Bloomberg Lays Down the Law

From Crain’s New York Business, “Bloomberg LP lays down the law: Financial data giant storms legal research in its typically big way.”

Hilary Potkewitz writes: “The financial data and news juggernaut has quietly hired nearly 500 lawyers over the past year, making it the largest source of new legal jobs in New York.”

What do Westlaw and Lexis make of Bloomberg‘s ambitions in the legal research arena?

““We’re not seeing much of a change in the marketplace [because of Bloomberg]. We’re feeling very strong and comfortable,” says Mike Dahn, chief U.S. marketing and product development officer for Eagan, Minn.-based Westlaw….

LexisNexis Vice President Clemens Ceipek is more blunt. “Bloomberg has a lot of money, and that’s why we can’t ignore them,” he says, “but it’s going to be really hard for them, just like it would be really hard for us to compete in the financial markets.””

The article continues that “cost-conscious law librarians” are taking notice of Bloomberg’s less expensive flat fees and extended free trials.

“The 200 largest law firms spend an average of $2.7 million per year on Lexis and Westlaw combined, according to The American Lawyer.”  How much of that will go to Bloomberg over time?  Other contenders?  Watch and wait….

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