Legal Publishing Opportunities and Threats

Ron Friedmann Prism Legal Consulting, Inc. March 19, 2007
ron@prismlegal.com 703.527.2381

Agenda
Business context  Impact of technology

Content delivery  Content creation

Opportunities

Ron’s Background
   

Legal technology consultant (4 years) CIO, Mintz Levin (1) Practice support, Wilmer (8) Legal software marketing
 

  

Strategy consulting, Bain & Co (3) Econometrician, Data Resources, Inc. (4) Education
 

Jnana – interactive legal advisory systems (3) iLumin – online signing dot-com (0.5)

JD, NYU (1986) BA, Economics, Oberlin College (1979)

Business Context
Publisher Penetration in Law Firms

Content Provider Value Added

Create

Primary
• Plain • Enhanced (e.g., compilations, headnotes)

Secondary, interpretive, or analytic
• Editors • External authorities

Deliver

Print, search, e-mail, RSS

Moving Beyond Content
 

Content market is limited Publishers expand penetration via organic growth, acquisition, partnership

Thomson
• Elite, Hildebrandt, Expert Ease, Hubbard One, ProLaw, LiveNote, West KM, Monitor

Lexis-Nexis
• Applied Discovery, Interface, Time Matters, Datops, HotDocs, Martindale-Hubbell, Hosting, NetDocs

Wolters Kluwer
• Summation, TyMetrix

Publisher Penetration by Task
100%

Save Write Low penetration

% of Time by Task

Process

0

Research Identify

High penetration

Law Practice

Source: Concept Overview

Law Business
Information Intensive Aspects Only (Excludes Operations) Matter intake Marketing (including web sites) Business development Competitive intelligence Financial accounting HR management Planning Practice group management

       

Publisher Penetration by Task
100%

% of Time by Task

Not Info Intensive Low penetration

Info Intensive

Some penetration

0

Law Business

Source: Concept Overview

Business Context Conclusions
Content penetration inherently limited – hence expansion  Content publishing must evolve  Cross-selling and integration?

Technology  Business

Content Delivery
Impact of New Technology

Technology Affecting Delivery
Portals  Taxonomies  Search  RSS  Mobility

New Delivery Paradigm
Past: visit many sources for content  Present: content delivered to users

In more places  Via multiple formats  With greater personalization

Customized Delivery
Taxonomies give matters and information meaning  Portals aggregate multiple sources  Newsreaders and RSS support an alternate delivery approach  Smart search eases finding info

Business Logic Adds Value
New info delivered to those who need it  Infer interests and experience from taxonomies or user behavior  Business rules determine who gets what information, when, and by what means

Delivery Business Issues

Who purchases?
Past: Librarians called all the shots  Present: CIOS, knowledge managers, and lawyers are influencers, if not buyers

Pricing and licensing  Placing bets on technology  Focus on content or on technology?

Best Focus is on Content

Law firms want delivery
Via various technologies  On flexible license terms  With tagging that adds meaning

Law firms want
Content from multiple publishers  Software from tech companies

Law Firm Quotes
On Technology  On Aggregating Publisher Content
 

OMITTED IN THIS VERSION

Delivery Tech Wildcards
Blogs  Podcasts  Wikis and collaborative software  Social tagging / social networking  XML

Blogs

Impact is more on content creation than consumption or delivery

More on content creation later

Reading many blogs impractical  Aggregation via RSS is probably biggest impact

Podcasts (audio and video)
Limited traction so far  More about creation than delivery  Potential to expand reach of text by conversion to audio or video

Wikis and Collaboration

Limited traction to date
Lawyers wed to e-mail  But Allen & Overy uses wikis

Impact of broader use
Another “content container” populated manually or automatically  Potential for content creation

Social Tagging and Networking
Not yet common in legal  Only a few lawyers need to tag content to create new value

Internal content  External content

No “MySpace” for lawyers - yet

XML
Office 2007 built on XML  Potential to tag document parts  Entity extraction engines emerging  Makes content easier to re-use  Potential to integrate with clients

Transactions and legal updates  Impact on both creation and delivery

Content Creation
Impact of new technology

Threat?

New tech > new content providers?

Wither the role of the comprehensive, integral, and context-rich sources?

If so, substitution or net growth?

Technology Affecting Creation
Blogs  RSS  Podcasts  XML  Lower cost web technologies

Law Firms as Content Creators

Law firms generate much content
Print and e-mail updates  Outlines and treatises

Implications of blogs and RSS

Large Firm Blogs

(Branded)

Firm # Blogs Sheppard Mullin 9 Womble Carlyle 8 Davis Wright 4 Fox Rothschild 3 Holland & Hart 2 Bracewell Giuliani 1 K&L Gates 1 Porter Wright 1 Sutherland Asbill 1 Total 30

Large Firm RSS Feeds
Duane Morris (10)  Fulbright (1)  Jones Day (30+)  White & Case (20+)  WilmerHale (20+)

(# feeds)

Example of Feeds

Other Legal Self-Publishing

Niche web sites
 

Food packaging by Keller & Heckman AED Risk Insights
(not firm branded)
(Dechert counsel + Jones Day

Niche blogs
  

Drug and Device Law
partner)

Silicon Valley Media Law (Wilson Sonsini partner) Suits in the Workplace (2 McGuire Woods partners)

Torys video Podcast center

Primary Sources as Publishers?

Web makes publishing easy
Agencies, courts already have sites  More functionality (e.g., new NASD manual)

XML allows adding value

SEC enhances EDGAR with XBRML If content provider use tags and enable RSS, less need for intermediaries

Tagging

Other New Content Providers
 

Lower cost

FastCase for case law and statutes RealPractice Public Access (to EDGAR) Precydent (new search engine for fed cases) Mavent mortgage compliance

Innovative
 

 

Expert systems

Collaborative
 

Blogging and Other Social Media: Technology an (law book being written via wiki) Legal Week Wiki (UK, info about large firms)

Opportunities

Gain share or sustain pricing via higher value delivery
  

Flexible delivery Infer more from individual use-pattern Sell smaller chunks but avoid cannibalization Co-opt, don’t fight individual producers? Aggregate and distribute More analysis “Ask the editor” service

Become “community” for legal niches
 

Maximize value of human resources
 