Over 50% of large law firms license only Lexis or only Westlaw according to Feit Consulting. Some 22% of BigLaw firms with 750+ attorneys have gone solo provider. Michael Feit looks at the duopoly of our very expensive search vendors and the best route for individual firms in One of the largest law firms goes sole provider, does this finally foretell the Wexis monopoly demise in the largest segment?
Feit Consulting has been monitoring the sole provider trend for over a decade. As corporate clients pushed back on research costs, firms were not able to recover costs entirely. The affect on the bottom line pushed some firms to make the decision to go sole provider. The freedom of funds allows firms and organizations to purchase wish-list software and technology to enhance the delivery of legal information. While this has worked for some, the big question is whether it is the right decision for your firm or organization.
H/T to PinHawk’s Legal Administrator Daily — Joe