It seems to me that legal research cost recovery has a natural ebb and flow; sometimes it’s the hot topic and sometimes it isn’t.
Economy bad = Recover more costs!
Economy good = Cost recovery…Eh…
I wonder if this time is different? Has the economy driven a change that has established a permanent foothold and redrawn the landscape of cost recovery, or, like many other “changes,” will we just go back to the status quo? I have to admit that I’m not entirely sure. On the one hand, this seems to be one area where many clients, especially corporate ones, have drawn a line in the sand, and refused to pay. On the other hand, it seems like we’ve been here before, and not much changed the last time we had this discussion.
What ever happens, Lexis is one company that is betting on both sides of this coin (pun intended). Yesterday I read that LexisNexis announced a strategic partnership with eBillingHub, a product that helps simplify e-billing and increase collections (Thomson Reuters also partners with eBillingHub through its Elite product). Believe it or not, LexisNexis also sells CounselLink, a product designed to “identify greater savings through superior invoice technology.”
In other words, they sell a product to law firms to help with e-billing and recovery of costs, and they also sell a product to corporate law offices designed to remove those costs. It might be interesting to know how many law firms submit bills through a LexisNexis product, with LexisNexis charges, that get denied by another LexisNexis product.