<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

|X|      Quarterly report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934 For the quarterly period ended March 31, 2001.

| |      Transition report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

               For the transition period from        to        .

                       COMMISSION FILE NUMBER: 333-50119


                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                            <C>
        DELAWARE                                                    13-3980412
(State or other jurisdiction of                                  (I.R.S. Employer
incorporation  or organization)                                Identification Number)


    345 PARK AVENUE SOUTH
      NEW YORK, NEW YORK                                               10010
(Address of principal executive offices)                             (Zip Code)
</TABLE>


        Registrants telephone number, including area code (212) 779-9200


      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                              Yes |X|         No |_|


As of May 15, 2001, there were 1,200,000 shares of the registrant's Common
Stock, $.01 par value outstanding, the majority of which were held by
affiliates.
<PAGE>   2
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.

                                      INDEX

<TABLE>
<CAPTION>
PART I                                                                     PAGE
                                                                           ----
<S>                                                                        <C>
FINANCIAL INFORMATION

        ITEM 1.  FINANCIAL  STATEMENTS

          Consolidated Balance Sheets at March 31, 2001 (unaudited)
              and December 31, 2000 ...................................      1
          Consolidated Statements of Operations for the Three Months
              Ended March 31, 2001 and 2000 (unaudited) ...............      2
          Consolidated Statement of Changes in Stockholder's Equity for
              the Three Months Ended March 31, 2001 (unaudited) .......      3
          Consolidated Statements of Cash Flows for the Three Months
              Ended March 31, 2001 and 2000 (unaudited) ...............      4
          Notes to Consolidated Financial Statements at
              March 31, 2001 (unaudited) ..............................     5-9


        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ......     10

        ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
                ABOUT MARKET RISK .....................................     13
PART II

OTHER INFORMATION

        ITEM 1.  LEGAL PROCEEDINGS ....................................     14

        ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS .............     14

        ITEM 3. DEFAULTS UPON SENIOR SECURITIES .......................     14

        ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ...     14

        ITEM 5. OTHER INFORMATION .....................................     14

        ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ......................     14
</TABLE>
<PAGE>   3
                                     PART I
                              FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)


<TABLE>
<CAPTION>
                                                                                   MARCH 31,     DECEMBER 31,
                                                                                       2001          2000
                                                                                   ---------     ------------
                                                                                   (unaudited)
<S>                                                                                <C>            <C>
                                            ASSETS
Current assets:
Cash and cash equivalents ....................................................     $   1,948      $   2,263
Accounts receivable, net of allowance for doubtful accounts
  and returns of $2,603 and $2,836, respectively .............................        19,153         19,613
Inventories, net .............................................................         1,626          1,561
Other current assets .........................................................         3,109          3,035
                                                                                   ---------      ---------
     Total current assets ....................................................        25,836         26,472
Property, plant and equipment, net of accumulated depreciation and
     amortization of $11,455 and $10,045 respectively ........................        13,512         14,000
Intangible assets, net of accumulated amortization of $38,791
  and $35,838, respectively ..................................................       138,001        139,757
Goodwill, net of accumulated amortization of $39,012 and
$35,882, respectively ........................................................       150,622        148,083
Deferred financing costs, net of accumulated amortization of
  $3,215 and $2,969, respectively ............................................         6,256          6,502
Other assets .................................................................         5,218          5,220
                                                                                   ---------      ---------

      Total assets ...........................................................     $ 339,445      $ 340,034
                                                                                   =========      =========
                          LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable .............................................................     $   6,264      $   8,789
Accrued expenses .............................................................         6,981         10,435
Accrued interest payable .....................................................         5,228            867
Deferred income (including deferred subscription income of
  $17,338 and $16,975, respectively) .........................................        22,363         21,891
                                                                                   ---------      ---------
      Total current liabilities ..............................................        40,836         41,982
Long term debt:
Revolving credit
  facility ...................................................................        25,200         20,500
Senior notes .................................................................       175,000        175,000
Senior discount notes ........................................................        51,658         50,120
                                                                                   ---------      ---------
          Total long term debt ...............................................       251,858        245,620
Deferred income taxes ........................................................        29,125         29,827
Other noncurrent liabilities .................................................         7,244          6,877
                                                                                   ---------      ---------
Total liabilities ............................................................       329,063        324,306
Stockholder's equity:
Common stock-$.01 par value; 2,000,000 shares authorized; 1,200,000 issued and
outstanding at March 31, 2001 and December 31, 2000 ..........................            12             12
Paid-in-capital ..............................................................        96,466         96,466
Accumulated deficit ..........................................................       (86,096)       (80,750)
                                                                                   ---------      ---------
      Total stockholder's equity .............................................        10,382         15,728
                                                                                   ---------      ---------
      Total liabilities and stockholder's equity .............................     $ 339,445      $ 340,034
                                                                                   =========      =========
</TABLE>
     The accompanying notes to the consolidated financial statements are an
                       integral part of these statements.


                                       1
<PAGE>   4
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                   FOR THE THREE MONTHS ENDED
                                           MARCH 31,
                                      2001          2000
                                    --------      --------
<S>                                 <C>           <C>
REVENUES:
Periodicals:
  Advertising .................     $ 21,976      $ 21,727
  Subscription ................        5,748         5,877
Ancillary products and services       11,290        11,239
                                    --------      --------

  Total net revenues ..........       39,014        38,843
                                    --------      --------
OPERATING EXPENSES:
Editorial .....................        5,979         7,673
Production and distribution ...        8,748         8,218
Selling .......................        7,673         8,911
General and administrative ....        8,461        10,927
Depreciation and amortization .        7,471         7,143
                                    --------      --------

  Total operating expenses ....       38,332        42,872
                                    --------      --------
  Operating income (loss) .....          682        (4,029)
Interest expense ..............       (6,622)       (6,328)
Other income ..................           20            13
                                    --------      --------

  Loss before income taxes ....       (5,920)      (10,344)

Benefit for income taxes ......          574           806
                                    --------      --------

  Net loss ....................     $ (5,346)     $ (9,538)
                                    ========      ========
</TABLE>


The accompanying notes to the consolidated financial statements are an integral
part of these statements.


                                       2
<PAGE>   5
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
                        (IN THOUSANDS, EXCEPT SHARE DATA)



<TABLE>
<CAPTION>
                                                                   ADDITIONAL
                                                                   PAID-IN      ACCUMULATED
                                            SHARES     PAR VALUE    CAPITAL       DEFICIT      TOTAL
                                          ---------    ---------   ---------   ---------      --------
                                               COMMON STOCK
                                          ----------------------
<S>                                       <C>          <C>         <C>         <C>            <C>
Balance at December 31, 2000.........     1,200,000    $      12   $  96,466   $ (80,750)     $ 15,728
Gain on the sale of business.........            --          --          --          --            --
Net loss.............................           --           --          --       (5,346)       (5,346)
                                          ---------    ---------   ---------   ---------      --------

Balance at March 31, 2001
   (unaudited).......................     1,200,000    $      12   $  96,466   $ (86,096)     $ 10,382
                                          =========    =========   =========   =========      ========
</TABLE>


The accompanying notes to the consolidated financial statements are an integral
part of these statements.


                                       3
<PAGE>   6
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                     FOR THE THREE MONTHS
                                                                                             ENDED
                                                                                            MARCH 31,
                                                                                       2001         2000
                                                                                     -------      -------

<S>                                                                                  <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss .......................................................................     $(5,346)     $(9,538)
Adjustments to reconcile net loss to net cash provided by
  operating activities:
  Depreciation and amortization ................................................       7,471        7,143
  Non-cash interest ............................................................         247          247
  Decrease (increase) in:
Accounts receivable, net .......................................................         564       (3,310)
Inventories ....................................................................         (65)          32
Other current assets ...........................................................         (23)         627
Other assets ...................................................................         487           24
  (Decrease) increase in:
Accounts payable ...............................................................      (2,546)      (1,044)
Accrued expenses ...............................................................      (4,109)      (1,656)
Accrued interest payable .......................................................       4,361        4,212
Deferred income ................................................................        (344)         987
Other noncurrent liabilities ...................................................        (335)        (815)
                                                                                     -------      -------
  Total adjustments ............................................................       5,708        6,447
                                                                                     -------      -------
  Net cash provided by (used in) operating activities ..........................         362       (3,091)
                                                                                     -------      -------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ...........................................................        (890)      (2,664)
Proceeds received from sale of business ........................................          --        8,185
Purchase of business, net of cash ..............................................      (6,026)          --
                                                                                     -------      -------
  Net cash (used in) provided by  investing activities .........................      (6,916)       5,521
                                                                                     -------      -------

CASH FLOWS FROM FINANCING ACTIVITIES:
Advance (paydown) on revolving credit facility .................................       4,700       (5,000)
                                                                                     -------      -------
  Accretion of interest on senior discount notes ...............................       1,539        1,360
                                                                                     -------      -------
  Net cash provided by financing activities ....................................       6,239        3,640
                                                                                     -------      -------
  Net decrease in cash .........................................................        (315)      (1,210)
                                                                                     -------      -------

CASH, beginning of period ......................................................       2,263        1,598
                                                                                     -------      -------

CASH, end of period ............................................................     $ 1,948      $   388
                                                                                     =======      =======

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period:
  Income taxes .................................................................     $   473      $    --
                                                                                     =======      =======
  Interest .....................................................................     $   492      $   550
                                                                                     =======      =======
Non cash:
  Preferred membership interest received from sale of
  business .....................................................................     $    --      $ 2,500
                                                                                     =======      =======
</TABLE>

The accompanying notes to the consolidated financial statements are an integral
part of these statements.


                                       4
<PAGE>   7
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)

1. ORGANIZATION & OPERATIONS

         American Lawyer Media Holdings, Inc. (the "Company") is the parent
company of American Lawyer Media, Inc. ("Media"). The Company publishes legal
publications, including The American Lawyer, New York Law Journal, The National
Law Journal and Corporate Counsel. The Company's operations are based in New
York with regional offices in nine states, the District of Columbia and London,
England.

        On January 31, 2001, the Company consummated the acquisition of
substantially all of the assets and certain of the liabilities of Haslam
Publications ("Haslam"). Haslam is the leading publisher of jury verdict and
settlement research data in California.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management the interim financial
statements include all adjustments, which are of a normal recurring nature, that
management considers necessary to fairly present the financial position and the
results of operations for such periods. Results of operations of interim periods
are not necessarily indicative of results for a full year. These financial
statements should be read in conjunction with the audited consolidated financial
statements in the Company's Annual Report on Form 10-K for December 31, 2000.

Principles of Consolidation

The consolidated financial statements include the accounts of American Lawyer
Media Holdings, Inc. and its wholly-owned subsidiaries, which unless the context
otherwise requires, are collectively referred to herein as the "Company".
Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

        The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

Concentrations of Credit Risk

        The Company's financial instruments that are exposed to concentration of
credit risk consist primarily of cash and cash equivalents and trade accounts
receivable. The Company believes it is not exposed to any significant credit
risk related to cash and cash equivalents. Concentrations of credit risk with
respect to trade accounts receivable are, except for amounts due from legal
advertising agents, generally limited due to the large number of customers
comprising the Company's customer base. Legal advertising agents do not have
significant liquid net worth


                                       5
<PAGE>   8
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)


and, as a result, the Company is exposed to a certain level of credit
concentration risk in this area, for which the Company believes it has
adequately provided.

Revenue Recognition

        Periodical advertising revenues are generated from the placement of
display and classified advertisements, as well as legal notices, in the
Company's publications. Advertising revenue is recognized upon release of the
related publications.

        Periodical subscription revenues are recognized on a pro rata basis as
issues of a subscription are served.

        Ancillary products and services revenues consist principally of
third-party printing revenues, newsletter subscriptions, sales of professional
books and seminar and trade show revenues and income for daily fax service of
court decisions. Printing revenues are recorded upon shipment. Book revenues are
recognized upon shipment and are reflected net of estimated returns. Newsletter
revenues are recognized on the same basis as periodical subscription revenues.
Seminar and trade show revenues are recognized when the seminar or trade show is
held. Daily fax service revenue is recognized upon fulfillment of orders.

Deferred Subscription Income

        Deferred subscription income results from advance payments or orders for
subscriptions received from subscribers and is amortized on a straight-line
basis over the life of the subscription as issues are served. Subscription
receivables of approximately $3,272,400 and $2,631,500 are included in accounts
receivable in the accompanying consolidated March 31, 2001 and December 31, 2000
balance sheets, respectively.

Advertising and Promotion Expenditures

        Advertising and promotion expenditures, which totaled approximately
$1,869,400 and $2,270,000 for the three months ended March 31, 2001 and 2000,
respectively. These costs are expensed as the related advertisement or campaign
is released.

Cash and Cash Equivalents

        The Company considers time deposits and certificates of deposit with
original maturities of three months or less to be cash equivalents.

Inventories

        Inventories consist principally of paper and related binding materials
utilized by the Company and its outside printers and professional books
published and sold by the Company. Inventories are determined by the average
cost method and are stated at the lower of cost or market.


                                       6
<PAGE>   9
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)


Accounting for Long-Lived Assets

        In accordance with Statement of Financial Accounting Standards ("SFAS")
No. 121 "Accounting for the Impairment of Long-Lived Assets to be Disposed of,"
the Company periodically reviews long-lived assets and certain identifiable
intangibles for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be fully recoverable. Impairment of
long-lived assets exists if, at a minimum, the future expected cash flows
(undiscounted and without interest charges) from an entity's operations are less
than the carrying value of these assets. The Company does not believe that any
such impairment has occurred.

Property, Plant and Equipment

        Property, plant and equipment is stated at cost. Significant
improvements are capitalized, while expenditures for maintenance and repairs are
charged to expense as incurred. Depreciation is calculated using the
straight-line method over the following estimated useful lives:

<TABLE>
<S>                                    <C>
Buildings...........................   25 years
Furniture, machinery and equipment..   5-9 years
Computer equipment and software.....   3-6 years
</TABLE>

         Leasehold improvements are amortized over the shorter of the remaining
lease term or the estimated useful life.

Goodwill

         Goodwill represents the excess of purchase price over the fair value of
net assets acquired. It is stated at cost less accumulated amortization and is
amortized on a straight-line basis over a fifteen-year useful life. The Company
periodically assesses the recoverability of goodwill by determining whether the
amortization of goodwill over its estimated remaining life can be recovered
through projected undiscounted future consolidated operating cash flows.

Intangible Assets

        Intangible assets represent advertiser commitments, uniform resource
locators, trademarks, copyrights, customer and subscriber lists and non-compete
agreements. They are stated at cost less accumulated amortization and are
amortized on a straight-line basis over a weighted average useful life of
fifteen years.

Income Taxes

        Income taxes are recognized during the year in which transactions enter
into the determination of financial statement income. Deferred taxes are
provided for temporary differences between amounts of assets and liabilities for
financial reporting purposes and such amounts as measured pursuant to the tax
laws.


                                       7
<PAGE>   10
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)


3. DEBT

        In December 1997, the Company issued $63,275,000 aggregate principal
amount at maturity of 12.25% of Senior Discount Notes due 2008 (the "Discount
Notes"), at a discount rate of $553.14 per Discount Note.  Commencing in June
2003, cash interest will be payable semi-annually until maturity each June 15
and December 15. The Discount Notes are senior, unsecured obligations of the
Company. The Discount Notes may be redeemed at any time by the Company, in whole
or in part, at various redemption prices that include accrued and unpaid
interest as well as any existing liquidating damages. The Discount Notes contain
certain covenants that, among other things, limit the incurrence of additional
indebtedness, by the Company and its subsidiaries, the payment of dividends and
other restricted payments by the Company and its subsidiaries, restrictions on
distributions from certain restricted subsidiaries, asset sales, transactions
with affiliates, incurrence of liens and mergers and consolidations. Assuming
that there is no redemption of the Discount Notes prior to maturity, the entire
principal will be payable on December 15, 2008.

        On December 22, 1997, Media issued $175,000,000 aggregate principal
amount of 9.75% Senior Notes (the "Senior Notes") due December 15, 2007. The
Senior Notes are unsecured general senior obligations of the Company and are
fully and unconditionally guaranteed, on a joint and several and senior
unsecured basis, by each of Media's existing and future subsidiaries. The
subsidiary guarantors comprise all of the direct and indirect subsidiaries of
Media and each of the subsidiary guarantors is a wholly-owned subsidiary of
Media. Separate financial statements of, and other disclosures concerning, the
subsidiary guarantors are not included herein because of the subsidiary
guarantors' full and unconditional guarantee of the Senior Notes and
management's determination that separate financial statements and other
disclosures concerning the subsidiary guarantors are not material and would not
provide any additional meaningful disclosure. The Senior Notes may be redeemed
at any time by Media, in whole or in part, at various redemption prices that
include accrued and unpaid interest. The Senior Notes contain certain covenants
that, among other things, limit the incurrence of additional indebtedness by the
Company and its subsidiaries, the payment of dividends and other restricted
payments by Media and its subsidiaries, asset sales, transactions with
affiliates, the incurrence of liens, and mergers and consolidations. Assuming
there is no redemption of the Senior Notes prior to maturity, the entire
principal will be payable on December 15, 2007.

         On March 25, 1998, the Company and Media signed a credit agreement with
various banks that has a combined revolving commitment in the initial principal
amount of $40,000,000 (the "Revolving Credit Facility"). Financial costs
associated with the Revolving Credit Facility have been capitalized and are
being amortized over the term of the agreement. The Revolving Credit Facility is
guaranteed by the Company and by all subsidiaries of Media. In addition, the
Revolving Credit Facility is secured by a first priority security interest in
substantially all of the properties and assets of Media and its domestic
subsidiaries, including a pledge of all of the stock of such subsidiaries, and a
pledge by the Company of all of the stock of Media. The Revolving


                                       8
<PAGE>   11
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)


Credit Facility bears interest at a fluctuating rate determined by reference to
(i) the base rate plus a margin ranging from .25% to 1.5%, or (ii) the
Eurodollar Rate plus a margin ranging from 1.25% to 2.5% as the case may be. The
applicable margin is based on Media's total consolidated leverage ratio. The
base rate equals the higher of (a) the rate of interest publicly announced from
time to time by Bank of America as its reference rate, or (b) the Federal funds
rate plus .5%. The Eurodollar Rate is based on (i) the interest rate per annum
at which deposits in U.S. Dollars are offered by Bank of America's applicable
lending office to major banks in the offshore market account in an aggregate
principal amount approximately equal to the amount of the loan made to ALM and
(ii) the maximum reserve percentage in effect under regulations issued from time
to time by the Federal Reserve Board. Media is also required to pay customary
fees with respect to the Revolving Credit Facility, including an up-front
arrangement fee, annual administrative agency fees and commitment fees on the
unused portion of the Revolving Credit Facility. The Revolving Credit Facility
includes both affirmative and negative covenants that include meeting certain
financial ratios. Assuming there is no repayment of the Revolving Credit
Facility prior to term, the entire amount will be payable on March 31, 2003.

        Effective March 29 1999, the Company and Media amended the Revolving
Credit Facility to limit Media's ability to borrow in excess of $20,000,000
under the Revolving Credit Facility until certain ratios are achieved. This
amendment also adjusted certain covenants contained in the original Revolving
Credit Facility.

        Effective July 20, 1999, the Revolving Credit Facility was further
amended to permit for the sale of the Company's Internet business to Law.com and
to modify certain debt covenants. Effective March 28, 2000, the Revolving Credit
Facility was further amended to modify certain of the debt covenants, to permit
the sale of the Company's business constituting The Daily Deal and Corporate
Control Alert to The Daily Deal, L.L.C., a limit described above from $20
million to $22.5 million.

        Effective January 10, 2001, the Revolving Credit Facility was further
amended to modify certain of the covenants, to permit the Haslam Publications
acquisition and to increase the borrowing limit described above from $22.5
million to $29.0 million.

        At March 31, 2001, the amount outstanding under the Revolving Credit
Facility was $25.2 million. The available balance under the unused commitment is
reduced by any letters of credit outstanding, which totaled $1,121,000 at March
31, 2001. A 10% increase in the average interest rate of borrowing under the
Revolving Credit Facility during the three months ended March 31, 2001 would
have increased the Company's net loss to approximately $5,399,000.

4. INCOME TAXES

        The federal income tax benefit is recorded in the accompanying statement
of operations, reflecting the fact that the Company files a consolidated return.


                                       9
<PAGE>   12
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

        The following discussion should be read in conjunction with the
historical consolidated financial statements of the Company, including the notes
thereto, included elsewhere in this Form 10-Q.

        Any statements in this quarterly report concerning the Company's
business outlook or future economic performance, anticipated profitability,
revenues, expenses or other financial items, together with other statements that
are not historical facts, are "forward-looking statements" as that term is
defined under the federal securities laws. Forward-looking statements are
subject to risks, uncertainties and other factors that could cause actual
results to differ materially from those states in such statements. Such risks,
uncertainties and factors include, but are not limited to, changes in the levels
of advertising revenues, changes and delays in new product introductions,
customer acceptance of new products and general economic conditions, as well as
other risks detailed in the Company's filings with the Securities and Exchange
Commission.

OVERVIEW

        The following discussion compares the financial results of the Company
for the three months ended March 31, 2001 to the three months ended March 30,
2000.

        In February 2000, the Company restructured its weekly newsletter
division by discontinuing publication of four of its weekly newsletters. In July
2000, the Company discontinued publication of the remaining two newsletters.

        On March 28, 2000, the Company sold the business of the Company and
certain of the Company's wholly-owned subsidiaries constituting The Daily Deal
and Corporate Control Alert (the "Business") to The Deal, L.L.C., a limited
liability company (the "Purchaser"), owned by substantially all of the same
stockholders as Holdings. The consideration for the sale was $7.5 million in
cash and $2.5 million face amount of a membership interest in the Purchaser (the
"Preferred Membership Interest"). The Preferred Membership Interest is included
in Other Assets on the Balance Sheet. The Preferred Membership Interest accrues
at 12.25% compounded annually and is convertible into 3.0% of the common equity
of the Purchaser. In addition, the Purchaser paid the Company $1.68 million,
representing the aggregate amount of operating losses incurred by the Company in
connection with the operation of the Business for the month of March 2000. Due
to the entire nature of the transaction, the Company has fully reserved against
the Preferred Membership Interest from inception to the dividend date in Other
Assets on the Balance Sheet.

        On May 15, 2000, the Company consummated the acquisition of
substantially all of the assets and certain of the liabilities of Moran
Publishing Company, Inc., the leading publisher of jury verdict and settlement
research data in New York State.

        On December 27, 2000, the Company consummated the acquisition of rights
and related assets relating to two leading regional trade shows in the United
Kingdom from Nationwide Exhibitions (UK) Ltd. Under the agreement, the Company
has purchased rights and related assets for Solicitors, The National Legal
Office and Legal Services Exhibition and The National Accountancy Exhibition.


                                       10
<PAGE>   13
        On January 31, 2001, the Company consummated the acquisition
substantially all of the assets of and certain of the liabilities of Haslam
Publications ("Haslam"), the leading publisher of jury verdict and settlement
research data in California.

        RESULTS OF OPERATIONS

        Three Months Ended March 31, 2001 Compared to Three Months Ended March
31, 2000.

        Overview. Revenues increased by $0.2 million, or 0.4%, from $38.8
million for the three months ended March 31, 2000 to $39.0 million for the three
months ended March 31, 2001. Total operating costs and expenses decreased $4.6
million, or 10.7%, from $42.9 million for the three months ended March 31, 2000
to $38.3 million for the three months ended March 31, 2001. As a result, the
operating profit totaled $0.7 million for the three months ended March 31, 2001
as compared to an operating loss of $4.0 million for the three months ended
March 31, 2000. EBITDA increased $5.1 million, or 161.7%, from $3.1 million for
the three months ended March 31, 2000 to $8.2 million for the three months ended
March 31, 2001. The operating profit and the increase in EBITDA during 2001
resulted primarily from a combination of lower operating expense coupled with a
modest increase in net revenues. Revenue growth was primarily realized in new
publications, the Company's acquisitions during 2000 and 2001, law firm
advertising and tradeshow activity. Partially offsetting this revenue growth was
the elimination of $0.4 million of revenue resulting from the sale of The Daily
Deal in the first quarter of 2000, the discontinuation of the weekly newsletter
division, in 2000, and lower classified and royalty revenue. Lower operating
costs during 2001 were realized in the editorial, selling and general and
administrative expense categories partially offset by higher production and
distribution expense along with increased depreciation and amortization. Lower
operating costs primarily resulted from the sale of The Daily Deal and the
discontinuation of the weekly newsletter division, along with cost containment
efforts by the Company. This decrease in operating costs was partially offset by
increased costs related to new publications and acquisitions made during 2000
and 2001.

        Revenues. Advertising revenues increased $0.3 million, or 1.4%, from
$21.7 million for the three months ended March 31, 2000 to $22.0 million for the
three months ended March 31, 2001. Law firm advertising was the greatest
contributor, which increased $0.8 million during 2001 over the same period in
2000, primarily from increased volumes along with new publications in 2001.
Partially offsetting this growth was a decline in classified advertising of $0.5
million resulting from lower volume of growth in that category.

        Revenues from ancillary products increased $0.1 million, or 0.9% from
$11.2 million for the three months ended March 31, 2000 to $11.3 million for the
three months ended March 31, 2001. Although net revenue in this category
increased only $0.1 million, strong growth was reflected in attendees and
exhibitors' revenue at trade shows, seminar revenue, book revenue from new book
titles and book updates along with increased newsletter and information service
revenue resulting from acquisitions made during 2000 and 2001. This growth was
partially offset by lower licensing and royalty fees and syndication revenue.

        Operating costs and expenses. Total operating costs and expenses
decreased $4.6 million, or 10.6%, from $42.9 million for the three months ended
March 31, 2000 to $38.3 million for the three months ended March 31, 2001. Lower
operating costs during 2001 were realized in the editorial, selling and general
and administrative expense categories partially offset by higher production and
distribution costs along with increased depreciation and amortization. Lower
operating costs primarily resulted from the sale of The Daily Deal and the
discontinuation


                                       11
<PAGE>   14
of the weekly newsletter division, along with cost containment efforts by the
Company. This decrease in operating costs was partially offset by increased
costs related to new publications and acquisitions made during 2000 and 2001.
The new acquisitions commenced in 2000 and 2001 are fully reflected in the
results for the three months ended March 31, 2001, while the results for the
three months ended March 31, 2000 had no like expense.

        Editorial expenses decreased $1.7 million, or 22.1%, from $7.7 million
for the three months ended March 31, 2000 to $6.0 million for the three months
ended March 31, 2001. The decrease primarily resulted from reduced editorial
costs of $2.3 million from the sale of The Daily Deal and Corporate Control
Alert in early 2000 along with the discontinuation of the weekly newsletter
division in 2000. This decrease was partially offset by increased costs of $0.5
million related to new publications and acquisitions made during 2000 and 2001.

        Production and distribution expenses increased $0.5 million, or 6.4%,
from $8.2 million for the three months ended March 31, 2000 to $8.7 million for
the three months ended March 31, 2000. The increase was primarily due to
increased production and distribution expenses of $0.7 million for new
publications and the acquisitions during 2000 and 2001 along with higher
tradeshow costs of $0.3 million related to increased revenues in this division
of the business. Partially offsetting these increased costs were lower costs
from the sale of The Daily Deal and Corporate Control Alert in early 2000 along
with the discontinuation of the weekly newsletter division in 2000.

        Selling expenses decreased $1.2 million, or 13.9%, from $8.9 million for
the three months ended March 31, 2000 to $7.7 million for the three months ended
March 31, 2001. The decrease was primarily attributable to the sale of The Daily
Deal and Corporate Control Alert in early 2000 along with the discontinuation of
the weekly newsletter division in 2000, which primarily reduced display
advertising, circulation and telemarketing selling expenses. In addition, lower
overall circulation costs throughout the Company were incurred, partially offset
by increased costs related to new publications and acquisitions made during 2000
and 2001.

        General and administrative expenses decreased $2.4 million, or 22.6%,
from $10.9 million for the three months ended March 31, 2000 to $8.5 million for
the three months ended March 31, 2001. This decrease resulted primarily from the
sale of The Daily Deal in the first quarter of 2000 and the discontinuation of
the weekly newsletter division. In addition, a reduction in 2001 of temporary
support needed for special projects along with decreased professional fees
attributed to the reduction in 2001 expenses added to this decrease. Partially
offsetting these reductions were higher costs related to new publications and
acquisitions made during 2000 and 2001.

        Depreciation and amortization increased $0.4 million, or 4.6%, from $7.1
million for the three months ended March 31, 2000 to $7.5 million for the three
months ended March 31, 2001. Higher depreciation and amortization resulted from
system enhancements and upgrades along with computer equipment purchases
throughout 2000 and 2001. Acquisitions in 2000 and the first quarter of 2001
also contributed to the year-over-year increase in this category.

        Operating profit. As a result of the above factors, operating profit
totaled $0.7 million for the three months ended March 31, 2001 as compared to an
operating loss of $4.0 million for the three months ended March 31, 2000. In
addition, EBITDA increased $5.1 million, or 161.7%, from $3.1 million for the
three months ended March 31, 2000 to $8.2 million for the three months ended
March 31, 2001.


                                       12
<PAGE>   15
FIRST QUARTER OF LIQUIDITY AND CAPITAL RESOURCES

        Capital expenditures. Capital expenditures decreased $1.8 million, or
66.6%, from $2.7 million for the three months ended March 31, 2000 compared to
$0.9 million for the three months ended March 31, 2001. Capital expenditures for
the first quarter of 2000 included costs of $0.4 million attributable to the
Business prior to its sale and higher costs relating to the initial outlay for
the Company's investment in new editorial and advertising systems to support new
initiatives and the expansion of existing products. Expenditures in the first
quarter of 2000 primarily resulted from database development and enhancements to
existing computer systems.

        Net cash provided by operating activities. Net cash provided by
operating activities was $0.4 million for the three months ended March 31, 2001,
which primarily reflects depreciation and amortization of $7.5 million, an
increase in accrued interest payable of $4.4 million, a decrease in accounts
receivable of $0.6 million and a decrease in other assets of $0.5 million,
partially offset by a decrease in accounts payable and accrued expenses of $6.7
million, a net loss of $5.3 million, and decreases in deferred income of $0.3
million and other non-current liabilities of $0.3 million.

        Net cash used in investing activities. Net cash used in investing
activities was $6.9 million for the three months ended March 31,2001, resulting
from the Haslam acquisition in January 2001 and capital expenditures of $0.9
million during the first quarter of 2001.

         Net cash provided by financing activities. Net cash provided by
financing activities totaled $6.2 million for the three months ended March 31,
2001, which reflects a net drawdown of $4.7 million under the Company's
Revolving Credit Facility along with the accretion of interest on senior
discount notes.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
           RISK

        See footnote 3 to the Consolidated Financial Statements.


                                       13
<PAGE>   16
                                     PART II
                                OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

        The Company is a party to various litigation matters incidental to the
conduct of its business. The Company does not believe that the outcome of any of
the matters in which it is currently involved will have a material adverse
effect on its financial condition or on the results of its operations.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

        None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

        None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        None.

ITEM 5. OTHER INFORMATION

        None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        (a)   Exhibits.

         10.10++  Second Amendment to License Agreement between the Company and
                  Law.com, Inc. dated May 15, 2001.

        (b)   Reports on Form 8-K.

        None.


++   Confidential treatment has been requested for certain portions of this
     document.


                                       14
<PAGE>   17
                                   SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                      AMERICAN LAWYER MEDIA, INC.

                      May 15, 2001         /s/ WILLIAM L. POLLAK
                                      -----------------------------------------
                                             William L. Pollak
                                      President and Chief Executive Officer


                      May 15, 2001         /s/ LESLYE G. KATZ
                                      ------------------------------------------
                                               Leslye G. Katz
                                      Vice President and Chief Financial Officer