From a Liberum Capital report highlighted by Jason Wilson at rethinc.k:

Legal publishing margins have fallen from an estimated 25% in 2008 to 14% in 2011, and organic revenue growth has seen two years of organic revenue declines followed by anaemic growth in 2011. We do not see this recovering. It is clear that the legal publishing business will remain under considerable structural challenge[.]

See also Robert McKay’s post, The End of Legal Publishing?.