Are you being asked this question? You may have experienced Westlaw or Lexis try to lure your firm in to renewing early. Easy Peasy, right? It’s off your plate and you don’t have to deal with it for another 3 years.
Is it that simple? Right now, for Westlaw and Lexis, it’s all about hanging on to market share. Typically, your rep will approach you about 13-14 months prior to your official renewal date.
There are a few reasons why Westlaw and Lexis want you to renew early. Obviously, the main goal is to secure your business. But here is what you may hear:
PRO: You have been selected for a promotion where your rate won’t increase for the next year.
CON: Good chance you are under-utilizing your plan or overpaying and they don’t want you to analyze either one.
PRO: Special discount to add content that you may have accessed outside of the plan or received a Warning Screen.
CON: You may be told that it would be cheaper to add this content to your plan than paying for it as you go. Usually comes with multiple databases that you will never use and your rate will be increased.
PRO: Offer to add a “free” library if you renew now.
CON: Most likely this library will somehow get discounted in. Now you are stuck with it for the term of the contract and you may only use a fraction of the library.
So, what is the upside or downside for your firm?
- Save a single-digit increase for one year.
- What happens if you add content, then eliminate that practice area or don’t use it as much as you thought you would?
- Now what are your options for this extra content?
- What happens if you acquire or merge with another firm?
What is the advantage to the provider?
- Renew your business to secure revenue without you really digging into all of your usage.
- Incentivize the rep to secure renewals early.
- Keep the other providers away without getting a competitive bid before the anniversary date.
By renewing early, it appears your firm may be taking more of the risk. Westlaw and Lexis are aware that legal research is one of the few expenses in your firm where there may be an opportunity to save some money. If you are curious about how much you can actually save, you just need to go through the process and not feel pressured to make a hasty decision.
There are only so many ways you can package cases and statutes. You’ll see that Westlaw and Lexis have been offering more analytical tools to keep your business. So, ask yourself who is really benefiting? Why are you getting this “great” offer? What don’t they want you to know?
If you are 12 – 24 months away from your renewal date, please consider your options.