How many opportunities are there to make a significant reduction in expenses?
List your top five expenses and the probability of saving money with each one. Typically, your biggest expenses include longer term contracts. So, when an opportunity to save considerable amounts come along, don’t miss it! Plan and maximize your savings.
- Where does legal research fall in your top 5?
- What is your goal each year to reduce expenses? 5%? 10%? More?
- What is your strategy?
Here is a checklist of RED FLAGS to be aware of when renegotiating legal research contracts:
- Are you being contacted to renew early?
REASON: This takes you away from investigating your plan.
- Is your rep showing you basic usage reports?
REASON: There are comprehensive reports that you can use as a tool.
- How much longer are you being asked to extend your existing contract?
REASON: Keep you away from the competition and new technological options.
- Are you being offered content options that do not fit your practice?
REASON: Make sure that what you are buying, you are going to actually use.
- Have you been contacted to order books?
REASON: Confirm that you are not duplicating existing subscriptions.