Yesterday was B-Day for us, the launch of Bloomberglaw.com. Peter Schwartz’s article “The Reinvention of Legal Research: The Future Is Now” for The Huffington Post makes this observation:
The large legal publishers are in trouble. If law firms can no longer pass through online research costs to clients, multi-billion dollar legal publishers such as West and Lexis can no longer support pricing models premised on law firm cost recovery. Because West and Lexis cost structures depend on this pricing model, they are beginning to experience painful margin squeezes, compounded by the entry into the legal research marketplace of both nimble, low-cost competitors and new rivals with deep pockets such as Bloomberg.