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Are You Paying Fair Market Value for Legal Databases?

Posted by: Research & Information Practice Group on Friday, 23 March 2012

Last week, we shared some tips on how to manage law firm expenses in an uncertain economy. In this post, we drill down into one of the costliest expenses. Within PRP’s Legal Resources Practice Group, the number one question law firm partners and administrators alike ask is, “Are we paying fair market value for our basic online research service and our other legal resources?”

The short answer: Your contract is unique and needs to be examined individually. Determining whether your firm is paying fair market value for legal resources takes more than simply comparing a single dollar amount. Cost, usage patterns, redundancies, viable alternatives, practice group sizes and other variables all contribute to the equation.

However, law firm decision-makers can help reduce firmwide database costs. Here are some simple steps you can take to help ensure your organization is making the most of your database subscriptions. (more…)