As we begin to plan for 2010 and beyond, we have two strategic priorities.

On the one hand, this is likely to remain a challenging advertising sales environment, particularly as it relates to law firm and display advertising. While we expect that traditional print advertising will continue to be an important part of our revenue mix, online and events will undoubtedly represent a growing proportion of the total. As advertisers become more sophisticated in their own use of the web, including social networking, video, search advertising and various forms of lead generation, we need to enhance our offerings to the advertising/marketing community. And we need to find ways to economically reach out to a broader group of advertisers—at small and midsize firms or companies—to help them market to our valuable audience.

At the same time, we are investing at a greater pace in the technology needed to create and market more user-supported products, including enhancements to existing websites and new research-based products. The need to generate new revenues from our audience will challenge our marketing skills and require greater sophistication in how we sell our products—to individuals as well as to groups. Maintaining our customer and prospect databases in ways which will enable more targeted marketing has become more crucial than ever. And, of course, supporting our customers with high quality customer service has never been more important than it is right now.

Those two priorities, in turn, depend on our ability to generate the quality of content which our audience expects and to do so in ways which enable flexible publishing across multiple formats. With that content we can republish and repurpose to meet the needs of multiple audiences, creating new products for distribution across our entire database.

After discussions with Jack Berkowitz, George Dillehay and Kevin Vermeulen, we have decided to reorganize the Legal Media Group to allow us to focus on each of the above priorities.

Kevin Vermeulen will assume responsibility for all advertising, sponsorship and exhibition sales, while retaining responsibility for our conference groups, including Insight Information in Canada and continuing legal education. Where we have up to the present time maintained separate sales teams in NY for print/online and event sales, we will now combine those groups under Steve Lincoln so that we speak with one voice to our clients. Steve will continue his responsibility as Group Publisher of our National Magazines with oversight responsibility as well for our newspaper ad sales teams, and will report to Kevin. Henry Dicker and his event team will join Steve’s group.

One of Kevin and Steve’s first responsibilities will be to expand our telesales group, in order to enable us to more efficiently contact and serve small and mid-size advertisers. Once that group is set up, we anticipate that it will encompass as well several of our existing telesales operations, including the custom publishing group and the expert witness team.

George Dillehay will add responsibility for Law Journal Press, Law Journal Newsletters and the recently established Substantive Law Products group to his existing oversight of the newspaper businesses, the MA3000 products and the audience development group. All of these groups derive a substantial portion of their revenues from subscription sales. All rely heavily on direct marketing and, hence, depend on the quality of our customer and prospect databases for their success. One of George’s first responsibilities will be to expand our Group Sales efforts whereby we sell multiple products at a combined price, including print and electronic, to our clients. As part of this reorganization, Sara Diamond and her team will report to George.

Jack Berkowitz will focus on new business development and content generation and, in particular, the ways in which we develop and use content outside of our traditional print and online publications. Jack’s responsibilities will include our Research group, the Law.com team, as well as Licensing. Aric Press and Kevin Iredell, and their respective teams, will report to Jack. Jill Windwer will continue reporting to both me and Jack, as she has been doing. In addition, Michael Hochberger will join Jack’s group as head of Content Generation, helping us to manage both the flow of content within our company as well as sourcing content from third parties. One of Jack’s primary tasks will be to oversee our numerous New Product Development and Business Partnership initiatives to ensure that we are taking full advantage of the investments we have made in technology and people as we continue growing our business.

I am confident that this rearrangement of responsibilities will allow us to focus on the challenges ahead in all areas of our Legal Media business. Please let me know if I can answer any questions.