The firm was already aware that it spent millions of dollars annually on research subscriptions, and that these were under-utilized. Specifically, they had identified four large legal research products to which they subscribed, and these were the first port of call for possible cut backs. However, what they didn’t have was clear data on how each of these subscriptions was performing, and if any of them were duplicative.
Where could they find this data? 📉
The firm's director of knowledge management & information resources had heard of TRG Screen’s ResearchMonitor via referrals from peers at other law firms, and through reading industry news.
ResearchMonitor is an electronic resource management solution which provides critical data to information service professionals, allowing them to leverage contracts with vendors; and through the Client Validation & Cost Recovery module a firm can ensure that vital research could be tagged by attorneys to the right client and internal codes, facilitating charge backs for these overheads.
A resounding success story in just 6 months 📆
By onboarding ResearchMonitor, within 6 months this AmLaw 200 firm was able to analyze the usage data for their four key subscriptions, and was then able to negotiate one of their contacts saving over $1M.
Do you want to learn more about this success story? Click through to the case study below.