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Summary:
In today’s fast-paced legal landscape, purchasing the right legal research technology is critical – especially for solo and small to midsize law firms who have the opportunity to reap benefits that help them outpace larger competition. For example, Lexis+® boasts benefits such as powerful AI features, efficiency gains, happier clients, more clients, and — ultimately — higher profits.
Of course, legal research technology can require a significant investment, and it tends to become more costly as the content and features improve — after all, you generally can expect to get what you pay for. For an attorney on a budget, the cost of Lexis+ might raise valid questions about ROI. You might fear making the wrong choice and overspending. On the other hand, opting for a free tool might backfire as well, slowing you down and stalling your firm’s growth.
LexisNexis® aimed to get to the bottom of ROI questions through a commissioned 2023 Total Economic Impact™ study conducted by Forrester Consulting, which sought to understand exactly if and how benefits of Lexis+ outweighed the investment.
So, what’s the verdict? Is purchasing Lexis+ worth it?
Forrester Consulting conducted extensive interviews on LexisNexis users at firms with less than 40 attorneys, and the results are substantial:
Investing in Lexis+ produced a 246% risk-adjusted ROI in a span of 3 years.
In the following sections, we’ll discuss exactly how interviewed firms realized a considerable ROI using Lexis+, which we believe will ultimately help you to make the best purchasing decision for your firm.
Forrester constructed a Total Economic Impact™ (TEI) framework to identify costs, benefits, flexibility, and risk factors associated with using LexisNexis.
The TEI framework was driven in part by interviews with four legal representatives from small to midsize firms across the U.S. with experience using LexisNexis. For the purposes of this study, Forrester aggregated the interviewees’ experiences and combined the results into a single composite firm with the following characteristics:
The interviews and composite firm were used in addition to the following methods to determine a 3-year ROI, payback period, and associated benefits (all risk-adjusted):
The results? Attorneys reap significant benefits from LexisNexis; we discuss the details next.
Attorneys named multiple benefits of using LexisNexis, citing improvements over the technology they used before switching to Lexis+. Of the benefits, four could be quantifiably measured, amounting to a total 3-year benefits value of $953,283:
Prior to switching to LexisNexis, the interviewees used a combination of fee-based platforms, free research services, and state databases. Interviewees reported problems with hidden fees and paying for content on an as-needed basis. With LexisNexis tools and services, users were able to eliminate the cost of less efficient and effective products, while consolidating all of their research needs into one platform
LexisNexis users were able to reclaim work previously delegated to third-party agencies. Interviewees attributed this to the trustworthiness of LexisNexis legal content and P, noting that the information is always up to date.
For example, a firm that previously needed to serve a regular client by using practical guidance to help modify a legal agreement, as opposed to paying a third party to complete the request.
Interviewees reported adding new clients to their roster after switching to LexisNexis, with a managing partner at a Northeast US law firm reporting that offered by LexisNexis allow them to Clients who were happier after the firm switched to LexisNexis then referred more clients, which increased the interviewed firms’ net operating profit.
In addition to the quantifiable benefits listed above, also surfaced in the interviews:
Forrester also measured “flexibility,” or the benefits a firm may more fully realize over time. Examples include LexisNexis staff operating as innovation partners alongside the firm and the fostered independence legal professionals gain when LexisNexis has all the information they need.
The interviewees featured in the Forrester study paint a picture of independence, efficiency, and client-delighting speed. With total quantifiable benefits amounting to over $950,000 and unquantifiable benefits like state-level data and training making a day-to-day difference in workflow, the cost of LexisNexis was ultimately a wise investment – one that was paid back in 6 months, nonetheless. And as LexisNexis continues to incorporate advanced generative AI into its products, we expect this ROI to only grow.
If you’re not sure how to maximize your ROI with LexisNexis, we’re here to help. Contact us or try Lexis+ for yourself to see how much you stand to gain.
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