Tuesday, February 23, 2010

Lexis sees revenue and profits decline in 2009

Why does this matter?  Among other reasons, Lexis is a very good friend to legal writing profs everywhere since it sponsors the publication and distribution of the Journal of the Legal Writing Institute.

In a very detailed post, Joe Hodnicki of the Law Librarian Blog explains that Lexis saw revenue drop by 4% in 2009 while operating profits fell by 14%.  The numbers are expected to be down this year too:

For LexisNexis, '[t]he core law firm business was flat in the US and marginally lower internationally reflecting the downturn in the legal industry whilst US directory listings were well behind the prior year as firms cut back on directory spend. Corporate, government and academic markets were lower,' according to Reed Elsevier's press release announcing the Company's 2009 financial results. Operating margins are expected to be lower in 2010 due to a weak revenue environment and spending for product development and its back-office infrastructure.

According to Law Librarian Blog, Lexis is not alone since Westlaw is experiencing similar issues.  The year just concluded has also seen the demise of commercial CALR upstart PreCYdent

Whether, and to what extent, this news will affect the support Lexis (and Westlaw) provides to the legal writing community - both inside the classroom and extracurricularly - remains to be seen.  However it shakes out this year, remember that you heard it here second.

I am the scholarship dude.




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