Page 25 - 2019 - Leaders in Legal Business (n)
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History of Business of Law Offerings
The concept of the modern newspaper emerged in 17th-century Europe when printed
periodicals began rapidly replacing hand-written newssheets. The spread of the printing press
enabled the emergence of this new media.
America’s oldest daily legal newspaper is The Legal Intelligencer, which serves
Philadelphia, PA and the surrounding areas. Since its founding in 1843, it has set the standard for
subsequent legal newspapers. It covers legal news, decisions, court calendars, and legislation, and
provides analysis and insight in columns written by leading professionals.
Over the next 170 years, daily and weekly newspapers with a geographical focus were
introduced in large legal markets worldwide. In the United States, major titles include The Chicago
Daily Law Bulletin, The New York Law Journal, The New Jersey Law Journal, The San Francisco
Daily Journal, The Connecticut Law Tribune, and Massachusetts Lawyers Weekly. The Lawyer
and Legal Week cover the United Kingdom, the second largest legal market in the world. Other
geographically focused titles include The Canadian Lawyer, The Asian Lawyer, The Latin Lawyer,
and The Iberian Lawyer.
Independent publishers formed most of these geographically focused publications. These
businesses thrived for many years, monetizing through subscriptions and advertising. Many
became the official newspapers of record, enabling them to publish public notices, which are
required by state regulations to keep the public and businesses aware of key private and
governmental actions. Foreclosures and LLC/LLP incorporations are typical notices.
In addition to the privately-owned publications, associations serving segments of the legal
market established monthly publications for their memberships. The American Bar Association,
which serves U.S. attorneys, publishes the ABA Journal. The Association of Corporate Counsel
publishes the ACC Docket.
The legal news and current awareness industry changed dramatically in the 1970s. The
U.S. Supreme Court in Bates v. State Bar of Arizona (1977) struck down professional barriers
against advertising. Marc Galanter and Thomas Palay wrote in their 1991 book covering the
transformation of big law firms, “A few years later the interested reader could find an abundance
of information about firm organization, finances, relations to clients, office politics, and so forth.”1
Two competing publications were launched. The National Law Journal, a weekly
newspaper introduced in 1978, covers legal information of national importance, including federal
circuit court decisions, practitioners’ columns, and coverage of legislative issues. In 1978 the paper
began its annual survey of the nation’s 200 largest law firms; this survey of the nation’s largest
law firms ranked by the number of attorneys each firm has continues to this day.
The American Lawyer magazine soon followed in 1979. The first issue emphasized law
firm finances and executive compensation, a topic usually not discussed by lawyers. In the 1980s,
The American Lawyer began to publish its own ranking of the top 100 law firms. Unlike The
National Law Journal, it ranked firms based on annual revenues and subsequently expanded to
include partners’ compensation, profitability, and more detailed attorney counts. By the late 1980s
some firms were striving to be included in The American Lawyer’s list.
The 1980s until the early 2000s were a period of consolidation in the U.S. The American
Lawyer acquired regional publications in the 1980s. A new company, ALM, was formed in 1997
through the merger of The American Lawyer, The New York Law Journal, The National Law
1 MARC GALANTER & THOMAS PALAY, TOURNAMENT OF LAWYERS: THE TRANSFORMATION OF THE BIG LAW FIRM (1991).
10
The concept of the modern newspaper emerged in 17th-century Europe when printed
periodicals began rapidly replacing hand-written newssheets. The spread of the printing press
enabled the emergence of this new media.
America’s oldest daily legal newspaper is The Legal Intelligencer, which serves
Philadelphia, PA and the surrounding areas. Since its founding in 1843, it has set the standard for
subsequent legal newspapers. It covers legal news, decisions, court calendars, and legislation, and
provides analysis and insight in columns written by leading professionals.
Over the next 170 years, daily and weekly newspapers with a geographical focus were
introduced in large legal markets worldwide. In the United States, major titles include The Chicago
Daily Law Bulletin, The New York Law Journal, The New Jersey Law Journal, The San Francisco
Daily Journal, The Connecticut Law Tribune, and Massachusetts Lawyers Weekly. The Lawyer
and Legal Week cover the United Kingdom, the second largest legal market in the world. Other
geographically focused titles include The Canadian Lawyer, The Asian Lawyer, The Latin Lawyer,
and The Iberian Lawyer.
Independent publishers formed most of these geographically focused publications. These
businesses thrived for many years, monetizing through subscriptions and advertising. Many
became the official newspapers of record, enabling them to publish public notices, which are
required by state regulations to keep the public and businesses aware of key private and
governmental actions. Foreclosures and LLC/LLP incorporations are typical notices.
In addition to the privately-owned publications, associations serving segments of the legal
market established monthly publications for their memberships. The American Bar Association,
which serves U.S. attorneys, publishes the ABA Journal. The Association of Corporate Counsel
publishes the ACC Docket.
The legal news and current awareness industry changed dramatically in the 1970s. The
U.S. Supreme Court in Bates v. State Bar of Arizona (1977) struck down professional barriers
against advertising. Marc Galanter and Thomas Palay wrote in their 1991 book covering the
transformation of big law firms, “A few years later the interested reader could find an abundance
of information about firm organization, finances, relations to clients, office politics, and so forth.”1
Two competing publications were launched. The National Law Journal, a weekly
newspaper introduced in 1978, covers legal information of national importance, including federal
circuit court decisions, practitioners’ columns, and coverage of legislative issues. In 1978 the paper
began its annual survey of the nation’s 200 largest law firms; this survey of the nation’s largest
law firms ranked by the number of attorneys each firm has continues to this day.
The American Lawyer magazine soon followed in 1979. The first issue emphasized law
firm finances and executive compensation, a topic usually not discussed by lawyers. In the 1980s,
The American Lawyer began to publish its own ranking of the top 100 law firms. Unlike The
National Law Journal, it ranked firms based on annual revenues and subsequently expanded to
include partners’ compensation, profitability, and more detailed attorney counts. By the late 1980s
some firms were striving to be included in The American Lawyer’s list.
The 1980s until the early 2000s were a period of consolidation in the U.S. The American
Lawyer acquired regional publications in the 1980s. A new company, ALM, was formed in 1997
through the merger of The American Lawyer, The New York Law Journal, The National Law
1 MARC GALANTER & THOMAS PALAY, TOURNAMENT OF LAWYERS: THE TRANSFORMATION OF THE BIG LAW FIRM (1991).
10
