Categories: OLD Media Moves

Bloomberg Law discounting pricing to gain market share

Andrew Edgecliffe-Johnson of the Financial Times writes for Monday’s paper about Bloomberg Law, which has dramatically lowered its price to take customers away from LexisNexis and WestLaw.

Edgecliffe-Johnson writes, “Lou Andreozzi, a former LexisNexis executive appointed last month to chair Bloomberg Law, said he expected many law firms and corporate lawyers to prefer its flat monthly fee of $450 per attorney to the more ‘expensive and unpredictable’ sums they pay depending on how often they use rival systems.

“He hinted at further discounting, ‘to get people acclimatised to the system,’ but said pricing would not be ‘wildly different’ from the current rate. Mr Andreozzi said there was duplication between the two leading systems – dubbed ‘Wexis’ – and Bloomberg hoped that many clients would replace one of their subscriptions with Bloomberg Law.

“Thomson Reuters, Bloomberg’s closest rival in financial data, owns Westlaw, and LexisNexis is part of Reed Elsevier, the Anglo-Dutch information group.

“Bloomberg Law, accessible online, is focusing initially on areas such as securities law, bankruptcy, mergers and acquisitions and intellectual property where its parent company can offer news and data.”