Bloomberg is looking to break the Lexis-Westlaw stranglehold on the legal research market. The financial software and news company unveiled ‘Bloomberg Law’, a legal research tool at New York yesterday. The product has seen heavy investments, a long gestation period and is yet to be tested on the law firm market.

Bloomberg, the financial software, data and news company has finally launched its legal research tool, ‘Bloomberg Law’ at their New York office yesterday. Bloomberg’s product is poised to compete with Lexis and Westlaw as a US legal research tool.

Bloomberg Law has heavily invested on this product and is yet to be tested on the law firm market in the US. The website claims that “the news, data, and analysis are delivered in user-friendly formats and feature full-text database search and alert functionality, analytical reports, litigation research tools, and competitive intelligence profiles.” Bloomberg has been hiring lawyers for the last two years. It is rumored that several lawyers who were affected during the last two years of recession interviewed with Bloomberg as they were hiring for Bloomberg Law.

Bloomberg Law’s brochure is available here.