<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 September 30, 2001.

                                       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: 333-50117

                             ----------------------

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

            DELAWARE                                      13-3980414
(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 November 14, 2001, there were 100 shares of the registrant's common stock,
$.01 par value, outstanding.
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.

                                      INDEX


                                                                           PAGE
                                                                           ----
PART I

FINANCIAL INFORMATION

     ITEM 1. FINANCIAL STATEMENTS

          Consolidated Balance Sheets at September 30, 2001 (unaudited)
               and December 31, 2000 ....................................     1
          Consolidated Statements of Operations (unaudited) for the Nine
               Months Ended September 30, 2001 and 2000 .................     2
          Consolidated Statements of Operations (unaudited) for the Three
               Months Ended September 30, 2001 and 2000 .................     3
          Consolidated Statement of Changes in Stockholder's Equity for
               the Nine Months Ended September 30, 2001 (unaudited) .....     4
          Consolidated Statements of Cash Flows (unaudited) for the Nine
               Months Ended September 30, 2001 and 2000 .................     5
          Notes to Consolidated Financial Statements at
               September 30, 2001 (unaudited) ...........................  6-11

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

     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
<PAGE>
                                     PART I
                              FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

<TABLE>
<CAPTION>
                                                                                            SEPTEMBER 30,       DECEMBER 31,
                                                                                                 2001               2000
                                                                                            -------------       ------------
                                                                                             (UNAUDITED)
                                     ASSETS
<S>                                                                                         <C>                 <C>
Current assets:
Cash and cash equivalents .............................................................         $   1,264          $   2,263
Accounts receivable, net of allowance for doubtful accounts and returns of $2,519
   and $2,836,  respectively ..........................................................            16,723             19,613
Inventories, net ......................................................................             1,495              1,561
Other current assets ..................................................................             3,362              3,793
                                                                                                ---------          ---------
        Total current assets ..........................................................            22,844             27,230

Property, plant and equipment, net of accumulated depreciation and amortization of
   $13,567 and $10,045, respectively ..................................................            11,858             14,000
Intangible assets, net of accumulated amortization of $44,711 and $35,838, respectively           132,082            139,757

Goodwill, net of accumulated amortization of $45,330 and $35,882, respectively ........           144,201            148,083

Deferred financing costs, net of accumulated amortization of $3,167and $2,501,
   respectively .......................................................................             4,748              5,277
Other assets ..........................................................................               607              5,188
                                                                                                ---------          ---------

         Total assets .................................................................         $ 316,340          $ 339,535
                                                                                                =========          =========
                      LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable ......................................................................         $   4,712          $   8,922
Accrued expenses ......................................................................            10,267             10,433
Accrued interest payable ..............................................................             5,200                867
Deferred income (including deferred subscription income of $15,969 and $16,975,
   respectively) ......................................................................            20,060             21,891
                                                                                                ---------          ---------
         Total current liabilities ....................................................            40,239             42,113

Long-term debt:
Revolving credit
   facili .............................................................................            24,500             20,500
Senior notes ..........................................................................           175,000            175,000
                                                                                                ---------          ---------
           Total long-term debt .......................................................           199,500            195,500

Deferred income taxes .................................................................            31,016             33,327
Other noncurrent liabilities ..........................................................             6,886              6,877
                                                                                                ---------          ---------
         Total liabilities ............................................................           277,641            277,817

Stockholder's equity:
Common stock-$.01 par value; 1,000 shares authorized; 100 issued and outstanding
     at September 30, 2001 and December 31, 2000 ......................................                --                 --
Paid-in-capital .......................................................................           130,253            130,253
Accumulated deficit ...................................................................           (91,505)           (68,535)
Accumulated other comprehensive loss ..................................................               (49)                --
                                                                                                ---------          ---------
         Total stockholder's equity ...................................................            38,699             61,718
                                                                                                ---------          ---------
         Total liabilities and stockholder's equity ...................................         $ 316,340          $ 339,535
                                                                                                =========          =========
</TABLE>

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


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

<TABLE>
<CAPTION>
                                                 FOR THE NINE MONTHS ENDED
                                                        SEPTEMBER 30,
                                                 -------------------------
                                                   2001            2000
                                                 ---------       ---------
<S>                                              <C>             <C>
REVENUES:
Periodicals:
   Advertising................................   $  64,768       $  66,171
   Subscription...............................      17,312          17,766
Ancillary products and services...............      28,355          32,018
                                                 ---------       ---------

   Total revenues.............................     110,435         115,955
                                                 ---------       ---------
OPERATING EXPENSES:
Editorial.....................................      17,464          19,982
Production and distribution...................      23,425          23,374
Selling                                             21,659          23,989
General and administrative....................      29,598          29,801
Depreciation and amortization.................      22,530          21,168
                                                 ---------       ---------

   Total operating expenses...................     114,676         118,314
                                                 ---------       ---------
   Operating loss.............................      (4,241)         (2,359)
Interest expense..............................     (15,064)        (14,899)
Other (loss) income, net......................      (5,515)             57
                                                 ----------      ---------

   Loss before income taxes...................     (24,820)        (17,201)

Benefit for income taxes......................       1,850           2,305
                                                 ---------       ---------
   Net loss...................................   $ (22,970)      $ (14,896)
                                                 =========       =========
</TABLE>

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


                                        2
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                 FOR THE THREE MONTHS ENDED
                                                         SEPTEMBER 30,
                                                -----------------------------
                                                   2001               2000
                                                ----------          ---------
<S>                                             <C>                 <C>
REVENUES:
Periodicals:
   Advertising................................  $  20,209           $  21,212
   Subscription...............................      5,754               5,881
Ancillary products and services...............      7,640               9,332
                                                ---------           ---------

   Total revenues.............................     33,603              36,425
                                                ---------           ---------
OPERATING EXPENSES:
Editorial.....................................      5,693               6,317
Production and distribution...................      6,790               7,275
Selling.......................................      6,826               7,404
General and administrative....................      9,440               9,496
Depreciation and amortization.................      7,536               6,904
                                                ---------           ---------

   Total operating expenses...................     36,285              37,396
                                                ---------           ---------
   Operating loss.............................     (2,682)               (971)
Interest expense..............................     (4,994)             (5,087)
Other (loss) income, net......................       (843)                 27
                                                ----------          ---------

   Loss before income taxes...................     (8,519)             (6,031)
Benefit for income taxes......................        805                 694
                                                ---------           ---------
   Net loss...................................  $  (7,714)          $  (5,337)
                                                =========           =========
</TABLE>

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


                                        3
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER'S 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, 2000 .......          100     $  --     $130,253        $(68,535)      $     --      $ 61,718
Net loss ...........................           --        --           --         (22,970)            --       (22,970)
Unrealized loss on equity securities
   available for sale, net of taxes            --        --           --              --            (49)          (49)
                                         --------     -----     --------        --------       --------      --------
    Total comprehensive loss .......           --        --           --              --             --       (23,019)
Balance at September 30, 2001 ......          100     $  --     $130,253        $(91,505)      $    (49)     $ 38,699
                                         ========     =====     ========        ========       ========      ========
</TABLE>

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


                                        4
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                    FOR THE NINE MONTHS ENDED
                                                                                          SEPTEMBER 30,
                                                                                    -------------------------
                                                                                      2001             2000
                                                                                    --------         --------
<S>                                                                                 <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ......................................................................     $(22,970)        $(14,896)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization .................................................       22,530           21,168
Non-cash interest .............................................................          666              624
Loss on sale of assets ........................................................          872               --
Impairment of private equity investments ......................................        4,700               --
   Decrease (increase) in:
Accounts receivable, net ......................................................        2,829           (3,081)
Inventories ...................................................................         (144)             (95)
Other current assets ..........................................................          290           (2,996)
Other assets ..................................................................          385              (56)
   (Decrease) increase in:
Accounts payable ..............................................................       (4,238)          (3,851)
Accrued expenses ..............................................................       (1,002)            (841)
Accrued interest payable ......................................................        4,332            4,285
Deferred income ...............................................................       (2,711)              (4)
Other noncurrent liabilities ..................................................       (2,302)          (1,772)
                                                                                    --------         --------
   Total adjustments ..........................................................       26,207           13,381
                                                                                    --------         --------
   Net cash provided by (used in) operating activities ........................        3,237           (1,515)
                                                                                    --------         --------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ..........................................................       (2,476)          (4,039)
Proceeds received from sale of assets .,,,,....................................          300            9,184
Purchase of trade name ........................................................           --              (20)
Purchase of business ..........................................................       (5,922)          (4,950)
                                                                                    --------         --------
   Net cash (used in) provided by investing activities ........................       (8,098)             175
                                                                                    --------         --------

CASH FLOWS FROM FINANCING ACTIVITIES:
Drawdown under revolving credit facility ......................................        4,000               --
Payment of deferred financing costs ...........................................         (138)              --
                                                                                    --------         --------
   Net cash provided by financing activities ..................................        3,862               --
                                                                                    --------         --------
   Net decrease in cash .......................................................         (999)          (1,340)
                                                                                    --------         --------

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

CASH, end of period ...........................................................     $  1,264         $    258
                                                                                    ========         ========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period:
   Income taxes ...............................................................     $    657         $    112
                                                                                    ========         ========
   Interest ...................................................................     $ 10,082         $  9,799
                                                                                    ========         ========
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.


                                        5
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

1. ORGANIZATION & OPERATIONS

      American Lawyer Media, Inc. (the "Company") is a wholly-owned subsidiary
of American Lawyer Media Holdings, Inc. ("Holdings"). 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, 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
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

      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


                                        6
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 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 newsletter
subscriptions, sales of professional books, seminar and trade show revenues,
revenues from jury verdict and settlement research. 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. Jury verdict and
settlement research revenues are recognized upon fulfillment of orders. Printing
revenues are recorded upon shipment.

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 $2,566,100 and $2,631,500 are included in accounts
receivable in the accompanying consolidated September 30, 2001 and December 31,
2000 balance sheets, respectively.

Advertising and Promotion Expenditures

      Advertising and promotion expenditures totaled approximately $1,569,700
and $1,573,000 for the three months ended September 30, 2001 and 2000,
respectively, and $5,302,400 and $5,943,000 for the nine months ended September
30, 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.


                                        7
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 stated at the lower of cost,
as determined by the average cost method, or market.

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 related to goodwill or intangibles. Reference is
made in Note 4 for write-downs taken on available for sale investments.

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

      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.


                                        8
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

New Accounting Pronouncements

      On June 30, 2001, the Financial Accounting Standards Board ("FASB") issued
SFAS No. 141, "Business Combinations" and SFAS No. 142, "Goodwill and Other
Intangible Assets". SFAS No. 141 requires all business combinations initiated
after June 30, 2001 to be accounted for using the purchase method of accounting
and eliminates the pooling method of accounting. With adoption of SFAS No. 142,
effective January 1, 2002, goodwill will no longer be subject to amortization
over its estimated useful life. However, goodwill will be subject to at least an
annual assessment for impairment and more frequently if circumstances indicate a
possible impairment. Companies must perform a fair-value-based goodwill
impairment test. In addition, under SFAS 142, an acquired intangible asset
should be separately recognized if the benefit of the intangible is obtained
through contractual or other legal rights, or if the intangible asset can be
sold, transferred, licensed, rented, or exchanged. Intangible assets will be
amortized over their useful lives. The Company is assessing the impact of SFAS
142 and is evaluating whether or not it will incur an impairment charge in
accordance with the adoption of this statement.

      In August 2001, the FASB issued SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets." This statement supersedes SFAS No.
121, "Accounting for the Impairment of Long-Lived Assets." This statement also
supersedes the accounting and reporting provisions of Accounting Principles
Board ("APB") Opinion 30, "Reporting the Results of Operations - Reporting the
Effects of Disposal of a segment of a Business, and Extraordinary, Unusual and
Infrequently Occurring Events and Transactions", relating to the disposal of a
segment of a business. SFAS No. 121 did not address the accounting for a segment
of a business accounted for as a discontinued under APB Opinion 30 and therefore
two accounting models existed for long-lived assets to be disposed of. SFAS No.
144 established one accounting model for long-lived assets (including those
accounted for as a discontinued operation) to be disposed of by sale and
resolved certain implementation issues related to SFAS No. 121. SFAS No. 144
will be effective for fiscal years beginning after December 15, 2001. The
Company is required to adopt SFAS No. 144 in the first quarter of 2002 and is
currently assessing the impact on its result of operations and financial
position.

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. The federal income tax benefit is recorded in the accompanying
consolidated statements of operations, reflecting the fact that the Company
files a consolidated tax return with its parent, Holdings.

3. DEBT

      On December 22, 1997, the Company 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 the Company's existing and future subsidiaries. The
subsidiary guarantors comprise all of the direct and indirect


                                        9
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

3. DEBT (CONTINUED)

subsidiaries of the Company and each of the subsidiary guarantors is a
wholly-owned subsidiary of the Company. 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 the Company, 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 the Company 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, Holdings and the Company 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"). Finance 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 Holdings and by all subsidiaries of the Company. In addition, the
Revolving Credit Facility is secured by a first priority security interest in
substantially all of the properties and assets of the Company and its domestic
subsidiaries, including a pledge of all of the stock of such subsidiaries, and a
pledge by Holdings of all of the stock of the Company. The Revolving 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 the Company'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 the
Company and (ii) the maximum reserve percentage in effect under regulations
issued from time to time by the Federal Reserve Board. The Company 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, Holdings and the Company amended the Revolving
Credit Facility to limit the Company'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 the sale of the Company's Internet business to Law.com, Inc., and to
modify certain debt covenants.


                                       10
<PAGE>
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

3. DEBT (CONTINUED)

      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 (the
"Business") to The Deal, L.L.C. and to increase the revolver limit described
above from $20.0 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 acquisition and
to increase the borrowing limit described above from $22.5 million to $29.0
million.

      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 October 15, 2001, the Company received a waiver of compliance
with certain of the covenants at September 30, 2001 and at December 31, 2001.
The Company and lenders under the Revolving Credit Facility are discussing
further amendments to the Revolving Credit Facility.

      At September 30, 2001, the amount outstanding under the Revolving Credit
Facility was $24.5 million. The available balance under the unused commitment is
reduced by any letters of credit outstanding, which totaled $1,121,000 at
September 30, 2001. A 10% increase in the average interest rate of borrowing
under the Revolving Credit Facility during the nine months ended September 30,
2001 would have increased the Company's net loss to approximately $23,121,000.

4. OTHER (LOSS) INCOME

      During the second quarter of 2001, the Company wrote off certain available
for sale investments as the decline in value of these investments has been
deemed to be other than temporary. This write-down of $4.7 million has been
included in other (loss) income.

      During the third quarter of 2001, the Company sold certain assets
associated with its printing facility in Florida. The Company recognized a net
loss of approximately $0.9 million from the sale of these assets and other costs
directly associated with the transaction.

5. RESTRUCTURING CHARGE

      During the second quarter of 2001, upon the decision to restructure
certain of its operations, the Company accrued approximately $1.7 million of
restructuring charges. These charges primarily relate to severance arrangements
and have been included in operating income. As of September 30, 2001,
approximately $0.7 million, representing the unpaid charges, is included in
accrued expenses.


                                       11
<PAGE>
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 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 the Company's filings with the Securities and Exchange Commission.

Overview

      The following discussion compares the financial results of the Company for
the nine and three months ended September 30, 2001 to the nine and three months
ended September 30, 2000.

      In February 2000, the Company discontinued publication of four of its
weekly newsletters. In July 2000, the Company discontinued publication of the
remaining two weekly 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.


                                       12
<PAGE>
      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.

      During the second quarter of 2001, the Company recorded a one-time pretax
restructuring charge of $1.7 million. Restructuring component costs primarily
consisted of severance, related payroll taxes and outside consulting services.
At September 30, 2001, $1.0 million was charged against the recorded accrual.

      In addition, during the second quarter of 2001, the Company recorded a
permanent impairment of $4.7 million at June 30, 2001 on its private equity
investments.

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

RESULTS OF OPERATIONS

      Nine Months Ended September 30, 2001 Compared to Nine Months Ended
September 30, 2000

      Overview. Revenues decreased by $5.6 million, or 4.8%, from $116.0 million
for the nine months ended September 30, 2000 to $110.4 million for the nine
months ended September 30, 2001. Total operating expenses decreased $3.6
million, or 3.1%, from $118.3 million for the nine months ended September 30,
2000 to $114.7 million for the nine months ended September 30, 2001. As a
result, the net operating loss totaled $4.2 million for the nine months ended
September 30, 2001 as compared to a net operating loss of $2.4 million for the
nine months ended September 30, 2000. Earnings before interest, income taxes,
depreciation and amortization and other extraordinary gains and losses
("EBITDA") showed a slight decline of $0.5 million, or 2.8%, from $18.8 million
for the nine months ended September 30, 2000 to $18.3 million for the nine
months ended September 30, 2001. Total operating expenses and EBITDA for 2001
include a $1.7 million pre-tax restructuring charge. Excluding this
restructuring charge, total operating expenses during 2001 would have decreased
$5.3 million, or 4.5%, and EBITDA would have increased $1.2 million, or 6.2%,
during the nine months ended September 30, 2001 over the same period during
2000. Excluding the restructuring charge, the increase in EBITDA during the nine
months ended September 30, 2001 resulted primarily from operating expenses
declining at a quicker pace than revenue.

      Revenues during the nine months ended September 30, 2001 reflect the
impact of the general slowdown within the economy. Revenue declines for the nine
months ended September 2001 from the nine months ended September 30, 2000
primarily resulted from lower content licensing fees and royalty fees, the
elimination of $0.5 million of revenue resulting from the sale of the Business
and the discontinuation of the weekly newsletter division in 2000 along with
declines in advertising, subscription and printing revenue. Partially offsetting
this decline are increased revenues realized in new publications, and the
Company's acquisitions during 2000 and 2001. Lower operating expenses during
2001 were realized in the editorial, selling and general and administrative
expense categories, partially offset by increased depreciation and amortization
expense. Lower operating expenses primarily resulted from the sale of the
Business and the discontinuation of the weekly newsletter division, lower direct
costs related to the reduction of revenue and cost containment efforts by the
Company. This decrease in operating expenses was partially offset by increased
costs related to new publications and acquisitions made during 2000


                                       13
<PAGE>
and 2001 along with the restructuring charge recorded during the second quarter
of 2001 and increased depreciation and amortization expenses from additional
goodwill, intangibles and capital assets recorded during 2000 and 2001.

      Revenues. Revenues decreased by $5.6 million, or 4.8%, from $116.0 million
for the nine months ended September 30, 2000 to $110.4 million for the nine
months ended September 30, 2001. Advertising revenues decreased $1.4 million,
from $66.2 million for the nine months ended September 30, 2000 to $64.8 million
for the nine months ended September 30, 2001. The decline in advertising revenue
primarily resulted from a decrease in classified advertising revenue of $3.7
million across all of the Company's core publications. Partially offsetting this
decline was strong growth in law firm advertising revenue, which grew $2.2
million, or 30.1%, from $7.3 million for the nine months ended September 30,
2000 to $9.5 million for the nine months ended September 30, 2001. Increased
advertising pages and increased frequency in publishing two publications
contributed to $1.5 million of the growth in law firm advertising revenue and
new publications in 2001 contributed to the other $0.7 million in growth.

      Subscription revenues decreased $0.5 million, or 2.6%, from $17.8 million
for the nine months ended September 30, 2000 to $17.3 million for the nine
months ended September 30, 2001. The decline in subscription revenue in 2001
resulted primarily from slight declines in two of the Company's core
publications.

      Revenues from ancillary products and services decreased $3.7 million, or
11.4%, from $32.0 million for the nine months ended September 30, 2000 to $28.4
million for the nine months ended September 30, 2001. A decline in revenues from
ancillary products and services resulted primarily from lower content licensing
and royalty fees, lower printing revenue resulting from the sale of certain of
the assets of the Florida printing operations early in the third quarter of 2001
and lower seminar revenue due to a decline in attendance. These declines were
partially offset by revenue growth in information services, book sales, domestic
tradeshows and overseas tradeshows acquired during 2000.

      Operating expenses. Total operating expenses decreased $3.6 million, or
3.1%, from $118.3 million for the nine months ended September 30, 2000 to $114.7
million for the nine months ended September 30, 2001. Lower operating expenses
during 2001 were primarily realized in the editorial and selling expense
categories partially offset by higher depreciation and amortization expense.
Included in operating expenses for 2001 is a one-time restructuring charge of
$1.7 million. Excluding this charge, total operating expenses decreased $5.3
million, or 4.5%. Lower operating expenses of $6.7 million primarily resulted
from the sale of the Business and the discontinuation of the weekly newsletter
division, lower expenses directly related to the reduction in revenue recorded
during the period, along with savings from cost containment efforts by the
Company. This decrease in operating expenses was partially offset by increased
costs related to new publications and acquisitions made during 2000 and 2001 and
increased depreciation and amortization expenses from additional goodwill,
intangibles and capital assets recorded during 2000 and 2001. The new
acquisitions commenced in 2000 and 2001 are fully reflected in the results for
the nine months ended September 30, 2001, while the results for the nine months
ended September 30, 2000 only reflected a portion of those expenses.

      Editorial expenses decreased $2.5 million, or 12.6%, from $20.0 million
for the nine months ended September 30, 2000 to $17.5 million for the nine
months ended September 30, 2001. The decrease primarily resulted from reduced
editorial expenses of $2.6 million from the sale of the Business along with the
discontinuation of the weekly newsletter division in 2000 and


                                       14
<PAGE>
lower expenses related to the reduction of content fees. This decrease was
partially offset by increases related to new publications and acquisitions made
during 2000 and 2001.

      Production and distribution expenses remained flat at $23.4 million for
both the nine months ended September 30, 2001 and 2000. Although there was no
overall change in this category, increased expenses of $1.5 million were
recorded from new publications and acquisitions made during 2000 and 2001. These
increases were fully offset by lower expenses of $0.8 million from the sale of
the Business along with the discontinuation of the weekly newsletter division in
2000, the sale of the Company's Florida printing operations early in the third
quarter of 2001 and lower production expenses resulting from office automation.

      Selling expenses decreased $2.3 million, or 9.7%, from $24.0 million for
the nine months ended September 30, 2000 to $21.7 million for the nine months
ended September 30, 2001. The decrease was primarily attributable to lower
selling expenses of $1.4 million from the sale of the Business 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 selling expenses in the Company's core publications of
$1.7 million were incurred in 2001. These decreases were partially offset by
increased expenses related to new publications and acquisitions made during 2000
and 2001.

      General and administrative expenses decreased $0.2 million, or 0.7%, from
$29.8 million for the nine months ended September 30, 2000 to $29.6 million for
the nine months ended September 30, 2001. Included in general and administrative
expenses for 2001 is the one-time restructuring charge of $1.7 million.
Excluding this charge, general and administrative expenses decreased $1.9
million, or 6.3%. The decrease resulted from savings of $1.9 million from the
sale of the Business and the discontinuation of the weekly newsletter division
in 2000. In addition, a reduction in corporate salaries and incentives, bad debt
and general insurance costs contributed to the expense reduction in 2001.
Partially offsetting these reductions were higher costs related to new
publications and acquisitions made during 2000 and 2001 along with increased
legal and professional fees.

      Depreciation and amortization expenses increased $1.4 million, or 6.4%,
from $21.2 million for the nine months ended September 30, 2000 to $22.5 million
for the nine months ended September 30, 2001. Higher depreciation and
amortization expenses resulted from the continuation of system enhancements and
upgrades, facilities and equipment modernization and computer equipment
purchases throughout 2000 and 2001. Increased goodwill and intangible assets
recorded from acquisitions in 2000 and the first quarter of 2001 also
contributed to the increased expense in this category.

      Operating loss. As a result of the above factors, operating loss totaled
$4.2 million for the nine months ended September 30, 2001 as compared to an
operating loss of $2.4 million for the nine months ended September 30, 2000.
EBITDA decreased $0.5 million, or 2.8%, from $18.8 million for the nine months
ended September 30, 2000 to $18.3 million for the nine months ended September
30, 2001. Excluding the one-time restructuring charge, the Company's operating
loss would have increased $0.2 million and EBITDA would have grown $1.2 million
during the nine months ended September 30, 2001 over the same period during
2000.


                                       15
<PAGE>
      Three Months Ended September 30, 2001 Compared to Three Months Ended
September 30, 2000

      Overview. Revenues decreased by $2.8 million, or 7.7%, from $36.4 million
for the quarter ended September 30, 2000 to $33.6 million for the quarter ended
September 30, 2001. Total operating expenses decreased $1.1 million, or 3.0%,
from $37.4 million for the quarter ended September 30, 2000 to $36.3 million for
the quarter ended September 30, 2001. As a result, the net operating loss
totaled $2.7 million for the quarter ended September 30, 2001 as compared to a
net operating loss of $1.0 million for the quarter ended September 30, 2000.
EBITDA decreased $1.1 million, or 18.2%, from $5.9 million for the quarter ended
September 30, 2000 to $4.9 million for the quarter ended September 30, 2001. The
increase in net operating loss and the decrease in EBITDA during the three
months ended September 30, 2001 as compared to the three months ended September
30, 2000 resulted primarily from revenues declining at a quicker pace than
operating expenses.

      Revenue declines for the quarter ended September 30, 2001 from the quarter
ended September 30, 2000 reflect the impact of the general slowdown within the
economy and primarily resulted from lower content licensing fees and royalty
fees and declines in classified advertising and printing revenue. Partially
offsetting this decline are increased revenues from law firm advertising and
book sales, new publications and the Company's acquisitions during 2000 and
2001. Lower operating expenses during 2001 were realized in the editorial,
selling and general and administrative expense categories but were partially
offset by increased depreciation and amortization expense as a result of a
decline in direct cost related to the reduction of revenue and cost containment
efforts by the Company.

     Revenues. Revenues decreased by $2.8 million, or 7.7%, from $36.4 million
for the quarter ended September 30, 2000 to $33.6 million for the quarter ended
September 30, 2001. Advertising revenues decreased $1.0 million, or 4.7%, from
$21.2 million for the quarter ended September 30, 2000 to $20.2 million for the
quarter ended September 30, 2001. The decline in advertising revenue primarily
resulted from a decrease in classified advertising revenue of $1.6 million due
to volume declines across all of the Company's core publications. Also
contributing to this decline were decreases in legal notice advertising of $0.1
million and directories revenue of $0.2 million during the quarter ended
September 30, 2001 over the same period last year. Partially offsetting these
declines were continued growth in law firm advertising, which grew $0.5 million,
or 22.4%, from $2.5 million for the quarter ended September 30, 2000 to $3.0
million for the quarter ended September 30, 2001, along with an increase in
display advertising revenue of $0.3 million. Increased advertising pages and
increased frequency in publishing two publications contributed to $0.3 million
of the growth in law firm advertising revenue and new publications in 2001
contributed to the other $0.2 million in growth.

      Subscription revenues decreased $0.1 million, or 2.2%, from $5.9 million
for the quarter ended September 30, 2000 to $5.8 million for the quarter ended
September 30, 2001. The decline in subscription revenues in 2001 resulted
primarily from a slight decline in the Company's national publications.

      Revenues from ancillary products and services decreased $1.7 million, or
18.1%, from $9.3 million for the quarter ended September 30, 2000 to $7.6
million for the quarter ended September 30, 2001. A decline in revenues from
ancillary products and services resulted primarily from lower content licensing
and royalty fees, lower printing revenue resulting from the sale of the Florida
printing operations early in the third quarter of 2001, lower domestic seminar
revenue due to a decline in attendance and declines in custom publication
revenue. These declines were partially offset by revenue growth in book sales,
information services and domestic tradeshows.


                                       16
<PAGE>
      Operating expenses. Total operating expenses decreased $1.1 million, or
3.0%, from $37.4 million for the quarter ended September 30, 2000 to $36.3
million for the quarter ended September 30, 2001. Lower operating expenses
during the third quarter of 2001 as compared to the third quarter of 2000
resulted primarily from decreases in editorial, production and selling expenses
of $1.7 million directly related to decreases in revenue and to cost containment
efforts. These decreases were partially offset by an increase of $0.6 million in
depreciation and amortization expenses.

      Editorial expenses decreased $0.6 million, or 9.9%, from $6.3 million for
the quarter ended September 30, 2000 to $5.7 million for the quarter ended
September 30, 2001. The decrease resulted from reduced editorial expenses due to
the discontinuation of the weekly newsletter division in 2000, direct costs
related to the reduction of content revenue and cost containment efforts within
the core publications.

      Production and distribution expenses decreased $0.5 million, or 6.7%, from
$7.3 million for the quarter ended September 30, 2000 to $6.8 million for the
quarter ended September 30, 2001. The decrease in production and distribution
expenses was primarily attributable to the sale of the Company's Florida
printing operations early in the third quarter of 2001 and lower production
expenses resulting from office automation. This decrease was partially offset by
higher trade show production expenses directly related to the growth in
tradeshow revenue in the third quarter of 2001.

      Selling expenses decreased $0.6 million, or 7.8%, from $7.4 million for
the quarter ended September 30, 2000 to $6.8 million for the quarter ended
September 30, 2001. The decrease was primarily attributable to lower selling
expenses directly related to the decline in revenues for the quarter ended
September 20, 2001 and the Company's cost containment efforts. This decline was
primarily recorded in display, classified and law firm selling expenses and was
partially offset by an increase in legal advertising expenses.

      General and administrative expenses decreased $0.1 million from $9.5
million for the quarter ended September 30, 2000 to $9.4 million for the quarter
ended September 30, 2001. The decrease resulted primarily from savings of $0.3
million from the discontinuation of the weekly newsletter division in 2000 and
$0.3 million from cost containment efforts. These decreases were partially
offset by an increase of $0.4 million related to new publications and
acquisitions made during 2000 and 2001, along with increased legal and
professional fees.

      Depreciation and amortization expenses increased $0.6 million, or 9.2%,
from $6.9 million for the quarter ended September 30, 2000 to $7.5 million for
the quarter ended September 30, 2001. Higher depreciation and amortization
expenses resulted from the continuation of system enhancements and upgrades,
facilities and equipment modernization and computer equipment purchases
throughout 2000 and 2001. Increased goodwill and intangible assets recorded from
acquisitions in 2000 and the first quarter of 2001 also contributed to the
year-over-year increased expense in this category.

      Operating loss. As a result of the above factors, the operating loss
totaled $2.7 million for the quarter ended September 30, 2001 as compared to an
operating loss of $1.0 million for the quarter ended September 30, 2000. EBITDA
decreased $1.0 million, or 18.2%, from $5.9 million for the quarter ended
September 30, 2000 to $4.9 million for the quarter ended September 30, 2001.



                                       17
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

      Capital expenditures. Capital expenditures decreased $1.5 million, or
38.7%, from $4.0 million for the nine months ended September 30, 2000 compared
to $2.5 million for the nine months ended September 30, 2001. Capital
expenditures for the 2000 period 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. Capital expenditures for
2001 primarily result from database development, enhancements to existing
computer systems and facilities and equipment modernization.

      Net cash provided by operating activities. Net cash provided by operating
activities was $3.2 million for the nine months ended September 30, 2001, which
primarily reflects depreciation and amortization of $22.5 million, a decrease of
$4.7 million in investment of private equity securities, an increase in accrued
interest payable of $4.3 million, a decrease in accounts receivable of $2.8
million, loss from the sale of certain assets related to the Florida printing
facility of $0.9 million and an increase in non-cash interest of $0.7 million,
partially offset by a net loss of $23.0 million, a decrease in accounts payable
and accrued expenses of $5.2 million, a decrease in deferred income of $2.7
million and a decrease in other non-current liabilities of $2.3 million.

      Net cash used in investing activities. Net cash used in investing
activities was $8.1 million for the nine months ended September 30, 2001,
resulting from the Haslam acquisition in January 2001 and capital expenditures
made during the 2001 period.

      Net cash provided by financing activities. Net cash provided by financing
activities totaled $3.9 million for the nine months ended September 30, 2001,
which reflects a net drawdown of $4.0 million under the Company's Revolving
Credit Facility partially offset by financing fees paid.

      Liquidity. The Company's principal sources of funds are anticipated to be
cash flows from operating activities, which may be supplemented by borrowings
under the Revolving Credit Facility. The Revolving Credit Facility has $24.5
million outstanding as of September 30, 2001 and accrues interest as described
in Note 3 to the Consolidated Financial Statements. For details relating to the
terms of the Revolving Credit Facility and current amendments and waivers
received, see Note 3 to the Consolidated Financial Statements. The Company
believes that these funds will be sufficient to meet its current financial
obligations, including the payment of principal and interest on the $175,000,000
of 9.75% Senior Notes and the outstanding balance under the Company's Revolving
Credit Facility, working capital, capital expenditures and other obligations. No
assurance can be given, however, that this will be the case. The Company's
future operating performance and ability to service or refinance the Company's
debt and to repay, extend or refinance any credit agreements to which it is a
party will be subject to future economic conditions and to financial, business
and other factors, many of which are beyond the Company's 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

      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.

10.4(vi)   Sixth Amendment and Waiver to Credit Agreement, dated as of August
           10, 2001, among the Company, Holdings, various banks and Bank of
           America, N.A.

10.4(vii)  Waiver of Credit Agreement, dated as of September 28, 2001, among the
           Company, Holdings, various banks and Bank of America, N.A.

     (b)   Reports on Form 8-K.

           None.


                                       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, INC.

                   November 14, 2001           /s/ WILLIAM L. POLLAK
                                      -----------------------------------------
                                                  William L. Pollak
                                      President and Chief Executive Officer


                   November 14, 2001              /s/ STEPHEN C. JACOBS
                                      ------------------------------------------
                                                    Stephen C. Jacobs
                                      Vice President and Chief Financial Officer