Bloomberg lays down the law

Crain’s New York Business – “While law firms have spent the last year and a half reeling from the financial crisis and trying to cope with diminished employee rosters, a new powerhouse is building a legal army: Bloomberg LP. The financial data and news juggernaut has quietly hired nearly 500 lawyers over the past year, making it the largest source of new legal jobs in New York. From its midtown headquarters, Bloomberg is positioning itself to attack the $14.5 billion legal research industry, which has been long dominated by the duopoly of LexisNexis, a $4 billion enterprise owned by Reed Elsevier, and Westlaw, which is part of the Thomson Reuters information empire. Thomson declines to break out Westlaw’s financials but says total legal revenues hit $3.5 billion last year.”

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