Will The Semantic Web Affect Legal Publishers?

Really, the question is not “will” but “how.” Reading today about the effect of the semantic Web movement on the legal publishing industry, as part of a subset of a larger series on the effect of the semantic Web on many industries. The article is written by Bernard Lunn over at The Semantic Web (link here). Really fascinating read, mostly due to predictions as to how disruptive forces will shake the legal publishing “oligarchy”.

I suggest you hit the jump above for the full article, tables and what not. But I will summarize my own thoughts here. Bear in mind the statistic that three publishers –  Thomson Reuters, Reed Elsevier and Wolters Kluwer – own 90 percent of this $5 billion per year, high-margin  market. It’s good to be the King, right?

Well, not exactly. Lunn applies to the legal industry the same 7 disruptive forces brought to bear on other industries under the radar. Consider these forces:

Factor # 1: Digital economics.

The publishers do not own the base data, which comes from court records. These can be replicated at close to zero cost. Semantic Web technology will make those mountains of data more accessible.

Factor # 2: Generational shift in habits.

The generation of lawyers that grew up with Facebook, LinkedIn and Twitter will look for answers outside of the normal channels; particularly if a cost squeeze forces them to be creative.

Factor # 3: Globalization of markets.

Try selling content at US/UK prices when you are selling to BRIC (Brazil, Russia, India, China).

Factor # 4: Globalization of competition.

Lawyers and publishers in BRIC countries will bring price competition one way or another.

Factor # 5: Deleveraging.

In this case the deleveraging is lawyers paying off student loans when they can no longer charge really high $ per hour rates. They simply won’t pay as much for information because they cannot pay.

Factor # 6: Great Recession.

Customers are pressing legal firms for lower prices. Big firms have gone smash and many have cut back. They will seek lower costs from publishers.

Factor # 7: Regulatory change.

People in the industry are pushing for more AntiTrust action. The more radical option is Law.gov, which we will explore in the next post.

That’s a lot of pressure from many diverse sources. It’s to be expected. When you own too much, charge too much, and fail to deliver significantly more than the other options, these forces are going to result in an ever-increasing vice grip of pressure. People mindful of where their money is going will be forced to look elsewhere.

Have they yet? Well, if the investors and earnings charts printed in the article are to be believed, you would have done better in an S&P 500 Index fund than in any one of our legal oligapolists (I LOVE that word)! Apparently, the ones holding the investment bag, those who must look down the road for the next big investiing tip, are NOT looking at the big three legal publishers.

And why should they? Take Westlaw for example. Thomson West had a fabulous opportunity to shift attention away from other search options with their new WestlawNext product. Instead of grabbing the limelight with a great product and offering more for less, Thomson earned press (in an increasingly-connected, hyper-critical, on-line social system) for being confused on pricing and actively hiding information vital to the calculus of whether WestlawNext was a value or a bust. You only get so many bites at the “apple” these days (yes, I intended that pun) so you really need to make your impacts hit big. Like Apple, for example.

As information becomes easier to identify, quantify and connect, Westlaw (and the other premium products) are going to be harder to justify. As I have said many times before, troubles at Westlaw and Lexis/Nexis might be difficult for the shareholders to digest, but ultimately, competition from the open Web and new semantic technologies is good news for the end user.

And, of course, we here in Gloucester know how to weather a “Perfect Storm,” so I’m not worried in the least.

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Organizing Your On-Line, Real-Time Research

Now that you have your RSS feeds organized, how do you collect and digest the great information you find there? Try Mashpedia (link here) – a real-time tool that searches and collects feed information and displays it in an easy-to-read format. Start off with a search-engine looking box and enter your topic of interest. You will then be directed to a page with results, including definitions, videos, Tweets, and other items. You can also view clickable semantic links between the search results.

Show or hide individual streams or feeds. Customize individual articles.  Static content and real time flow sit side by side, greatly increasing the depth of informtion on your given topic.

Mashpedia is another great application to aid the on-line researcher in staying up to date on a given subject.

Hat tip to ResearchBuzz and MakeUseOf.

Clearing Your Virtual Magazine Bin

In my humble opinion, the single best source of information both on and off the Web is a healthy collection of news and blog feeds automatically pouring into Google Reader. But, much like my tangible desktop, briefcase and magazine bin, my virtual periodical inbox is stuffed full to bursting. It can’t be helped: I see an interesting post or feed and I MUST subscribe. My pack rat mentality flows over into virtual space. Dozens of feeds and thousands of posts later, I lose complete site of the bottom of the pile.

So I welcomed this morning a post from Lifehacker (link here) with tips on how to tame the tangle mass that is my Google Reader inbox. Some tips I knew, but others were fresh and I immediately applied them. For example, use the “Trends” button underneath “Your Stuff” in the left hand column to quickly view the least updated, most obscure or least attended-to feeds and lose them like a bad habit. Lifehacker also suggests creating a folder system that encourages you to spend more time on the stuff you want: consider folders called “favorites” containing all your must-read subscriptions, then tier the remaining content in order of importance or subject matter. I employ a subject-based foldering system, but I do tier my Reader follows into “Top Peeps” and all the rest.

Another great tip for the higher order geek is using Yahoo! Pipes (link here) to further customize your feeds with built-in filtering. Another, somewhat simpler, option is FeedRinse (link here), which strains by author, tags, and keywords. Lifehacker reminds that WordPress feeds also offer tagging – in other words, if you are reading a WP blog within a particular category, simply add /feed/ to the end of the URL and you can secure a feed of only that category.

The Lifehacker article finally spurred me to start the long overdue Spring feed cleaning that I had contemplated for some time. It didn’t hurt my momentum when I learned this morning that the Reeder app on my iPhone stops updating when there are 5,000 unread items. Oops.