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AMERICAN LAWYER MEDIA ACQUIRES LEGAL COMMUNICATIONS, INC.

American Lawyer Media (AIM; New York), an affiliate of U.S. Equity Partners (New York), the merchant banking arm of Wasserstein, Parella & Co. (New York), has agreed to acquire Legal Communications, Ltd. (LCL; Philadelphia, PA) from Meridian Venture Partners (Philadelphia, PA). No terms of the deal were revealed. LCI was represented by investment bank Veronis, Suhler & Associates (New York).

LCL is a legal information provider with more than 30 print and electronic information products targeted to legal professionals. The company's most widely-known titles include: Legal Intelligencer, a daily legal notice newspaper for the City of Philadelphia that has a paid circulation of about 2500; Pennsylvania Lair Weekly, a statewide legal information newspaper that includes information on state legal developments, case digests and Pennsylvania Bar Association news, also with a paid circulation of about 2500; and, legal.online, a monthly newsletter designed to be a guide to legal resources on the Internet. Other LCL titles include The Delaware Corporate Law Reporter, Montgomery County local Court Rules, Delaware County Local Court Rules and Philadelphia County Local Court Rules.

LCL newest product, PaLAWnet, is a Web site launched earlier this year that allows users to search and hyperlink among a range of current and archival databases, including recent court opinions from federal and state appellate courts. The deal does not include LCL division Dorland Data Networks.

ALM said that "the move into Philadelphia, the nation's fifth largest legal market, helps fill out ALM's established presence on the East Coast, with additional properties in Washington, D.C., New Jersey, Connecticut and New York." LCL president Jean Seagrave said the deal will enable her company to "offer greater value to our subscribers as well as more options for our advertisiers."

LCL, then consisting of eight legal publications, was purchased in bankruptcy court by Meridian in 1989 for $6.95 million from Packard Press and parent Basix Corp. (New York). American Lawyer Media was acquired by Wasserstein from Time Warner in July 1997. In October, AML purchased National Law Publishing from Boston Ventures Management (Boston, MA) and partner James Finkelstein.
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Comment:AMERICAN LAWYER MEDIA ACQUIRES LEGAL COMMUNICATIONS, INC.
Publication:Legal Publisher
Geographic Code:1U2NY
Date:Mar 31, 1998
Words:344
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