Gone are the days when law firms could rely on business from traditional sources. Due to the financial crisis in 2008, many law firms are still operating on a leaner staff and are looking for ways to cut expenses. To mitigate this need firms are looking to grow their expertise by connecting with outside experts, while also lowering their costs. In the information age, this means relying more on external digital sources for research instead of traditional in house law libraries.
Many prominent law firms have cut their costs by shrinking the size of their law library. In this leaner model, law firms cannot afford the costs of duplicate content and a buffet style approach to purchasing information. The demand for sophisticated research has increased, making law firms more dependent on access to vast amounts of content.
Two venders, LexisNexis and Westlaw are leading the market of law firms looking to meet the high information demand. As outsourcing has become more accepted in the legal community, there are more new companies coming aboard to meet legal information needs. Outsourced consultants are valuable to law firms because they can deliver high level services and expertise at scale. The companies allow law firms to take advantage of both broad and deep information, along with industry expertise, something that in house libraries alone cannot match.
For law firms, this means a lower administrative burden while increasing efficiency. As law firms conform and adjust to a changing market and economy, these services offer a means of staying relevant and competitive.
Article via LegalTechNews, 1 October 2015
Photo: law books via Mr.TinDC [Creative Commons Attribution-NonCommercial-NoDerivs]