Thomson Reuters in the news

From a Wall Street Journal report:

Thomson Reuters Profit Jumps 93%

. . . WestlawNext, which has been sold to over 24,000 customers since its launch in early 2010 and is helping to offset downward pressure stemming from continuing weakness in business from large law firms. Legal revenue increased 9% to $843 million for ongoing businesses and before currency adjustments.

And this from a story in yesterday’s Financial Times, “Thomsons grow restless over Reuter’s progress,” (p. 17, by David Gelles and Andrew Edgecliffe-Johnson).

. . . the company’s focus is largely on its Eikon platform, which was designed as a rival to the Bloomberg terminal.  Outside observers acknowledge that Eikon was well conceived. “Eikon is a fantastic idea and if they have time it will go far, ” said [Douglas B. Taylor, managing partner at Burton-Taylor International Consulting].  “It won’t be a Bloomberg killer, but it will reset the bar for Thomson Reuters.”

Bloomberg Law’s discounts challenge information suppliers

“Bloomberg Law’s discounts challenge information suppliers” is the headline to a story in today’s Financial Times (p. 19) by Andrew Edgecliffe-Johnson.

The story quotes Lou Andreozzi, the new head of Bloomberg Law, on the company’s efforts to persuade attorneys to consider at least replacing one of their “Wexis” accounts with Bloomberg Law, since Bloomberg’s flat rate pricing (quoted at $ 450 per attorney) is preferable to the “more expensive and unpredictable sums” charged by the competition.

The story also reports how “Bloomberg has recruited ‘hundreds’ of lawyers to create a citation system, which advises users whether cases are still in use, to rival those owned by Westlaw and Lexisnexis.”

The story quotes analyst David Curie who says that “Bloomberg looked unlikely to make big inroads in the short term, but its ‘deep pockets’ made it a long-term challenger.  ‘The pricing definitely is the most challenging and disruptive thing about it,’ he said, predicting that others may follow its flat fees . . .

The story  includes a sidebar, “Legal services industry continues to expand” which includes this information:

Law firms and corporate legal departments once looked to legal research services for basic case law, newspaper articles and public records.

As such information has become more freely available, companies such as Thomson Reuters’ Westlaw division and Reed Elsevier’s LexisNexis have concentrated to turning their databases into online tools to enhance clients’ productivity.

The sidebar goes on to use Thomson’s acquisition of Pangea3 as an example.

Thomson Reuters: Westlaw sales up, but print declines dragging down profits

From today’s Financial Times (p. 16), “Thomson Reuters raises revenue outlook”

“The professional division . . . saw strong subscription revenues in its large legal business, WestLaw, but further declines in its high-margin print products, dragging operating profits in legal down 6 per cent.

The new WestLawNext product . . . had been sold to more than 9,000 customers, double its initial expectations,” according to Tom Glocer, chief executive of the financial and professional information group.

E-book advocates highlight content evolution

Story in today’s Financial Times:

E-book advocates highlight conent evolution

By Andrew Edgecliffe-Johnson

From the story:

But the technology and pricing of e-readers is changing fast, as devices from Interead, Hearst and Plastic Logic, backed by retailer Barnes & Noble, join Amazon and Sony’s brands.  Forrester Research expects the US e-reader market to grow from 1m units to 12m by 2012 as new devices offer wireless connections, touch screens and, in time, colour displays.

Changing fast, but not fast enough.  Today classes begin for 1Ls here at Stanford, and already one professor is reporting that the bookstore does not have sufficient copies of the casebook available.

There’s also a related front-page story from today’s paper:  “French book publisher warns of Google-Amazon pricing threat.  Deep cuts being forced,” says Hachette chief.  By Ben Hall in Paris.

For more

“Pay-out to staff as Bloomberg sales fall”

This is the headline in today’s Financial Times.  The article, written by Andrew Edgecliffe-Johnson, reports that:

“In a rare disclosure by the privately held news and data company, Bloomberg said its total terminal numbers had fallen by 11,470 or 4 per cent, from a peak last November of 268,800.”

However, even with the drop in the sale of terminals, revenues for Bloomberg in the last year have risen from $5.8 billion dollars to $6.2 billion dollars and  Bloomberg is ‘planning to add 1000 employees’.

Buying information on and for your phone

From today’s Financial Times.

Thomson Reuters upgrades applications

By Andrew Edgecliffe-Johnson

Thomson Reuters is overhauling its mobile applications for the iPhone and BlackBerry, as a first step towards charging for its content on smartphones.

. . .

Thomson Reuters has tailored its applications for the two devices’ different audiences.  The iPhone service plays up video coverage and photography for a consumer-focused user base, while its BlackBerry service focuses on customised business reporting and data.

FT interview with Reed Elsevier CEO

The “Monday Interview” in today’s Financial Times is with Sir Crispin Davis, the outgoing chief executive officer of Reed Elsevier, LexisNexis’s parent.

The Monday Interview
Sir Crispin David

Reed’s leader from dusty to digital
The outgoing chief executive tells Andrew Edgecliffe-Johnson how the publisher prospered as others suffered in the internet maelstrom.

According to the piece,

Almost three years ago, he decided Reed needed to “raise the bar again”, refining its strategy beyond simply digitising content to embedding it in productivity-enhancing online tools for lawyers, scientists and doctors.  The number of technologists employed by the company has grown from 400 to 4,800 in ten years and the share of revenues coming under the ungainly banner of “workflow solutions” has risen to more than 50 per cent.”