Research professionals across law firms and corporations have seen both the expansion and consolidation of electronic information resources (EIR) in recent years. As new technologies are developed, they are often acquired by the large industry players: Bloomberg, LexisNexis and Thomson Reuters. The landscape changes quickly, and it can be difficult to keep up with EIR trends and players.
Our recent report, “In the beginning, there were two”, provides a comprehensive update on the state of EIR for legal and financial professionals.
The report first looks at the trends driving the industry, notably:
- The growth of artificial intelligence (AI) and analytics—how both firms and vendors are using AI and analytics to perform research and tap into large stores of information.
- Evolving selling and buying patterns—where market competition and pricing models are increasingly driving buyer and seller decisions.
- Rethinking and innovating electronic information and research—how AI and big data are reshaping vendor and consumer expectations for technology.
No report would be complete without a look at the current state of the industry. The original two referenced in the report’s title, LexisNexis and Thomson Reuters, have been joined by Bloomberg as the dominant forces with broad product portfolios. All three provide services, information resources and productivity tools for legal and financial professionals. The report takes a look at some of their more recent offerings portfolio developments.
Despite consolidation through acquisition, the market is still providing plenty of opportunities for new entrants to make a mark, and for more established mid-tier vendors to thrive. The report’s Appendix highlights 43 companies of all sizes that provide tools, information and services needed for financial and legal research.
The Appendix illustrates the crossover between products and services, as the lines get blurred between legal and financial transactions, such as contracts and mergers & acquisitions. It also shows how content aggregators, news outlets, credit rating firms and business intelligence providers are all relevant in the EIR space.