Introduction
For firms that have not yet realized the potential of a modern library, it is crucial to start doing so today, as the library can become a valuable asset in supporting internal functions, client teams, and competitive intelligence efforts, contributing directly to overall firm growth and profitability.
The library can be a secret weapon differentiating your firm and bringing previously untapped resources to bear.
Three areas of focus for 2023
Building on our previous recommendations and given the economic shifts, both within the legal industry and globally, we believe firms should focus in 2023 on library cost management initiatives, seek to bolster the utilization and adoption of information resources via technology, and pursue cross-collaboration opportunities with competitive intelligence efforts to facilitate firm decision-making based on strategic insights.
Cost management
In light of current economic uncertainty, we recommend focusing on strategic purchasing practices to mitigate costs, considering the changing vendor landscape and evolving legal research resources market.
Continued shift in collection budgets
Collection budgets have been steadily increasing since 2016, with nearly 50% of respondents in the 2022 BLISS survey anticipating further increases over the next 12 months, driven by vendors adopting aggressive pricing strategies. The shift from print to electronic resources has accelerated, leading to a $13:$1 spending ratio in 2022. Given the looming economic environment, firms should strategically audit their collections to determine essential resources and avoid new costs or products without a clear return on investment.
Focus on procurement principles
To accomplish this, firms should shift their focus from traditional cost savings methods to understanding, managing, and controlling costs through procurement principles. That includes deploying appropriate tools and processes and hiring experienced staff or outsourcing the library procurement function. Managing the complex mix of online and print resources and navigating the proliferation of specialized research platforms requires extensive market knowledge and expertise to negotiate fair contracts and to select and utilize the right resources effectively.
We expect that the legal research resources market will continue to evolve, and potentially grow at an even faster rate.
Utilization and adoption
To maximize the value of resources and products within the library, it is crucial for firms to develop a holistic strategy that emphasizes utilization and adoption of technology. This involves onboarding, training, and usage tracking, particularly as the number of resources grows and work becomes more flexible. Without such a strategy, even with a wide variety of tools, adoption will be limited, rendering the firm's investments ineffective.
New approaches to improve adoption
Traditional methods of increasing utilization and adoption of resources have been largely ineffective, so we advise to explore the use of application program interfaces (APIs) to embed content seamlessly into systems commonly used by their practitioners and staff. APIs can streamline research tasks and improve efficiency, and the library can play a vital role in identifying, evaluating, and managing these tools in partnership with IT, while also providing training.
On-demand access to resources
The use of technology like APIs for easy access to resources is also important as firms adapt to the emerging "hybrid" work model, which requires that library resources be accessible regardless of location or time. Nearly two-thirds of BLISS respondents emphasized the importance of API availability during vendor selection.
Firms should create strategic plans to manage and maintain resource offerings, considering utilization and adoption as part of the procurement process. Aligning with internal stakeholders, practice groups, and departments will enable firms to fully understand resource utilization and make informed decisions for the future.
A full understanding of how the product is being used and how it can be embedded into the workflow should be addressed with the vendor at the time of purchase or renewal.
Competitive intelligence
During uncertain times, firms can find value in utilizing knowledge and data for strategic decision-making. Building a competitive intelligence (CI) function, led by skilled information professionals, can drive revenue and provide a competitive advantage in acquiring new clients. Although many firms have marketing professionals, an effective CI function differs significantly, with most firms being more reactive than proactive and lacking professionals with CI experience.
Firms can enhance their competitive intelligence functions by fostering collaboration between the CI team and information professionals in the library and leveraging their skillsets strategically. Research, current awareness support, data projects, and resource management are areas that can potentially benefit from this cross-collaboration. By evaluating workflows and promoting cross-collaboration, firms can improve performance and expand services, ensuring tasks are assigned to the most suitable group within the firm. Outsourcing certain CI work can also free up internal staff to focus on more strategic priorities.
Conclusion
The law firm library remains a strategic department that can support the firm's short-term and long-term goals through cost management initiatives, increased technology resource utilization, and collaboration with Marketing/BD for competitive intelligence initiatives. Law firm leadership should integrate the library into the firm's strategic planning process to fully utilize the unique skills and capabilities of these professionals, maximizing their contributions and value to the firm.
To read the full report, download the PDF.
- Law firm library
- Information management
- Resource optimization
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