The board of Thomson Reuters has just published its Q2 results – here is a link to a transcript of the analysts' conference call (courtesy Seeking Alpha) – all self-explanatory although the comments on page 1 are interesting…

“While Legal grew 2% overall in the quarter, we saw a decline in
ancillary, practice management software which is Elite, and consulting
related revenues as well as continued weakness in print revenues. Large
law firm revenues were flat reflecting layoffs in the first quarter,
but we’re encouraged by the significant slowing in large law firm
layoffs in Q2 as compared to Q1.”

While page 3 goes on to say “International online revenues continue to grow strongly. They were up 16%. Software and services revenue declined 3% as a 14% growth in FindLaw was offset by sizable declines in practice management software, which is our Elite business, and our consulting revenues.”