Breaking legal news and analysis are critical for legal professionals as they drive success for their businesses and clients. Law360 is a key element of our growth strategy because it adds legal news and analysis, a crucial part of an attorney’s workflow and a key entry point to legal research. — Bob Romeo, (then) CEO of LexisNexis Research and Litigation Solutions, March 20, 2012.
LexisNexis solidified its hold on the digital legal news market when it acquired Law360 in 2012. The company ratcheted up its market dominance with last month’s launch of Nexis Data as a Service. Can anyone compete with LexisNexis in the legal news and news analytics space?
Bloomberg Law and Fastcase are moving into the digital legal news market. Bloomberg Law’s move is coming in the form of the staggered conversion of its topical print BNA Law Reports into a news platform targeted for specific practice groups as the company moves to a digital-only publishing model. When completed, BLaw will be well positioned to compete in the speciality law marketplace for legal news but the company will not really be competing with LexisNexis for legal news and analytics in the general law marketplace.
Legal research isn’t just about logging into an online service and running searches. It’s also about taking an active interest in developments that clients care about. Legal news means covering the stories behind new cases filed, analytics, new judicial opinions, passed bills, and rulemaking. Lawyers have to stay as informed as their clients, and our partnership with Law Street Media will be an important source of must-have information about the fast-changing practice of law. — Ed Walters, Fastcase CEO, October 24, 2018.
Fastcase has acquired and will relaunch the defunct legal news platform, Law Street, next year, as an enhanced daily news and analytics hub highlighting national and state litigation, regulatory developments and state bar news, and offering analytics driven by other Fastcase products. I seriously doubt Law Street will make all that much of a dent in LexisNexis’ dominant market position. One news outlet cannot really compete with LexisNexis’ multiple properties — Law360, Mlex and Knowledge Mosaic and partnerships with American Lawyer Media and the Wall Street Journal. Even if one takes into account Fastcase’s partnership with LexBlog’s new law blogs network, Fastcase still has a way to go to compete more directly with LexisNexis in the generalist law market.
But it is a start. I, for one, however, would have preferred if the company had entered into a partnership with an established legal news outlet like, for example, Courthouse News. Perhaps Fastcase will do so in addition to publishing Law Street.