What’s in a name?
Two-thirds of legal information departments are abandoning the term "library" in their names. This change reflects a broader transformation in the field, with professionals expanding into areas like data analysis, technology testing, and AI engineering. The move signifies a practical acknowledgment of the evolving responsibilities, leading to a shift in labels to Research and Information Services (RIS) and roles as information professionals, researchers, analysts, and resource specialists.
Hot topics and forecasting
This year's survey focused on ways RIS teams add value, emphasizing collaboration and technology integration. Encouragingly, 79% of respondents believe their departments are integral to the firm, with positive internal perceptions. The survey highlights increased collaboration with other departments, particularly in supporting Marketing and Business Development, where RIS manages subscriptions for 90% of respondents and proactively provides alerts and analysis for 71%.
RIS teams can showcase their value by taking the lead in adopting Generative AI tools, a trend many firms are considering. These specialists are well-equipped to handle implementation, training, and managing cost implications.
Resource and staff budgets
More than half of respondents (54%) anticipate an increase in collection budgets, driven by higher electronic resource subscription costs. However, negotiating costs will be crucial as savings from reduced print collections may not offset electronic resource expenses.
The survey highlights challenges in contract negotiations, with rising costs attributed to unpredictable increases, vendor inflexibility, and challenging terms. Despite increasing electronic resource costs, respondents emphasize knowledge of usage, understanding practice group needs, and insight into vendor roadmaps as negotiation success factors.
The expectation of higher cost increases with the rollout of generative AI tools will continue to drive the need for balancing cost savings with maximizing content. Given the number of new tools that will be entering the market combined with enhancements to existing resources, navigating next 12 to 24 months will be critical.
Staff budgets increased at a lower rate in 2023 (6% YoY) compared to 2022 (21% YoY). While 48% expect staffing budgets to be maintained, 32% foresee increases for existing personnel, suggesting a potential slowdown in RIS department headcount expansion amid a legal work slowdown.
The rising budgets for collections and staffing pose challenges for RIS departments. Leaders are advised to proactively assess collections, gather quantitative and qualitative data, and ensure optimal resource utilization.
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- Benchmarking
- Information Services Survey
- Intelligence
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