Today Feit Consulting is releasing a new report on the state of market for major legal vendors: Thomson Reuters. LexisNexis, Bloomberg Law and Wolters Kluwer. I hesitate to even refer to the market as the legal research market because that completely ignores the dramatic integration of workflow, drafting, brief analysis and analytics into the 21st century progeny of the foundational case law research systems.The 2020 Legal Information Vendor Market Survey was conducted between June and August 2020 and is targeted at law firms with 50+ attorneys. There were 104 responses: 26%(<100 attorneys), 56% (100-499 attorneys) and 20% >500 attorneys.The The report provides context by comparing results to the 2018 survey results. These results will be include in an upcoming book Optimizing Legal Information Pricing which will be published this fall.
The one criticism I have of the report is that the report collects data on the importance of various products by vendor. Westlaw Edge is listed but not the prior Westlaw platform – which many respondents appear to still have. Since the study was conducted Lexis announced it’s new platform Lexis+ which will surely be a platform analysed in the next version of the study.
Although Westlaw enjoys the greatest market share they are declining in customer satisfaction. Bloomberg Law and Wolters Kluwer are stand outs in improving customer satisfaction with 35% and 15% improvements respectively.
This is a must read for librarians, knowledge managers and C-Suite executives in law firms. Under the chart there is a link where you can click through and see customer comments.The report examines the following issues:
Trends in selecting a sole provider for research
Bloomberg and Wolters Kluwer market penetration
Westlaw Edge adoption
CALR cost recovery trends
Small vendor adoption
Impact of COVID on print budgets.
Feit: Vendor Satisfaction
Although this report was designed for law firm customers, I hope that legal information and technology vendors large and small digest the insights distilled in this report. The report confirms some obvious trends – everyone needs to cut their budgets, customer support isn’t where it needs to be, bundling of products by LexisNexis is still impacting their position in the market. One of the most fascinating parts of the report are the customer comments. These go on for pages, but you will come away with the pulse of the market regarding each vendors, platforms, customer support and pricing strategies. Despite the fact that print collections in a remote work environment are useless, vendors have not been sufficiently cooperative in making contract and pricing concessions.
Thanks to Feit Consulting for bringing these critical insights to the market as Knowledge Managers and Library Directors go into the first post-pandemic budget season.
The report is available for free to participants and Feit Customers. It can be purchased for $99 here.
because that completely ignores the dramatic integration of workflow, drafting, brief analysis and analytics into the 21st century progeny of the foundational case law research systems.The 2020 Legal Information Vendor Market Survey was conducted between June and August 2020 and is targeted at law firms with 50+ attorneys. There were 104 responses: 26%(<100 attorneys), 56% (100-499 attorneys) and 20% >500 attorneys.The The report provides context by comparing results to the 2018 survey results. These results will be include in an upcoming book Optimizing Legal Information Pricing which will be published this fall.
