There is significant uncertainty concerning the economic impact of the covid-19 outbreak. While we don’t yet know the long-term financial outcome, there are prudent actions each law firm should take now to reduce exposure should the economy falter.
I urge firms to seek guidance on the costs associated with your Westlaw, Lexis, Bloomberg, etc. contracts. It’s more important than ever to 1) know where your rate stands against market prices and 2) properly negotiate a reduction in costs of these contracts if possible.
For most firms, there are few, if any, levers to easily pull to reduce overhead costs without impacting productivity. Reducing the cost of your research contracts represents one of the few methods to lower expenses without impacting headcount and your work product.
To aid in that effort, Research Contract Consultants will provide a no-cost assessment of your current agreements. The assessment is free and will detail:
- How your costs compare to market rates
- Whether there exists and opportunity to reduce your rate
- What a renegotiated rate should be
I experienced the last significant economic downturn to impact law firms when I was Vice President of Sales at LexisNexis. I know how difficult cost cutting measure can be on a firm and the people that work there. I am happy to provide you guidance on your rates; regardless of whether you ultimately engage me to renegotiate a new contract.