Online legal research has long been dominated by two companies — Westlaw and Lexis Nexis. But this week, Bloomberg News announced its foray into the legal research market.The financial news service just launched Bloomberg Law in the hopes of taking a bit out of the $8 billion legal research market. And encouraging to subscription site executives is the media giant’s decision to use a subscription-based billing Model.Instead of the complicated metered Model employed by Westlaw and Lexis Nexis (which can lead to thousands of dollars in hidden fees), Bloomberg Law will offer its services for a flat rate of $450/month. And Bloomberg is pushing the new product into law schools, hoping its streamlined design will hook younger law students used to Google searches. This is a great tactic for dealing with a stodgy market (like attorneys and accountants) — hook them before they’ve learned bad habits by the old dogs in the business.Also, B2B publishers should take note: industry-specific databases that save people time are needed in a variety of industries. In fact, tomorrow’s case study on our sister site Subscription Site Insider will show you how even nonprofits and Hollywood can benefit from a decent database.Of course, government documents are more susceptible to open source availability than other types of data. But professionals will always pay for powerful databases with intuitive interfaces and quick load times. In the database world, it’s not content that’s king but smart technology.
Bloomberg Tackles Legal Research Market With Subscription Model
Online legal research has long been dominated by two companies — Westlaw and Lexis Nexis. But this week, Bloomberg News announced its foray into