Your knowledge center, law library, or information management function comes with a hefty price tag but consider your organization’s take on and an assessment of the library management function: is it a cost center, a value center, or a profit center?

If you’re in the midst of budgeting for the coming year, you are probably focused on costs of maintaining information resources, space, and library management. I urge you to expect more than narratives about information vendors’ annual price increases and spreadsheets showing compensation costs. Look for indicators of the value of the legal library. Look to metrics, testimonials, and the library’s role in business development, for example.

While your law firm or organization may have decided years ago to pull away from cost recovery for traditional legal research, your legal researchers may be adding substantial value by deploying analytics, offering insights, and otherwise expanding the scope of traditional legal research. Are you capturing evidence of the impact of that work? Is it having a measurable effect on litigation outcomes, attorney productivity, and preparedness?

Your spend for online information resources may be significant but what is its value? Is your firm making abundant use of the services? Are you using features like analytics, folder sharing, customizable forms, and other practice tools? Have you boldly ditched duplicative resources? A strategic approach to subscription and contracts management will result in a smart spend and better service.

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Your law librarian or knowledge manager can have a substantial impact on business development by researching people, companies, and industries, tracking developments including litigation, and monitoring speaking opportunities, for example.

For the clearest sense of a knowledge center or law library’s ROI, start first with a list of the factors that add value to your organization and identify the best ways to capture the reach, quality, and cost of the services and resources. Can’t do it in-house? Evaluate library management consultants. You will probably find that your law library contributes to the whole in measurable and meaningful ways that add to the firm’s overall profitability.

For further reading:

Not Just a Cost Center: Law Firm Libraries Reveal How They Demonstrate ROI

AALL Digital White Paper / Defining ROI: Law Library Best Practices