who uses what and how often?
- Consider what your ideal package would be.
- What are you missing that you want in your next contract?
- What are you paying for that you’ll never use?
- What did you like about your last renewal process? What didn’t you like?
- Read reviews and ask for referrals/support in research.
This process can seem like a lot of legwork. You are running a business and your time is valuable. However, the effort you put into crafting a better contract for future services can save you money over the years. Furthermore, you can ensure you get the combination of services that benefit your firm.
If you are struggling to decipher the value of your upcoming contract, consider the points above and talk to others in your field or assist the help of a professional who knows the ins and outs of collaborating with these providers.
Legal Counsel Consulting has the resources to evaluate contracts to assure competitive pricing. 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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