Page 27 - 2019 - Leaders in Legal Business (q)
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to monitor a variety of sources for changes in law firm activity and personnel. In October 2014,
LexisNexis acquired Moreover Technologies, an online tool that aggregates, monitors, and
analyzes large volumes of news, legal, and social media data to help law firms and corporations
understand key market trends.
This increased investment in the legal professional news space has led to a new wave of
experimentation and innovation. The goal is to deliver exactly the content a legal professional
needs to be successful.
Market Size
The worldwide legal current awareness market is estimated to be approximately $400-$500
million in annual revenues with low-single-digit growth.
The U.S. market is the largest at approximately $300 million. ALM is the top player with
$175-$200 million in revenues, or about 40 percent market share. Dolan Media is the second
largest player with $50-$75 million in revenues.1 Law360 has estimated annual revenues of $25-
$30 million, followed by Law Bulletin Media with estimated $10-$15 million.2 The Daily Journal
has revenues of $5-15 million.3
The United Kingdom is the second largest market with $25-$50 million in revenues. Three
of the larger players in the market are The Lawyer, Law Business Research, and Legal Week.
Publishers in the emerging markets are typically independent organizations owned and
operated by the founders. The largest of these rely on print products for the majority of their
revenues.
Future Trends
A significant challenge to delivering legal professionals the information they need is the
flood of content; it can overwhelm. Recognizing this, the largest of the legal news and current
awareness providers are developing online platforms allowing for unified offerings tailored to the
legal professional, requiring investment in metadata and filtering technologies.
It is unknown how much technology can solve the filtering issue. Human intervention and
their ability to curate is highly valued today. Will technology be able to distinguish the important
from the routine? Will it be able to identify relevant broader stories on companies or industries?
Will human editors always be required?
The business of law publishing market is expected to continue consolidation. The ongoing
shift of the readership to online publications will require more advanced digital platforms. Smaller
players will struggle to generate the required investments while realizing fewer ad dollars online
versus print. Additionally, integration and linking of news and information will advance and
become an expected part of the reader’s experience. Legal professionals will anticipate unified,
personalized news offerings with global coverage.
The next decade promises to be another period of innovation for the business of law
publishing industry.
1 Dolan Co., Quarterly Report (Form 10Q) (Nov. 12, 2013).
2 David Curle, U.S. Legal News and Current Awareness Market: Evolution and Prospects for Growth, OUTSELL INC. (Sep. 18, 2012).
3 Daily Journal Corp., Annual Report (Form 10-K) (June 24, 2014).
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LexisNexis acquired Moreover Technologies, an online tool that aggregates, monitors, and
analyzes large volumes of news, legal, and social media data to help law firms and corporations
understand key market trends.
This increased investment in the legal professional news space has led to a new wave of
experimentation and innovation. The goal is to deliver exactly the content a legal professional
needs to be successful.
Market Size
The worldwide legal current awareness market is estimated to be approximately $400-$500
million in annual revenues with low-single-digit growth.
The U.S. market is the largest at approximately $300 million. ALM is the top player with
$175-$200 million in revenues, or about 40 percent market share. Dolan Media is the second
largest player with $50-$75 million in revenues.1 Law360 has estimated annual revenues of $25-
$30 million, followed by Law Bulletin Media with estimated $10-$15 million.2 The Daily Journal
has revenues of $5-15 million.3
The United Kingdom is the second largest market with $25-$50 million in revenues. Three
of the larger players in the market are The Lawyer, Law Business Research, and Legal Week.
Publishers in the emerging markets are typically independent organizations owned and
operated by the founders. The largest of these rely on print products for the majority of their
revenues.
Future Trends
A significant challenge to delivering legal professionals the information they need is the
flood of content; it can overwhelm. Recognizing this, the largest of the legal news and current
awareness providers are developing online platforms allowing for unified offerings tailored to the
legal professional, requiring investment in metadata and filtering technologies.
It is unknown how much technology can solve the filtering issue. Human intervention and
their ability to curate is highly valued today. Will technology be able to distinguish the important
from the routine? Will it be able to identify relevant broader stories on companies or industries?
Will human editors always be required?
The business of law publishing market is expected to continue consolidation. The ongoing
shift of the readership to online publications will require more advanced digital platforms. Smaller
players will struggle to generate the required investments while realizing fewer ad dollars online
versus print. Additionally, integration and linking of news and information will advance and
become an expected part of the reader’s experience. Legal professionals will anticipate unified,
personalized news offerings with global coverage.
The next decade promises to be another period of innovation for the business of law
publishing industry.
1 Dolan Co., Quarterly Report (Form 10Q) (Nov. 12, 2013).
2 David Curle, U.S. Legal News and Current Awareness Market: Evolution and Prospects for Growth, OUTSELL INC. (Sep. 18, 2012).
3 Daily Journal Corp., Annual Report (Form 10-K) (June 24, 2014).
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