Friday, July 15, 2011
We've reported before that Bloomberg Law is hoping to capture a big chunk of the commercial legal research market (here and here) and this new release is its latest effort to become a Wexis killer. From Robert Ambrogi's LawSites:
Bloomberg Law today released what it describes as “the next evolution” of its legal research platform. Changes include a redesigned interface, enhanced search capabilities, new practice centers and enhanced collaboration and workflow features. One thing that is not changing is Bloomberg Law’s flat-fee, all-inclusive pricing — something the company believes is key to differentiating it from the big-two legal research services, Westlaw and LexisNexis.
. . . .
The price of a subscription remains what it was when the service launched — $450 per user per month. (Enterprise pricing is available to larger organizations.) That price is all-inclusive; there are no hidden or add-on charges for any of the service’s features. The only price increases customers will receive will be minor adjustments every other year based on the cost of living. “We’re committed to predictable, transparent pricing,” [CEO and former president of Lexis-North America] Andreozzi says.
For that, Andreozzi maintains, you get virtually everything that Westlaw and LexisNexis have — all federal and state primary law, a top-tier citator, national and international dockets, and in-depth news and business intelligence drawn from Bloomberg’s global network.
At this point in its development, Andreozzi believes, Bloomberg Law compares unfavorably to Westlaw and LexisNexis only in one respect: its lesser collection of secondary legal materials such as treatises and practice guides. The company continues to move towards the goal of developing secondary materials to cover all practice areas, but it is several years away from reaching that goal, Andreozzi says.
Even so, Andreozzi asserts that such secondary materials account for no more than 10 percent of all legal research. Ninety percent of research involves the three areas where Bloomberg Law is strong: primary law, citations and business intelligence. In fact, Andreozzi believes, lawyers at the highest levels of their practice areas are most likely to focus on that latter category of business intelligence research, including business news, corporate and company information, and docket information.
You can read more of Robert Ambrogi's report here.
Hat tip to the online ABA Journal.