Westlaw Precision与Forrester研究公司合作

The Total Economic Impact™OfThomson ReutersWestlawPrecision Cost SavingsAnd Business BenefitsEnabled ByWestlaw Precision JANUARY2024 ConsultingTeam:Emma ConroyOtto Leichliter Executive Summary.................................................1 The Thomson Reuters Westlaw PrecisionCustomer Journey...................................................6Key Challenges......................................................6................................................................................7Investment Objectives............................................7 Improved Research Efficiency...............................9Accelerated Value Of Associate Research Output..............................................................................12Additional Profit....................................................14Reduced Cost From Legal Research ToolConsolidation........................................................16Unquantified Benefits...........................................18Flexibility...............................................................19 Subscription Costs...............................................20Implemenation, Training, And Management Labor..............................................................................21 Financial Summary................................................23 Appendix A:Total Economic Impact...................24 Appendix B: Law Firms Realize ProductivityEfficiencies, Experience Improved ResearchOutcomes, And Anticipate Increased Profitability Appendix C: Endnotes..........................................31 ABOUT FORRESTER CONSULTING Forrester provides independent and objective research-based consulting to help leaders deliver key outcomes. Fueled by ourcustomer-obsessed research, Forrester’s seasoned consultants partner with leaders to execute their specific priorities using a © Forrester Research, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on bestavailable resources. Opinions reflect judgment at the time and are subject to change. Forrester®, Technographics®, ForresterWave, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their Executive Summary Today’slegal industry faces increased demand for reliable search capabilities and innovativeresearchtoolsto supporttraditional legal research. Westlaw Precision,the newest version ofThomson Reuters’legal research service,usescomprehensivecase classificationandnew Westlaw Precisionis the latest version of ThomsonReuters’ legal research service Westlaw, whichis asubscription-based service that helps attorneys andother legal professionals conduct legal research byproviding access to a large collection of primary andsecondary legal resources. Westlaw Precisionincludes the content and editorial features ofprevious To better understand the benefits, costs, and risksassociated with this investment, Forrester interviewedninerepresentatives fromsixorganizations withexperience using Westlaw Precision. For thepurposes of this study, Forrester aggregated theinterviewees’ experiences and combined the results Thomson Reuters commissioned ForresterConsulting to conduct a Total Economic Impact™(TEI) study and examine the potential return oninvestment (ROI) enterprises may realize by The intervieweestold Forresterthat prior to usingWestlaw Precision, theirorganizations’legacylegalresearch tools lackedadvanced capabilitiesthatcould maximize the efficiency of complex research.Associates and attorneysspentexcessivetimeand Total attorney hourssavedacross 80attorneysover 3 2,880 ofbuildingcomprehensive researchknowledgebasesled to frustration. Time spentconductinginefficient research put additional pressure on time-constrained resources and hampered growth hours in Year 2, and 72 hours in Year 3.Tenlegal support employeesuse Westlaw Precisionto makepreparing, proofreading,andprocessinglegal documentsmoreefficient.With Precision,eachsupport employeesaves63 hours in Year Anincrease inassociate research outputequivalent to a year of additional experience. After the investment in Westlaw Precision, theorganizationsbenefited from a reduction in legalresearch platform and solution costs, access tosearch and research features thatsaved attorneys With improved research efficiency due toWestlaw Precision, associatesat the compositefirm providemore value to the firm than anassociate with equivalent experience typicallywould without Westlaw Precisionand get to “[Westlaw Precision] allows meto do things quicker and withmore focus than I had before, Foundingpartner,consumer and Additional profitof $427,000over three years. WithWestlaw Precision, thecompositefirm gainsa slight edge in case outcomes and clientretention.Thefirm’s revenue increases by 1% in KEY FINDINGS Quantified benefits.Three-year, risk-adjustedpresent value (PV) quantified benefits for the •Time savings of2,880hoursbyattorneys Legal