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Bloomberg Law

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Bloomberg Law is a subscription-based service that uses data analytics and artificial intelligence for online legal research. The service, which Bloomberg L.P. introduced in 2009, provides legal content, proprietary company information and news information to attorneys, law students, and other legal professionals.[1] More specifically, this commercial legal and business technology platform integrates Bloomberg Law News with Bloomberg Industry Group's primary and secondary legal content and business development tools.[2][3][4][5]

Bloomberg Law
Type of site
Subscription-based service for online legal research
Available inEnglish
OwnerMichael Bloomberg (88%) and Bank of America (12%; through Merrill Lynch)
ParentBloomberg L.P.
URLpro.bloomberglaw.com
CommercialYes
RegistrationRequired
Launched2010; 14 years ago (2010)
Current statusOnline

Creation and services

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Bloomberg Law's web-based platform was first released under a pilot program in late 2009.[6] According to the Financial Times, "the unit forms part of the data provider's drive to diversify beyond the banks and investment groups that make up the core customers for its eponymous terminals."[7] In 2010, the service was formally launched.[1] According to Bloomberg BNA, the platform was developed to help law firms grow their top line revenue, provide counsel by getting answers quickly and efficiently, and maintain and increase their profitability.[8]

Prior to the creation of Bloomberg Law, two services, LexisNexis and Westlaw, comprised the majority of the legal research market. Bloomberg L.P. sought to separate itself from the competition by offering an integration of the Bloomberg company and financial data with legal research. Bloomberg Law combines content from Bloomberg's global news network, legal analysis, court dockets, legal filings and reports from Bloomberg legal analysts as well as business news and information. Attorneys can also draw upon stock charts, search patent histories and find information about relevant judges and attorneys.[9] The service is priced to include all features under a fixed monthly fee.[10]

In 2011, Bloomberg L.P. purchased Bureau of National Affairs (BNA),[11][12] and integrated legal materials from BNA into Bloomberg Law.[13] Features include Litigation and Dockets, Legal and Financial Analytics, Business Development Center, Practice Tools and News and Law Reports.[14] In September 2019, Bloomberg BNA changed its name to Bloomberg Industry Group, which includes Bloomberg Law, Bloomberg Tax, Bloomberg Government, and Bloomberg Environment.[15]

Growth and expansion

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In October 2010, Lou Andreozzi, a former chief executive officer of LexisNexis North American Legal Markets, joined Bloomberg Law as chairman and Larry Thompson, a former global marketing officer of LexisNexis, joined as chief operating officer.[16] In September 2011, Bloomberg acquired legal publisher Bureau of National Affairs (BNA) to bolster its proprietary data and content.[17]

In September 2012, Greg McCaffery was named chief executive officer of Bloomberg Law. McCaffery had previously served as chief executive officer and president of Bloomberg BNA.[5][18] In January 2014, Bloomberg BNA, a Bloomberg L.P. subsidiary, took over day-to-day operations of Bloomberg Law.[19] In 2018, Josh Eastright assumed the role of CEO of Bloomberg BNA.[20]

Between 2014 and 2015, Bloomberg Law expanded and debuted features including dockets covering state, federal, and select international court cases, financial and legal analytics, and practice-specific products for corporate transactions,[21] privacy and data security, and banking. In July 2018, Joe Breda was named President of Bloomberg Law, succeeding Scott Mozarsky. Breda previously served as the Executive Vice President of Bloomberg Industry Group's (then called Bloomberg BNA) Product team.[22]

Bloomberg Law has integrated Bloomberg Industry Group products and focuses on practice tools for attorney productivity.[23]

Features

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  • Dockets: Bloomberg Law Dockets cover state, federal, and select international court cases. Users also have access to Breaking Complaints, unlimited alerts, and searches.[24]
  • Analytics: There are two major sets of analytics available on Bloomberg Law: financial and legal.[25][26] Bloomberg Law News Search houses over 50,000 news wires, while the Business Development Center pulls together business news searches to provide insights into M&A rumors, bankruptcy rumors, recent attorney moves, and other criteria.[3]
  • Points of Law: Case law research tools using artificial intelligence to identify court decisions on a particular point of law.[27]
  • State Chart Builders: Allows comparison of relevant laws and regulations from different jurisdictions.[28]
  • Smart Code: Uses artificial intelligence and machine learning to create virtual annotated codes.[29]
  • Brief Analyzer: Tools that use artificial intelligence to reduce time analyzing legal briefs.[30]
  • Litigation Analytics: Organization of analysis by attorneys, law firms, courts, judges, and companies.[31]
  • Practical Guidance: Coverage for litigators and transactional attorneys in various practice areas.[32]

See also

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References

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  1. ^ a b Adams, Russell (July 8, 2010). "Bloomberg Hangs New Shingle". The Wall Street Journal. MarketWatch. Retrieved August 15, 2011.
  2. ^ "New Bloomberg Law App Provides Seamless Access To Personalized Content", PR Newswire (Feb 21, 2014).
  3. ^ a b "Bloomberg Law Launches Business Development Center Archived April 6, 2016, at the Wayback Machine", Reuters (November 29, 2012).
  4. ^ Mary Ann Neary and George D. Wilson, "Bloomberg Law, the newcomer in legal research, meets academic users Archived September 12, 2015, at the Wayback Machine", AALL Spectrum (March 2009).
  5. ^ a b "Bloomberg Law Puts BNA Leader, Greg McCaffery, as New CEO", 3 Geeks and a Law Blog (September 4, 2012).
  6. ^ "Bloomberg to Compete with Lexis and Westlaw". Above the Law (blog). October 6, 2009. Retrieved April 3, 2013.
  7. ^ "Bloomberg Law's Discounts Pose Threat". Financial Times. Retrieved April 3, 2013.
  8. ^ "Bloomberg BNA Announces Support Of The Legal Aid Society Of The District Of Columbia -- Offers Complimentary Access To Bloomberg Law Technology Platform".
  9. ^ "Can Bloomberg Law Compete With Westlaw and LexisNexis?". The Wall Street Journal. Retrieved August 4, 2011.
  10. ^ "Bloomberg LP Lays Down the Law". Crain's New York Business. November 21, 2010. Retrieved June 19, 2012.
  11. ^ Douglas, Danielle (August 25, 2011). "Bloomberg Snags BNA for $990M". Capital Business Blog (of The Washington Post). Retrieved June 20, 2013.
  12. ^ Rodgers, Loren (September 15, 2011). "BNA to Be Acquired by Bloomberg". The Employee Ownership Update. National Center for Employee Ownership. Retrieved March 28, 2013.
  13. ^ Press release (April 2, 2012). "Bloomberg Law Expands with Integration of BNA Content". Bureau of National Affairs. Retrieved June 20, 2013.
  14. ^ "Bloomberg Law Overview", Bloomberg Law.
  15. ^ O'Grady, Jean (September 4, 2019). "Bloomberg BNA Announces BIG Name Change Now: Bloomberg Industry Group". Dewey Strategies. Retrieved February 10, 2020.
  16. ^ Becker, Amanda (October 25, 2010). "Legal Briefs: Bloomberg Law Fills Pair of Leadership Positions with Former LexisNexis Executives". The Washington Post. Retrieved February 2, 2011.
  17. ^ "Bloomberg's $990M Bid for BNA Succeeds". Yahoo! News. Retrieved February 29, 2012.
  18. ^ "Greg McCaffery Named CEO of Bloomberg Law" (Press release). Business Wire. September 4, 2012. Retrieved September 21, 2012.
  19. ^ "Bloomberg Law to Rebrand as Bloomberg BNA", Legal Tech News (July 30, 2013).
  20. ^ "Josh Eastright | Bloomberg BNA". Archived from the original on June 29, 2018. Retrieved July 2, 2018.
  21. ^ "Bloomberg BNA launches Bloomberg Law: Corporate Transactions" (Press release). Bloomberg BNA. May 19, 2015.
  22. ^ Ambrogi, Bob (July 10, 2018). "Breaking: Mozarsky Out As Bloomberg Law President; Breda Replaces Him". Lawsitesblog. Retrieved February 10, 2020.
  23. ^ "Bloomberg Law Expands With Integration of BNA Content" (Press release). Bloomberg. April 5, 2012. Retrieved February 10, 2020.
  24. ^ "Docket Searching: Easier Than Ever on Bloomberg Law". Jameson Law Library Blog. September 8, 2013.
  25. ^ "Is this the Next Big Thing in Legal IT, as Bloomberg launches Bloomberg Law: Corporate Transactions", Legal Insider (May 19, 2015).
  26. ^ "The Future Of Law And Technology: An Interview With Bloomberg BNA's David Perla". Above the Law. August 27, 2015.
  27. ^ "Bloomberg Law trains machine to highlight legal points". ABA Journal. September 26, 2017. Retrieved February 10, 2020.
  28. ^ "BNA State Chart Builders". UNC School of Law. Retrieved February 10, 2020.
  29. ^ "How Bloomberg is Changing Legal Annotation". Legal Talk Network. Retrieved February 10, 2020.
  30. ^ "Now Comes Another Brief Analyzer, this from Bloomberg Law". Lawsitesblog. July 16, 2019. Retrieved February 10, 2020.
  31. ^ Ambrogi, Bob (April 16, 2019). "Bloomberg Law Says It Has 'Significantly' Expanded its Litigation Analytics". Law Sites.
  32. ^ Ambrogi, Bob (July 10, 2018). "Bloomberg Law Announces New Practical Guidance, SEC Analytics, and Real-Time News". Law Sites.
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