Oh joy!! Just when you thought that LexisNexis acquiring Knowledge Mosaic was the big legal publishing news of the day. Along comes Thomson Reuters to one-up them. Practical Law Company (PLC) just sent out the news that they’ve been acquired by Thomson Reuters (TR). Everyone I’ve talked to in the past hour has groaned about this announcement, as TR is notorious for acquiring good companies and then chasing out all the talented people associated with that company (think: GSI).
Good luck to the folks at PLC (as it seems the news was a bit of a shocker for them, too.)
Here’s the press release. (Now to sit back and wait to see if Bloomberg has something to tell us today… )
I am delighted to let you know that today we announced that we have entered into a definitive agreement for Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, to acquire Practical Law Company. I wanted to share this news with you as a valued subscriber. You can learn more in the news release and FAQ.
Thomson Reuters is a great home for Practical Law Company. We share many values with Thomson Reuters, most notably a passion for innovation in the legal marketplace and for providing lawyers with the best possible resources so that they can spend more time delivering value for clients and less time reinventing the wheel. We also share a commitment to helping our subscribers respond to client demands to work faster and smarter.
The acquisition is subject to regulatory review in the US and UK. This means that you can continue to look to Practical Law Company for the high-quality products and services you have come to expect. You will keep the same contacts for your account and for assistance as you always have. Longer-term, Practical Law Company and Thomson Reuters will work together to develop a comprehensive suite of compelling productivity solutions that marry world-class legal information, expert know-how resources and software tools to give you an enhanced experience and deliver greater value.
We will keep you apprised as appropriate in the coming weeks.
CEO, Practical Law Company US