Law firms are spending more on technology than ever, driving a surge in legal software budgets. LexisNexis and Thomson Reuters dominate with decades-long investments in searchable, citation-linked legal databases and integrated workflows. Relx posted $1.2 billion in legal-segment revenue in the first half of the year, up 9% as firms adopt "intelligent" tools. Startups are aggressively targeting the same budget lines, promising next-generation alternatives, and Vlex agreed to a $1 billion sale to scale its legal ops platform. Incumbents emphasize proprietary data and integrated solutions, leaving the market outcome uncertain.
There's never been more money in legal software - or more ways to burn it. Ask LexisNexis. Founded in 1973, the company sells a legal research platform that lawyers use to draft and analyze documents. Its parent company, Relx, posted $1.2 billion in revenue for the legal segment in the first half of this year, buoyed 9% year-over-year by firms paying up for its "intelligent" new tools.
Spending is soaring, competition is swarming, and for the first time in a long time, the outcome isn't obvious. "What we're seeing is a new era of competition," Thomson Reuters chief executive Steve Hasker told analysts on a recent earnings call, citing "a bunch of startups" and newly energized incumbents. He insisted Thomson Reuters has the edge: proprietary data and a "single integrated solution" that combines content and workflows.
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