<PAGE>
                       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 June 30, 2002.

                                       or

| |   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)


          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)

       Registrant's 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 August 13, 2002, there were 1,320,330 shares of the registrant's common
stock, $.01 par value, outstanding, the majority of which were held by
affiliates.

<PAGE>
                      AMERICAN LAWYER MEDIA HOLDINGS, INC.

                                      INDEX
<TABLE>
<CAPTION>

PART I                                                                                              PAGE
                                                                                                    ----

FINANCIAL INFORMATION

         ITEM 1.  FINANCIAL  STATEMENTS
<S>                                                                                                   <C>

             Consolidated Balance Sheets at June 30, 2002 (unaudited)
                 and December 31, 2001.................................................................1
             Consolidated Statements of Operations (unaudited) for the Six
                 Months Ended June 30, 2002 and 2001...................................................2
             Consolidated Statements of Operations (unaudited) for the Three
                 Months Ended June 30, 2002 and 2001...................................................3
             Consolidated Statement of Changes in Stockholders' Equity for
                 the Six Months Ended June 30, 2002 (unaudited)........................................4
             Consolidated Statements of Cash Flows (unaudited) for the Six Months
                 Ended June 30, 2002 and 2001..........................................................5
             Notes to Consolidated Financial Statements at
                 June 30, 2002 (unaudited)..........................................................6-12


         ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
                   OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS...................................13

         ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
                   ABOUT MARKET RISK..................................................................18


PART II

OTHER INFORMATION

         ITEM 1. LEGAL PROCEEDINGS....................................................................19

         ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS............................................19

         ITEM 3. DEFAULTS UPON SENIOR SECURITIES......................................................19

         ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS..................................19

         ITEM 5. OTHER INFORMATION....................................................................19

         ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.....................................................19

</TABLE>

<PAGE>
                                     PART I
                              FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS


                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
                                                                                         June 30,      December 31,
                                                                                           2002            2001
                                                                                         --------      -----------
                                                                                        (unaudited)
                                     ASSETS
<S>                                                                                     <C>             <C>
Current assets:
Cash and cash equivalents.............................................................   $   2,109       $   2,377
Accounts receivable, net of allowance for doubtful accounts and returns of
   $2,398 and $2,270, respectively ...................................................      15,554          16,051
Deferred tax assets, net .............................................................       3,925           3,925
Inventories, net .....................................................................       1,453           1,530
Other current assets .................................................................       3,463           2,575
                                                                                          --------        --------
      Total current assets ...........................................................      26,504          26,458
Property, plant and equipment, net of accumulated depreciation and amortization
    of $21,613 and $15,912, respectively .............................................      13,164          11,384
Intangible assets, net of accumulated amortization of $53,124 and $50,901,
    respectively .....................................................................     123,669         129,122

Goodwill, net of accumulated amortization of $48,490 and $48,490,
    respectively .....................................................................     162,694         141,041
Deferred financing costs, net of accumulated amortization of $4,032 and
   $4,013, respectively ..............................................................       6,303           5,596
Other assets .........................................................................       5,669           1,781
                                                                                         ---------       ---------
       Total assets...................................................................   $ 338,003       $ 315,382
                                                                                         =========       =========

                     LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable......................................................................   $   6,604       $   5,941
Accrued expenses .....................................................................      12,079          10,640
Accrued interest payable .............................................................         843             954
Deferred income (including deferred subscription income of $17,355 and $15,065,
   respectively) .....................................................................      24,047          18,515
Other current liabilities ............................................................          --             350
                                                                                         ---------       ---------
       Total current liabilities .....................................................      43,573          36,400

Long-term debt:
Revolving credit facility ............................................................      30,700          27,000
Senior notes .........................................................................     175,000         175,000
Senior discount notes ................................................................      59,911          56,452
                                                                                         ---------       ---------
           Total long-term debt ......................................................     265,611         258,452
Deferred income taxes, net ...........................................................      14,178          17,118
Other noncurrent liabilities .........................................................       6,666           7,271
                                                                                         ---------       ---------
       Total liabilities .............................................................     330,028         319,241

Stockholders' deficit:
Common stock-$.01 par value; 2,000,000 shares authorized; 1,320,330 issued and
   outstanding at June 30, 2002 and 1,200,300 issued and outstanding at
   December 31, 2001 .................................................................          13              12
Paid-in-capital ......................................................................     116,488          96,489
Accumulated deficit ..................................................................    (108,485)       (100,377)
Accumulated other comprehensive loss .................................................         (41)             17
                                                                                         ---------       ---------
       Total stockholders' equity (deficit) ..........................................       7,975          (3,859)
                                                                                         ---------       ---------
       Total liabilities and stockholders' equity (deficit)..........................    $ 338,003       $ 315,382
                                                                                         =========       =========
</TABLE>

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


                                       1
<PAGE>




                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                  For the Six Months Ended
                                                                                         June 30,
                                                                                  ------------------------
                                                                                  2002               2001
                                                                                  ----               ----
<S>                                                                          <C>                <C>
REVENUES:
Periodicals:
   Advertising......................................................          $    38,139        $    44,559
   Subscription.....................................................               11,544             11,558
Ancillary products and services.....................................               17,102             20,715
                                                                              -----------        -----------
   Total revenues...................................................               66,785             76,832
                                                                              -----------        -----------
OPERATING EXPENSES:
Editorial...........................................................               10,929             11,771
Production and distribution.........................................               13,017             16,635
Selling.............................................................               13,413             14,833
General and administrative..........................................               18,772             20,210
Depreciation and amortization.......................................                8,449             14,994
                                                                              -----------        -----------
   Total operating expenses.........................................               64,580             78,443
                                                                              -----------        -----------
   Operating income (loss)..........................................                2,205             (1,611)
Interest expense....................................................              (13,101)           (13,220)
Other loss..........................................................                 (145)            (4,672)
                                                                              -----------        -----------
   Loss before income taxes.........................................              (11,041)           (19,503)
Benefit for income taxes............................................                2,933              1,041
                                                                              -----------        -----------
   Net loss.........................................................          $    (8,108)       $   (18,462)
                                                                              ===========        ===========
</TABLE>



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



                                       2
<PAGE>

                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                               For the Three Months Ended
                                                                                         June 30,
                                                                               --------------------------
                                                                                 2002               2001
                                                                                 ----               ----
<S>                                                                          <C>                <C>
REVENUES:
Periodicals:
   Advertising......................................................          $    20,105        $    22,582
   Subscription.....................................................                5,996              5,810
Ancillary products and services.....................................                8,326              9,426
                                                                              -----------        -----------
   Total revenues...................................................               34,427             37,818
                                                                              -----------        -----------
OPERATING EXPENSES:
Editorial...........................................................                5,543              5,792
Production and distribution.........................................                6,482              7,887
Selling.............................................................                6,619              7,160
General and administrative..........................................                9,788             11,748
Depreciation and amortization.......................................                4,049              7,524
                                                                              -----------        -----------
   Total operating expenses.........................................               32,481             40,111
                                                                              -----------        -----------
   Operating income (loss)..........................................                1,946             (2,293)
Interest expense....................................................               (7,072)            (6,599)
Other loss..........................................................                 (150)           (4,692)
                                                                              ------------       -----------
   Loss before income taxes.........................................               (5,276)           (13,584)
Benefit for income taxes............................................                2,171                467
                                                                              -----------        -----------
   Net loss.........................................................          $    (3,105)       $   (13,117)
                                                                              ===========        ===========

</TABLE>

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


                                       3
<PAGE>



                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                        (IN THOUSANDS, EXCEPT SHARE DATA)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                             Accumulated
                                                                 Additional                    Other
                                                       Par        Paid-In    Accumulated    Comprehensive
                                        Shares        Value       Capital      Deficit          Loss          Total
                                        ------       ------      -------     -----------    ------------      -----
                                             Common Stock
                                        -------------------
<S>                                   <C>          <C>           <C>         <C>             <C>            <C>
Balance at December 31, 2001 .......   1,200,300    $      12    $  96,489    $(100,377)      $      17     $  (3,859)
Net loss ...........................          --           --           --       (8,108)             --        (8,108)
Unrealized loss on equity securities
 available for sale, net of tax ....          --           --           --           --             (58)          (58)
                                       ---------    ---------    ---------    ---------       ---------     ---------

    Total comprehensive loss .......          --           --           --           --              --        (8,166)
Shares issued for acquisition ......     120,030            1       19,999           --              --        20,000
                                       ---------    ---------    ---------    ---------       ---------     ---------
Balance at June 30, 2002 ...........   1,320,330    $      13    $ 116,488    $(108,485)      $     (41)    $   7,975
                                       =========    =========    =========    =========       =========     =========

</TABLE>


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



                                       4
<PAGE>

                      AMERICAN LAWYER MEDIA HOLDINGS, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                        For the Six Months Ended
                                                                                                June 30,
                                                                                        ------------------------
                                                                                           2002         2001
                                                                                           ----         ----
<S>                                                                                      <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss.............................................................................    $(8,108)     $(18,462)

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization .......................................................      8,449        14,994
Non-cash interest ...................................................................        543           520
Financing loss from termination of revolving line of credit .........................        155            --
Impairment of private equity securities .............................................         --         4,700
Accretion of interest on senior discount notes ......................................      3,458         3,074

   Decrease (increase) in:
Accounts receivable, net ............................................................      1,231         1,163
Inventories .........................................................................         77          (104)
Other current assets ................................................................       (698)          129
Other assets ........................................................................       (338)          556

   (Decrease) increase in:
Accounts payable ....................................................................       (504)       (1,850)
Accrued expenses ....................................................................     (1,889)       (1,770)
Accrued interest payable ............................................................       (111)           44
Deferred income .....................................................................        728          (661)
Other noncurrent liabilities ........................................................     (3,550)       (1,939)
                                                                                        --------      --------
   Total adjustments ................................................................      7,551        18,854
                                                                                        --------      --------
   Net cash (used in)provided by operating activities ...............................       (557)          393
                                                                                        --------      --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ................................................................     (1,477)       (1,706)
Purchase of business ................................................................       (529)       (5,894)
                                                                                        --------      --------
   Net cash used in investing activities ............................................     (2,006)       (7,600)
                                                                                        --------      --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances under revolving credit facility, net .......................................      3,700         6,700
                                                                                        --------      --------
   Payment of deferred financing costs ..............................................     (1,405)         (138)
                                                                                        --------      --------
   Net cash provided by financing activities ........................................      2,295         6,562
                                                                                        --------      --------
   Net decrease in cash .............................................................       (268)         (645)
                                                                                        --------      --------
CASH, beginning of period ...........................................................      2,377         2,263
                                                                                        --------      --------

CASH, end of period..................................................................   $  2,109      $  1,618
                                                                                        ========      ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period:
   Income taxes......................................................................        $13      $    863
                                                                                        ========      ========
   Interest..........................................................................   $  8,632      $  9,594
                                                                                        ========      ========
</TABLE>

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



                                       5
<PAGE>
                       AMERICAN LAWYER MEDIA HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2002
                                   (UNAUDITED)



1. ORGANIZATION & OPERATIONS


         American Lawyer Media Holdings, Inc. ("we," "us," "our," or the
"Company") is the parent company of American Lawyer Media, Inc. ("ALM"). We
publish national and regional legal publications, including THE AMERICAN LAWYER,
NEW YORK LAW JOURNAL, THE NATIONAL LAW JOURNAL and CORPORATE COUNSEL. Our
operations are based in New York with regional offices in eight states, the
District of Columbia and London, England.

         On July 24, 2002, James A. Finkelstein resigned as a director of us and
of ALM.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


         The accompanying unaudited consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States 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 our Annual
Report on Form 10-K for December 31, 2001.


Principles of Consolidation

         The consolidated financial statements include the accounts of American
Lawyer Media Holdings, Inc. and our wholly-owned subsidiaries, which unless the
context otherwise requires, are collectively referred to herein as "we," "us,"
"our," or 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 to
disclose 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

         Our financial instruments that are exposed to concentration of credit
risk consist primarily of cash and cash equivalents and trade accounts
receivable. We believe that we are 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 our
customer base. Legal advertising agents do not have significant liquid net worth
and, as a result, we are exposed to a certain level of credit concentration risk
in this area, for which we believe we have adequately provided.

                                       6
<PAGE>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Revenue Recognition

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

         Internet advertising revenues are generated from the placement of
display and classified advertisements, as well as directory listings, on
our websites. Display and classified advertising revenue is recognized upon
the release of an advertisement on the website. Directory listing revenue is
recognized on a pro-rata basis over the life of the directory listing, generally
one year.

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

         Ancillary products and services revenues consist principally of
newsletter subscriptions, sales of professional books, seminar and trade show
income and income from a daily fax service of court decisions. In addition,
ancillary products and services revenues include third party printing revenue
until July 2001 at which point the assets from the Florida printing operations
were sold and such third party printing ceased. 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 revenues are 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 $2,536,000 and $1,997,000 are included in accounts
receivable in the accompanying consolidated June 30, 2002 and December 31, 2001
balance sheets, respectively.


Advertising and Promotion Expenditures


         Advertising and promotion expenditures totaled approximately $1,415,000
and $1,863,000 for the three months ended June 30, 2002 and 2001, respectively,
and $3,307,000 and $3,733,000 for the six months ended June 30, 2002 and 2001,
respectively. These costs are expensed as the related advertisement or campaign
is released.


Cash and Cash Equivalents

         We consider time deposits and certificates of deposit with original
maturities of three months or less to be cash equivalents.


                                       7
<PAGE>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Inventories

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

Accounting for Long-Lived Assets

         On January 1, 2002, we adopted Statement of Financial Accounting
Standards ("SFAS") No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets." SFAS No. 144 replaces No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of."
The statement is intended to develop one accounting model, based on the
framework established in SFAS No 121, for long-lived assets to be disposed of
and to address significant implementation issues. In accordance with this
statement, we periodically review 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. Under the guidelines of this statement,
we do not believe that any such impairment has occurred related to goodwill or
intangibles.

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:

          Buildings...................................   25 years
          Furniture, machinery and equipment..........  5-9 years
          Computer equipment and software.............  3-6 years

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

Goodwill and Intangible Assets

         We adopted SFAS No. 142, "Goodwill and Other Tangible Assets",
effective January 1, 2002. SFAS No. 142 requires that an intangible asset that
is acquired shall be initially recognized and measured based on its fair value.
This statement also provides that goodwill and certain intangibles should not be
amortized, but shall be tested for impairment annually, or more frequently if
circumstances indicate potential impairment, through a comparison of fair value
to its carrying amount. In the first quarter of 2002, we ceased amortization of
goodwill and during the second quarter of 2002 we performed the first step of
the impairment test. The first step of the impairment test requires us to
compare the fair value of each reporting unit to its carrying value to determine
whether there is an indication that an impairment may exist. If there is an
indication of impairment, we would allocate the fair value of the reporting unit
to its assets and liabilities as if the reporting unit had been acquired in a
business combination. The amount of impairment for goodwill is measured as the
excess of its carrying value over its fair value. Based on the results of our
impairment test, no impairment charge was required.


                                       8
<PAGE>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         The 2001 results on a historical basis do not reflect the provisions of
SFAS No. 142. Had we adopted SFAS No. 142 on January 1, 2001 and ceased to
amortize goodwill at such date, the historical net loss would have been changed
to the adjusted amounts indicated below (in thousands):

<TABLE>
<CAPTION>
                                             Six Months Ended   Three Months Ended
                                               June 30, 2001       JUNE 30, 2001
                                             ----------------   -----------------
<S>                                           <C>                  <C>

As reported -- historical basis ...........    $  (18,462)          $   (13,117)
Add: Goodwill amortization.................         6,287                 3,158
Income tax impact..........................        (2,703)               (1,358)
                                               ----------           -----------
     Adjusted..............................    $  (14,878)          $   (11,317)
                                               ==========           ===========
</TABLE>


         Intangible assets with determinate lives represent trademarks,
advertiser commitments, uniform resource locators, 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 useful
lives ranging from 5-30 years.

Deferred Taxes

         We provide for deferred taxes pursuant to SFAS No. 109, "Accounting for
Income Taxes", which requires the recognition of deferred taxes utilizing the
liability method.


3. DEBT

On December 22, 1997, ALM issued $175,000,000 aggregate principal amount of
9.75% Senior Notes (the "Notes") due December 15, 2007. The Notes are unsecured
general senior obligations of ALM and are fully and unconditionally guaranteed,
on a joint and several and senior unsecured basis, by each of ALM's existing and
future subsidiaries. The subsidiary guarantors comprise all of our direct and
indirect subsidiaries. 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 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 Notes may be redeemed at any
time by ALM, in whole or in part, at various redemption prices that include
accrued and unpaid interest. The Notes contain certain covenants that, among
other things, limit the incurrence of additional indebtedness by ALM and its
subsidiaries, the payment of dividends and other restricted payments by ALM and
its subsidiaries, asset sales, transactions with affiliates, the incurrence of
liens and mergers and consolidations. Assuming there is no redemption of the
Notes prior to maturity, the entire principal will be payable on December 15,
2007.

         In December 1997, we issued $63,275,000 aggregate principal amount at
maturity of 12.25% Senior Discount Notes due 2008 (the "Discount Notes"), at a
discount rate of $553.14 per Discount Note. The Discount Notes accrete interest
compounded semi-annually at a rate of 12.25% to an aggregate principal amount of
$63,275,000 by December 31, 2002. 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. The Discount Notes may be redeemed

                                       9
<PAGE>
3. DEBT (CONTINUED)

at any time by us, in whole or in part, at various redemption prices that
include accrued and unpaid interest. The Discount Notes contain certain
covenants that, among other things, limit the incurrence of additional
indebtedness, by us and our subsidiaries, the payment of dividends and other
restricted payments by us and our subsidiaries, asset sales, transactions with
affiliates, incurrence of liens and mergers and consolidations and restrict
distributions from certain restricted subsidiaries. Finance costs, totaling
$1,693,000, have been capitalized and are being amortized over the term of the
Discount Notes. Assuming there is no redemption of the Discount Notes prior to
maturity, the entire principal will be payable on December 15, 2008.

    On March 25, 1998, we and ALM signed a credit agreement with various banks
that had a combined revolving commitment in the initial principal amount of
$40,000,000 (the "Revolving Credit Facility"). Finance costs associated with the
Revolving Credit Facility have been capitalized and have been amortized over the
term of the agreement. The Revolving Credit Facility was guaranteed by us and
all of our subsidiaries. In addition, the Revolving Credit Facility was secured
by a first priority security interest in substantially all of the properties and
assets of ALM and its domestic subsidiaries, including a pledge of all of the
stock of such subsidiaries, and a pledge by us of all of our stock. The
Revolving Credit Facility bore 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 was based on ALM'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. ALM also paid 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 included both
affirmative and negative covenants that include meeting certain financial
ratios.

         Effective August 10, 2001, the Revolving Credit Facility was amended to
permanently reduce the aggregate revolving commitment to $29.0 million and to
clarify certain sections as well as to waive compliance with certain of the
covenants at June 30, 2001. Effective February 22, 2002, our Revolving Credit
Facility was amended to modify the covenants relating to the total leverage
ratio, interest coverage ratio and fixed charge ratio for the remainder of the
term of the line of credit. In addition, the Revolving Credit Facility was also
amended to allow us to receive equity securities in non-related entities as
payment for advertising services provided by us, within certain limits in any
one fiscal year. Effective May 1, 2002, the outstanding balance under the
Revolving Credit Facility was repaid and the existing Revolving Credit Facility
was terminated.

         On May 1, 2002, we, The New York Law Publishing Company ("NYLP") and
ALM entered into a credit agreement, dated as of May 1, 2002, with General
Electric Capital Corporation ("GECC") and the lenders signatory thereto in
accordance with which GECC will provide our operating subsidiary, NYLP, with a
$40 million revolving credit facility (the "GECC Facility"). The GECC Facility
replaces our Revolving Credit Facility and proceeds from the GECC Facility will
be used to refinance existing indebtedness, provide working capital and finance
capital expenditures. The obligations of NYLP under the GECC Facility are
guaranteed by us, and ALM and all of our domestic subsidiaries and are secured
by all of the personal


                                       10
<PAGE>
3. DEBT (CONTINUED)

property assets of us, ALM and our domestic subsidiaries (including the stock
of all of our domestic subsidiaries and 65% of the stock of our first-tier
foreign subsidiaries). The GECC Facility bears interest at a fluctuating rate
determined by reference to (i) the index rate plus a margin of 2.00%, or (ii)
the Eurodollar Rate ("LIBOR") plus a margin of 3.5%. We are also required to pay
customary fees with respect to the GECC Facility, including an up-front
arrangement fee, monthly administrative agency fees and commitment fees on the
unused portion of the GECC Facility. The GECC Facility includes both affirmative
and negative covenants that include meeting certain financial ratios. The term
of the GECC Facility is 60 months.

         At June 30, 2002, the amount outstanding under the GECC Facility was
$30.7 million. The available balance under the unused commitment is reduced by
any letters of credit outstanding, which totaled $2,921,000 at June 30, 2002. A
10% increase in the average interest rate of borrowing under the Revolving
Credit Facility and GECC Facility during the six months ended June 30, 2002
would have increased our net loss to approximately $8,176,000.


4. RESTRUCTURING CHARGE

         During the second and fourth quarters of 2001, upon the decision to
restructure certain of our operations, we accrued approximately $1.7 million and
$0.3 million, respectively, of restructuring charges. In addition, a further
execution of this plan resulted in an additional $0.3 million of restructuring
charges recorded during the second quarter of 2002. These charges primarily
relate to severance arrangements and have been included in operating income. As
of June 30, 2002, approximately $0.6 million, representing the unpaid charges,
is included in accrued expenses.


5. ACQUISITION OF LAW.COM

         Effective May 1, 2002, we acquired Law.com, Inc., a Delaware
corporation, ("Law.com"), and a provider of web content and seminars for the
legal industry. Prior to our acquisition of Law.com, Law.com's RealLegal
applications services business was spun off to Law.com's shareholders as a new
entity, RealLegal, LLC. We acquired Law.com through the acquisition of all of
the 1,707,790 shares of outstanding common stock of Law.com from its
shareholders in exchange for an aggregate of 120,030 shares of our common stock,
par value $0.01 per share. Law.com and us share substantially all the same
common stockholders. The amount of consideration was determined based on
independent third party valuations undertaken in March 2002 of our equity and of
the Web content and seminar business of Law.com. The acquired businesses include
practice centers for specialty law practice areas, state web sites and
information sites for in-house counsel, law students and legal technology
professionals. The acquisition was accounted for under the purchase method of
accounting and the results of operations have been included in the financial
statements since acquisition.

         After completion of the acquisition of Law.com, we contributed all of
the outstanding shares of common stock of Law.com to ALM as a capital
contribution. Law.com will operate as a subsidiary of ALM.

         The following is a summary of the calculation of the purchase price, as
well as the allocation of the purchase price to the value of the net assets
acquired (in thousands):


                                       11
<PAGE>

     Purchase consideration (issuance of 120,030 shares
     of our common stock) ...................................      $20,000
     Direct acquisition costs ...............................        2,209
                                                                   -------
     Total estimated purchase price .........................       22,209

     Less: fair value of net tangible assets of Law.com
     Content, net of related party accounts .................          556
                                                                   -------
     Total excess of purchase price over net
     assets acquired ........................................      $21,653
                                                                   =======

         The purchase price has been allocated based on management's preliminary
best estimate of the fair value of assets acquired and liabilities assumed. The
final determination may result in asset and liability amounts that are different
than the preliminary estimates of these amounts. The excess purchase price over
the fair value net tangible assets acquired has been allocated to goodwill.

         The proforma unaudited consolidated results of operations for the six
months ended June 30, 2002 and 2001, assuming consummation of the acquisition as
of the beginning of the respective periods are as follows:

                                                Six Months Ended
                                            -------------------------
                                            June 30,          June 30,
                                              2002              2001
                                            --------          --------

     Revenue ..........................     $ 68,540          $ 77,714
                                            ========          ========

     Net Income .......................     $(11,044)         $(26,251)
                                            ========          ========


         During the quarter ended June 30, 2002, we recorded an investment in
RealLegal, LLC, of $4.7 million for 4,745,000 units of Series A Preferred Stock.
This investment was in exchange for the extinguishment of an existing account
receivable due from RealLegal, LLC and for future advertising commitments by
RealLegal, LLC to us. This investment is carried at cost and is included in
Other Assets in the accompanying Consolidated Balance Sheet.  Real Legal, LLC
and us share substantially all the same stockholders.



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

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

         Any statements in this quarterly report concerning our 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 stated 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 our filings with the Securities and Exchange Commission.


OVERVIEW

         The following discussion compares our financial results for the three
and six months ended June 30, 2002 to the three and six months ended June 30,
2001.

         On January 31, 2001, we consummated the acquisitions of 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.

         During the second and fourth quarters of 2001, upon the decision to
restructure certain of our operations, we accrued approximately $1.7 million and
$0.3 million, respectively, of restructuring charges. In addition, a further
execution of this plan resulted in an additional $0.3 million of restructuring
charges recorded during the second quarter of 2002. These charges primarily
relate to severance arrangements and have been included in operating income. As
of June 30, 2002, approximately $0.6 million, representing the unpaid charges,
is included in accrued expenses.

         In addition, during the second quarter of 2001, we recorded a permanent
impairment of $4.7 million on our private equity investments.

         In July 2001, we sold certain of our assets associated with our Florida
printing facility. In connection with the sale of the net assets, we recorded a
loss of $0.9 million.

         Effective May 1, 2002, we acquired Law.com, Inc., a Delaware
corporation, ("Law.com"), and a provider of web content and seminars for the
legal industry. Prior to our acquisition of Law.com, Law.com's RealLegal
applications services business was spun off to Law.com shareholders as a new
entity, RealLegal, LLC. We acquired Law.com through the acquisition of all of
the 1,707,790 shares of outstanding common stock of Law.com from its
shareholders in exchange for an aggregate of 120,030 shares of our common stock,
par value $0.01 per share. The acquired businesses include practice centers for
specialty law practice areas, state Web sites and information sites for in-house
counsel, law students and legal technology professionals.



                                       13
<PAGE>
         After completion of our acquisition of Law.com, we contributed all of
the outstanding shares of common stock of Law.com to ALM as a capital
contribution. Law.com will operate as ALM's subsidiary.

RESULTS OF OPERATIONS

         SIX MONTHS ENDED JUNE 30, 2002 COMPARED TO SIX MONTHS ENDED JUNE 30,
         2001

         OVERVIEW. Revenues decreased by $10.0 million, or 13.1%, from $76.8
million for the six months ended June 30, 2001 to $66.8 million for the six
months ended June 30, 2002. Total operating expenses decreased $13.9 million, or
17.7%, from $78.4 million for the six months ended June 30, 2001 to $64.5
million for the six months ended June 30, 2002. As a result, the net operating
profit totaled $2.2 million for the six months ended June 30, 2002 as compared
to a net operating loss of $1.6 million for the six months ended June 30, 2001.
Earnings before interest, income taxes, depreciation and amortization and other
extraordinary gains and losses ("EBITDA") declined $2.7 million, or 20.5%, from
$13.4 million for the six months ended June 30, 2001 to $10.7 million for the
six months ended June 30, 2002.

         REVENUES. Revenue declines for the six months ended June 30, 2002
compared to the six months ended June 30, 2001 reflect the impact of the
continued economic slowdown within the advertising industry which resulted in
reduced advertising revenues and declines in seminar and tradeshow and
newsletter revenues. In addition, due to the sale of our Florida printing
operations during the third quarter of 2001, no commercial printing revenue was
recorded in 2002 as compared to $1.4 million for the six months ended June 30,
2001.

         Advertising revenues decreased $6.5 million, or 14.4%, from $44.6
million for the six months ended June 30, 2001 to $38.1 million for the six
months ended June 30, 2002. The decline in advertising revenues resulted from a
decrease in classified, display, legal notice and law firm advertising resulting
from the continuation of the depressed advertising environment experienced
throughout 2001 and the first half of 2002. Classified advertising was the
largest contributor to this decline with a decrease of $3.0 million, or 23.5%,
which occurred across virtually all of our publications. In addition, display
advertising decreased $2.2 million, or 16.6%, during the six months ended June
30, 2002 as compared to the same period of the prior year. Also contributing to
these declines were decreases in legal notice advertising of $1.0 million and
law firm advertising of $0.5 million. Partially offsetting these declines were
growth in directories revenue of $0.3 million, resulting primarily from growth
in our expert witness division. Advertising revenue included revenue related to
certain barter transactions in which we exchanged advertising for an equity
interest in RealLegal and certain other companies. Revenues associated with
these transactions increased $0.6 million for the six months ended June 30,
2002 to $1.6 million as compared to the same period of the prior year.

         Revenues from ancillary products and services decreased $3.6 million,
or 17.5%, from $20.7 million for the six months ended June 30, 2001 to $17.1
million for the six months ended June 30, 2002. The decline in revenues from
ancillary products and services resulted primarily from a decline in trade show
revenues of $0.8 million, due to a reduction in the number of shows in 2002 and
fewer sponsorships and attendance in our international trade show during 2002,
lower printing revenues resulting from the sale of our Florida printing
operations in the third quarter of 2001 of $1.4 million, lower royalty fees, the
elimination of editorial content fees of $0.8 million from the acquisition of
Law.com, lower seminar revenue of $0.4 million and lower recorded revenue in our
newsletter division.

         OPERATING EXPENSES. Total operating expenses decreased $13.8 million,
or 17.7%, from $78.4 million for the six months ended June 30, 2001 to $64.6
million for the six months ended June 30, 2002. Lower operating expenses during
the six months ended June 30, 2002 as compared to the six months ended June 30,
2001 were primarily realized by the discontinuation


                                       14
<PAGE>
of goodwill amortization, and lower production and distribution, selling,
editorial and general and administrative expenses resulting from decreased
revenues and our cost containment efforts.

         Editorial expenses decreased $0.9 million, or 7.2%, from $11.8 million
for the six months ended June 30, 2001 to $10.9 million for the six months ended
June 30, 2002. The decrease in editorial expenses primarily resulted from our
restructuring efforts in 2001 and 2002 along with lower costs related to reduced
syndication revenues and from cost containment efforts implemented during late
2001 and into 2002. These decreases were partially offset by Law.com editorial
expenses of $0.2 million with no like costs incurred in the prior year period
along with higher editorial expenses in our litigation service business.

         Production and distribution expenses decreased $3.6 million, or 21.8%,
from $16.6 million for the six months ended June 30, 2001 to $13.0 million for
the six months ended June 30, 2002. Lower production and distribution expenses
of $1.2 million resulted primarily from the elimination of commercial printing
expenses due to the sale of our Florida printing operations during the third
quarter of 2001. Other reductions included lower printing expenses due to a
reduction in pricing, reductions in print volume and a reduction of expenses
directly related to the decline in revenues and cost containment efforts during
2002. These decreases were partially offset by $0.1 million of Law.com
production expenses.

         Selling expenses decreased $1.4 million, or 9.6%, from $14.8 million
for the six months ended June 30, 2001 to $13.4 million for the six months ended
June 30, 2002. The decrease was primarily attributable to lower selling expenses
directly related to the decline in revenues for the six months ended June 30,
2002 and our cost containment efforts. These declines primarily consisted of
salary and related benefit reductions, the discontinuance of costs to place
e-commerce classified advertising and other general marketing cost reductions.
These declines were partially offset by increases in selling efforts in our
international operations, an increase in direct mail efforts and Law.com selling
expenses of $0.5 million for which there were no like costs in 2001.

         General and administrative expenses decreased $1.4 million, or 7.0%,
from $20.2 million for the six months ended June 30, 2001 to $18.8 million for
the six months ended June 30, 2002. This decrease resulted primarily from prior
year restructuring costs which totaled $0.3 million for the six months ended
June 30, 2002, as compared to $1.7 million for the six months ended June 30,
2001, related staff reductions coupled with reductions in incentive
compensations and other employee benefits. These decreases were partially offset
by increased provisions for uncollectible receivables. In addition, general and
administrative costs for Law.com totaled $0.5 million with no like costs
incurred in the prior year period.

         Depreciation and amortization expenses decreased $6.6 million, or
43.7%, from $15.0 million for the six months ended June 30, 2001 to $8.4 million
for the six months ended June 30, 2002. This decline primarily resulted from the
elimination of amortization of goodwill in 2002 resulting from the
implementation of FSAS No. 142, "Goodwill and Other Intangible Assets."

         OPERATING PROFIT. As a result of the above factors, the operating
profit totaled $2.2 million for the six months ended June 30, 2002 as compared
to an operating loss of $1.6 million for the six months ended June 30, 2001. In
addition, EBITDA decreased $2.7 million, or 20.4%, from $13.4 million for the
six months ended June 30, 2001 to $10.7 million for the six months ended June
30, 2002.


                                       15
<PAGE>
THREE MONTHS ENDED JUNE 30, 2002 COMPARED TO THREE MONTHS ENDED JUNE 30, 2001

         OVERVIEW. Revenues decreased by $3.4 million, or 9.0%, from $37.8
million for the three months ended June 30, 2001 to $34.4 million for the three
months ended June 30, 2002. Total operating expenses decreased $7.6 million, or
19.0%, from $40.1 million for the three months ended June 30, 2001 to $32.5
million for the three months ended June 30, 2002. As a result, the net operating
profit totaled $1.9 million for the three months ended June 30, 2002 as compared
to a net operating loss of $2.3 million for the three months ended June 30,
2002. Earnings before interest, income taxes, depreciation and amortization and
other extraordinary gains and losses ("EBITDA") increased $0.8 million, or
14.6%, from $5.2 million for the three months ended June 30, 2001 to $6.0
million for the three months ended June 30, 2002.

         REVENUES. Revenue declines for the three months ended June 30, 2002
compared to the three months ended June 30, 2001 reflect the impact of the
continued economic slowdown within the advertising industry, which resulted in
reduced advertising revenues and declines in seminar and trade show and
newsletter revenues partially offset by higher subscription revenues. In
addition, due to the sale of our Florida printing operations during the third
quarter of 2001, no commercial printing revenue was recorded in 2002 as compared
to $0.7 million for the three months ended June 30, 2001.

         Advertising revenues decreased $2.5 million, or 11.0%, from $22.6
million for the three months ended June 30, 2001 to $20.1 million for the three
months ended June 30, 2002. The decline in advertising revenues resulted from a
decrease in classified, display and legal notice advertising resulting from the
continuation of the depressed advertising environment experienced throughout
2001 and the first half of 2002. Classified advertising was the largest
contributor to this decline with a decrease of $1.0 million, or 17.7%, which
occurred across virtually all of our publications, partially offset by
classified revenue of $0.2 million from the acquisition of Law.com. In addition,
display advertising decreased $0.9 million, or 13.4%, during the three months
ended June 30, 2002 as compared to the same period of the prior year. Display
revenue was partially offset by Law.com display advertising revenue of $0.3
million. Also contributing to these declines were decreases in legal notice
advertising of $0.3 million. Advertising revenue included revenue related to
certain barter transactions in which we exchanged advertising for an equity
interest in RealLegal and certain other companies. Revenues associated with
these transactions increased $0.8 million for the three months ended June 30,
2002 to $1.3 million as compared to the same period of the prior year.

         Subscription revenues increased $0.2 million, or 3.2%, from $5.8
million for the three months ended June 30, 2001 to $6.0 million for the three
months ended June 30, 2002. The increase primarily reflects the subscription
revenue earned from the acquisition of Law.com.

         Revenues from ancillary products and services decreased $1.1 million,
or 11.8%, from $9.4 million for the three months ended June 30, 2001 to $8.3
million for the three months ended June 30, 2002. The decline in revenues from
ancillary products and services resulted primarily from lower trade show
revenues of $0.4 million due to the elimination of the second quarter 2002
international trade show, lower printing revenues resulting from the sale of our
Florida printing operations in the third quarter of 2001 of $0.7 million, lower
royalty fees, the elimination of editorial content fees of $0.8 million from the
acquisition of Law.com, lower seminar revenue of $0.3 million and lower recorded
revenue in our newsletter division. This was partially offset by increased book
revenue of $0.3 million.

         OPERATING EXPENSES. Total operating expenses decreased $7.6 million, or
19.0%, from $40.1 million for the three months ended June 30, 2001 to $32.5
million for the three months ended June 30, 2002. Lower operating expenses
during the three months ended June 30, 2002 as compared to the three months
ended June 30, 2001 were primarily realized by the discontinuation

                                       16
<PAGE>
of goodwill amortization, and lower production and distribution, selling,
editorial and general and administrative expenses resulting from decreased
revenues and our cost containment efforts.

         Editorial expenses decreased $0.3 million, or 4.3%, from $5.8 million
for the three months ended June 30, 2001 to $5.5 million for the three months
ended June 30, 2002. The decrease in editorial expenses primarily resulted from
our restructuring efforts in 2001 and 2002 along with lower costs related to
reduced syndication revenues and from cost containment efforts implemented
during late 2001 and into 2002. These decreases were partially offset by Law.com
editorial expenses of $0.2 million with no like costs incurred in the prior year
period along with higher editorial expenses in our litigation service business.

         Production and distribution expenses decreased $1.4 million, or 17.8%,
from $7.9 million for the three months ended June 30, 2001 to $6.5 million for
the three months ended June 30, 2002. Lower production and distribution expenses
of $0.6 million resulted primarily from the elimination of commercial printing
expenses due to the sale of our Florida printing operations during the third
quarter of 2001. Other reductions included lower printing costs due to a
reduction in pricing, reductions in print volume and a reduction of expenses
directly related to the decline in revenues and cost containment efforts during
2002. These decreases were partially offset by $0.1 million of Law.com
production expenses.

         Selling expenses decreased $0.6 million, or 7.6%, from $7.2 million for
the three months ended June 30, 2001 to $6.6 million for the three months ended
June 30, 2002. The decrease was primarily attributable to lower selling expenses
directly related to the decline in revenues for the three months ended June 30,
2002 and our cost containment efforts. These declines primarily consisted of
salary and related benefit reductions, the discontinuance of costs to place
e-commerce classified advertising and other marketing cost reductions. These
declines were partially offset by an increase in direct mail efforts and selling
expenses of $0.5 million in Law.com for which there were no like expenses in
2001.

         General and administrative expenses decreased $1.9 million, or 16.7%,
from $11.7 million for the three months ended June 30, 2001 to $9.8 million for
the three months ended June 30, 2002. This decrease resulted primarily from
restructuring costs which totaled $0.3 million for the three months ended June
30, 2002, as compared to $1.7 million for the three months ended June 30, 2001,
related staff reductions coupled with reductions in incentive compensations and
other employee benefits and also to a decrease in legal fees. These decreases
were partially offset by increased provisions for uncollectible receivables. In
addition, general and administrative expenses for Law.com totaled $0.5 million
with no like costs incurred in the prior year period.

         Depreciation and amortization expenses decreased $3.5 million, or
46.2%, from $7.5 million for the three months ended June 30, 2001 to $4.0
million for the three months ended June 30, 2002. This decline primarily
resulted from the elimination of amortization of goodwill in 2002 resulting from
the implementation of FSAS No. 142, "Goodwill and Other Intangible Assets." In
addition, intangible amortization decreased in the second quarter this year due
to a change in the amortized life of certain intangible assets.

         OPERATING PROFIT. As a result of the above factors, the operating
profit totaled $1.9 million for the three months ended June 30, 2002 as compared
to an operating loss of $2.3 million for the three months ended June 30, 2001.
In addition, EBITDA increased $0.8 million, or 14.6%, from $5.2 million for the
three months ended June 30, 2001 to $6.0 million for the three months ended June
30, 2002.

                                       17
<PAGE>
Liquidity and Capital Resources

         CAPITAL EXPENDITURES. Capital expenditures decreased $0.2 million, or
13.5%, from $1.7 million for the six months ended June 30, 2001 compared to $1.5
million for the six months ended June 30, 2002. Capital expenditures for the six
months ended June 30, 2002 included costs of $1.0 million attributed to database
and website development along with computer software upgrade and implementation
costs and hardware replacement. In addition, $0.5 million of capital
expenditures were incurred primarily for the renovation of a regional office.
Capital expenditures for 2001 primarily resulted from database development,
enhancements to existing computer systems and facilities and equipment
modernization.

         NET CASH USED IN OPERATING ACTIVITIES. Net cash used in operating
activities was $0.6 million for the six months ended June 30, 2002, which
reflects a net loss of $8.1 million, a decrease in accounts payable and accrued
expenses of $2.4 million, a decrease in other non-current liabilities of $3.6
million and an increase in other current assets of $0.7 million, partially
offset by depreciation and amortization of $8.4 million, accretion of interest
on senior discount notes of $3.5 million, a decrease in accounts receivable of
$1.2 million, an increase in deferred income of $0.7 million and an increase in
non-cash interest of $0.5 million.

         NET CASH USED IN INVESTING ACTIVITIES. Net cash used in investing
activities was $2.0 million for the six months ended June 30, 2002, resulting
from capital expenditures of $1.5 million and payments from 2002 and 2001
acquisitions.

         NET CASH PROVIDED BY FINANCING ACTIVITIES. Net cash provided by
financing activities totaled $2.3 million for the six months ended June 30,
2002, which reflects a total advance of $3.7 million on our GECC Facility and
deferred financing payments of $1.4 million.

         LIQUIDITY. Our principal sources of funds are anticipated to be cash
flows from operating activities, which may be supplemented by borrowings under
our GECC Facility. The GECC Facility had $30.7 million outstanding as of June
30, 2002 and accrues interest as described in Note 3 to the Consolidated
Financial Statements. For details relating to the terms of our GECC Facility
entered into on May 1, 2002, see Note 3 to the Consolidated Financial
Statements. We believe that these funds will be sufficient to meet our current
financial obligations, which include the payment of interest on the $175,000,000
of 9.75% senior notes, interest on our Senior Discount Notes of 12.25%, interest
under the outstanding balance under our GECC Facility, working capital, capital
expenditures and other obligations for the next 12 months. No assurance can be
given, however, that this will be the case. Our future operating performance and
ability to service or refinance our debt and to repay, extend or refinance any
credit agreements to which we are a party will be subject to future economic
conditions and to financial, business and other factors, many of which are
beyond our control.



ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         See footnote 3 to the Consolidated Financial Statements.


                                       18
<PAGE>


PART II



                                OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         We are a party to various litigation matters incidental to the conduct
of our business. We do not believe that the outcome of any of the matters in
which we are currently involved will have a material adverse effect on our
financial condition or on the results of our 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

              99.1    Certification of CEO and CFO Pursuant to 18 U.S.C. Section
                      1350, As Adopted Pursuant to Section 906 of the Sarbanes-
                      Oxley Act of 2002

              99.2    Press release dated August 14, 2002, announcing American
                      Lawyer Media, Inc.'s second quarter ended June 30, 2002
                      results.


        (b)   Reports on Form 8-K


                 1.   A Form 8-K was filed on July 29, 2002, under Item 4,
                      "Changes in Registrant's Certifying Accountant."

                 2.   A Form 8-K/A was filed on July 12, 2002, to amend
                      Items 2 and 7 of the Registrant's Current Report on
                      Form 8-K filed with the Securities and Exchange
                      Commission on May 14, 2002.




                                       19
<PAGE>
                                   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 HOLDINGS, INC.

                   August 14, 2002             /s/ WILLIAM L. POLLAK
                                      ------------------------------------------
                                                   William L. Pollak
                                         PRESIDENT AND CHIEF EXECUTIVE OFFICER



                   August 14, 2002             /s/ STEPHEN C. JACOBS
                                      ------------------------------------------
                                                   Stephen C. Jacobs
                                      VICE PRESIDENT AND CHIEF FINANCIAL OFFICER