Bloomberg Law announced yesterday the launch of its new Tax Practice Center that features unlimited access to an integrated suite of primary and secondary law sources. While this roll out lacks the drama and sexiness of some of Bloomberg Law’s previous announcements- namely the BNA acquisition and the DLA Piper deal, it is not without significance. Here are some reasons why I think it is significant:
- Market Timing –The release coincides with the recent “fiscal cliff” drama, new tax legislation, debt ceiling issues, the “surprise” payroll tax controversy and speculation about a possible Tax Code overhaul this year-the first since 1986. This is a critical time, not just for tax practitioners, but for the public as well.
- It showcases the BNA acquisition -The Tax Practice Center features unlimited access to Bloomberg BNA’s Daily Tax Report® and an extensive library of transaction and topic-specific Tax Management Portfolios, which contain practical guidance written by leading practitioners and academics. Portfolios are clearly linked to primary resources including Internal Revenue Code, Public Laws and Treasury Regulations. Tax practitioners can find important documents using Portfolio numbers with easy “Go To” search functionality. The Tax practice Center not only raises the visibility of the BNA acquisition, but it also affords Bloomberg Law the opportunity to increase its return on the investment.
- It highlights Bloomberg Law’s unique integration of content-The Tax Practice Center features an enhanced Internal Revenue Code (featuring Bloomberg BNA editors’ notes), relevant practice tools and working papers; and integrates news, analysis, other primary sources and business information to give practitioners a fuller analysis. Also, as part of the Tax Practice Center, subscribers can quickly and easily access other content such as: dockets, analysis and treatises, Practising Law Institute (PLI) treatises, model tax agreements and clauses with DealMaker Document Search, and practitioners have access to tax forms from the IRS
- It reinforces the “perception of value”- In my earlier blogs, I emphasized that Bloomberg Law needed to add content in order to be competitive with both LexisNexis and Westlaw. Bloomberg Law has steadily added content to its initial product– at no additional cost to its subscribers. This gives subscribers the comfort in knowing that their investment is actually gaining value during the initial subscription period.
Look for Bloomberg Law to continue to add content. Meanwhile, I’d love to hear feedback from Tax Practice Center users.