National Law Library Announces Pricing Changes; Last Chance to Take Advantage of Current Rates -- New Pricing to Help National Law Library Expand More Rapidly
HOUSTON--(BUSINESS WIRE)--Aug. 25, 1999--Houston-based National Law Library (OTC BB:ELAW) announced today that it is making changes in its pricing to reflect the increased value its services add for its members. National Law Library's online service at itislaw.com is a virtual law library that makes it easy for lawyers to do legal research from their offices, homes, or portable laptops.
National Law Library's new rate increase is designed to accelerate the online legal research service's national expansion. The company is looking to expand its customer base at the present rate of $35 a month, before the price increases take effect. All new members who sign up by September 1 will be able to get their first month for $15 and lock-in their monthly fee at $35 for one full year. Members who sign up after September 1 will be charged the new rate of $49.95/month.
According to Hunter M.A. Carr, president and CEO of National Law Library, "Even $49.95 per month for unlimited usage of our service is still a bargain. That's why we are attracting former clients of Lexis and Westlaw, the older brands in our industry. These new customers usually want to dramatically reduce their legal research costs. We're also seeing a large number of new customers who have never been able to afford our competitors' services in the past. As a result, our membership base is rapidly increasing. We don't expect the modest price increase to slow us down at all. Instead, the increase in revenues and cash flow should enable us to speed up our expansion plans even more. Our number one priority is to eventually become the market leader in the $600+ million ($6 billion - per Prudential Securities) legal research industry, where we anticipate a major redistribution of the market share in the near future."
Lexis and Westlaw presently control the lion's share of the legal research market. But through its utilization of the Internet as a delivery mechanism, National Law Library is able to operate extremely efficiently and cost-effectively, overcoming many of the serious drawbacks typically associated with its competitors' services. So while many other companies in the industry still concentrate on providing their information to customers on CD-ROM, National Law Library is actually providing the same information in real-time, at lower rates, via the Internet. Its revolutionary online service was introduced earlier this summer.
National Law Library currently has all Texas Case Law, Federal Fifth and Eleventh Circuit case law, Texas statutes as well as litigation forms in plain language for the use of its subscribers. Other recently added features include the U.S. Constitution, Code of Federal Regulations and the United States Code. Future plans for the site include adding the United States Supreme Court, all 50 states and the federal circuits by the end of the year. |
