“Bloomberg Law’s discounts challenge information suppliers” is the headline to a story in today’s Financial Times (p. 19) by Andrew Edgecliffe-Johnson.
The story quotes Lou Andreozzi, the new head of Bloomberg Law, on the company’s efforts to persuade attorneys to consider at least replacing one of their “Wexis” accounts with Bloomberg Law, since Bloomberg’s flat rate pricing (quoted at $ 450 per attorney) is preferable to the “more expensive and unpredictable sums” charged by the competition.
The story also reports how “Bloomberg has recruited ‘hundreds’ of lawyers to create a citation system, which advises users whether cases are still in use, to rival those owned by Westlaw and Lexisnexis.”
The story quotes analyst David Curie who says that “Bloomberg looked unlikely to make big inroads in the short term, but its ‘deep pockets’ made it a long-term challenger. ‘The pricing definitely is the most challenging and disruptive thing about it,’ he said, predicting that others may follow its flat fees . . .
The story includes a sidebar, “Legal services industry continues to expand” which includes this information:
Law firms and corporate legal departments once looked to legal research services for basic case law, newspaper articles and public records.
As such information has become more freely available, companies such as Thomson Reuters’ Westlaw division and Reed Elsevier’s LexisNexis have concentrated to turning their databases into online tools to enhance clients’ productivity.
The sidebar goes on to use Thomson’s acquisition of Pangea3 as an example.