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

                                    FORM 10-Q

(Mark One)

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

         For the quarterly period ended March 31, 2001.

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

         For the transition period from            to             .

                        COMMISSION FILE NUMBER: 333-50117

                           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)

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


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

                               Yes |X|   No |_|









As of May 14, 2001, there were 100 shares of the registrant's Common Stock, $.01
par value, outstanding.
<PAGE>   2
                           AMERICAN LAWYER MEDIA, INC.

                                      INDEX

<TABLE>
<CAPTION>
                                                                                                    PAGE

PART I

FINANCIAL INFORMATION
<S>      <C>                                                                                        <C>
         ITEM 1. FINANCIAL  STATEMENTS

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

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

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

OTHER INFORMATION

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

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

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

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

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

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

ITEM 1. FINANCIAL STATEMENTS

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

<TABLE>
<CAPTION>
                                                                                       MARCH 31,     DECEMBER 31,
                                                                                         2001            2000
                                                                                     -------------   ----------
                                                                                      (UNAUDITED)

                                                       ASSETS

Current assets:
<S>                                                                                   <C>             <C>
Cash and cash equivalents............................................................   $ 1,948         $ 2,263
Accounts receivable, net of allowance for doubtful accounts and returns of               19,153
   $2,603 and $2,836, respectively....................................................                   19,613
Inventories, net......................................................................    1,626           1,561
Other current assets..................................................................    3,731           3,793
                                                                                      ---------      ----------
      Total current assets............................................................   26,458          27,230
Property, plant and equipment, net of accumulated depreciation and                       13,512
   amortization of $11,455 and $10,045, respectively..................................                   14,000
Intangible assets, net of accumulated amortization of $38,791 and $35,838,              138,001
   respectively.......................................................................                  139,757
Goodwill, net of accumulated amortization of $39,012 and $35,838,                       150,622
   respectively.......................................................................                  148,083
Deferred financing costs, net of accumulated amortization of $2,709 and                   5,069
   $2,501, respectively...............................................................                    5,277
Other assets..........................................................................    5,186           5,188
                                                                                      ---------      ----------

       Total assets.................................................................. $ 338,848       $ 339,535
                                                                                      =========       =========
                                        LIABILITIES AND STOCKHOLDER'S EQUITY

Current liabilities:
Accounts payable.....................................................................   $ 6,264         $ 8,922
Accrued expenses......................................................................    6,974          10,433
Accrued interest payable..............................................................    5,228             867
Deferred income (including deferred subscription income of $17,338 and
   $16,975, respectively).............................................................   22,363         21,891
                                                                                      ---------      ----------
       Total current liabilities......................................................   40,829          42,113
Long term debt:
Revolving credit facility.............................................................   25,200          20,500
Senior notes..........................................................................  175,000         175,000
                                                                                      ---------      ----------
           Total long term debt.......................................................  200,200         195,500

Deferred income taxes.................................................................   32,625          33,327
Other noncurrent liabilities..........................................................    7,244           6,877
                                                                                      ---------      ----------
Total liabilities.....................................................................  280,898         277,817
Stockholder's equity:
Common stock-$.01 par value; 1,000 shares authorized; 100 issued and
   outstanding at March 31, 2001 and December 31, 2000................................       --              --
Paid-in-capital.......................................................................  130,253         130,253
Accumulated deficit...................................................................  (72,303)        (68,535)
                                                                                      ----------     ----------
       Total stockholder's equity.....................................................   57,950          61,718
                                                                                      ---------      ----------
       Total liabilities and stockholder's equity.................................... $ 338,848       $ 339,535
                                                                                      =========       =========
</TABLE>


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


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

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

   Total net revenues...............................................               39,014             38,843
                                                                              -----------        -----------
OPERATING EXPENSES:
Editorial...........................................................                5,979              7,673
Production and distribution.........................................                8,748              8,218
Selling.............................................................                7,673              8,911
General and administrative..........................................                8,460             10,924
Depreciation and amortization.......................................                7,471              7,143
                                                                              -----------        -----------

   Total operating expenses.........................................               38,331             42,869
                                                                              -----------        -----------
   Operating income (loss)..........................................                  683             (4,026)
Interest expense....................................................               (5,045)            (4,930)
Other income........................................................                   20                 13
                                                                              -----------        -----------
   Loss before income taxes.........................................               (4,342)            (8,943)

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

   Net loss.........................................................          $    (3,768)       $    (8,137)
                                                                              ===========        ===========
</TABLE>



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


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

<TABLE>
<CAPTION>
                                                                                 ADDITIONAL
                                                      SHARES      PAR VALUE       PAID-IN       ACCUMULATED
                                                           COMMON STOCK           CAPITAL         DEFICIT           TOTAL
                                                   -------------------------     ----------     -----------       ----------
<S>                                                <C>           <C>             <C>            <C>               <C>
Balance at December 31, 2000.................             100         $  --      $ 130,253       $ (68,535)         $ 61,718
Net loss.....................................              --            --             --          (3,768)           (3,768)
                                                   ----------     ----------     ----------     ----------        ----------

Balance at March 31, 2001 (unaudited)........             100         $  --      $ 130,253       $ (72,303)         $ 57,950
                                                   ===========    ==========     =========      ==========        ===========
</TABLE>


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


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

<TABLE>
<CAPTION>
                                                                              FOR THE THREE MONTHS ENDED
                                                                                       MARCH 31,
                                                                              ---------------------------
                                                                                  2001            2000
                                                                              -----------      ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                             <C>            <C>
Net loss....................................................................    $ (3,768)      $ (8,137)
Adjustments to reconcile net loss to net cash provided by operating
   activities:
   Depreciation and amortization................................................   7,471          7,143
   Non-cash interest............................................................     208            208
   Decrease (increase) in:
Accounts receivable, net........................................................     564         (3,310)
Inventories.....................................................................     (65)            32
Other current assets............................................................     (23)           627
Other assets....................................................................     623             22
   (Decrease) increase in:
Accounts payable................................................................  (2,683)        (1,044)
Accrued expenses................................................................  (4,109)        (1,656)
Accrued interest payable........................................................   4,361          4,212
Deferred income.................................................................    (344)           987
Other noncurrent liabilities....................................................    (334)          (815)
                                                                                ---------      ---------
   Total adjustments............................................................   5,669          6,406
                                                                                ---------      --------
   Net cash provided by (used in) operating activities..........................   1,901         (1,731)
                                                                                ---------      ---------

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

CASH FLOWS FROM FINANCING ACTIVITIES:
Advance (payments) on revolving credit facility.................................   4,700         (5,000)
                                                                                --------       ---------
   Net cash provided by (used in) financing activities..........................   4,700         (5,000)
                                                                                --------       ---------
   Net decrease in cash.........................................................    (315)        (1,210)
                                                                                ---------      ---------

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

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

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


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


                                       4
<PAGE>   7
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 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


                                       5
<PAGE>   8
                           AMERICAN LAWYER MEDIA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 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
third-party printing revenues, newsletter subscriptions, sales of professional
books and seminar and trade show revenues and income for daily fax service of
court decisions. Printing revenues are recorded upon shipment. Book revenues are
recognized upon shipment and are reflected net of estimated returns. Newsletter
revenues are recognized on the same basis as periodical subscription revenues.
Seminar and trade show revenues are recognized when the seminar or trade show is
held. Daily fax service revenue is recognized upon fulfillment of orders.

Deferred Subscription Income

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

Advertising and Promotion Expenditures

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

Cash and Cash Equivalents

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

Inventories

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


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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Accounting for Long-Lived Assets

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

Property, Plant and Equipment

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

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.

Income Taxes

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


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


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 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"). Financial
costs associated with the Revolving Credit Facility have been capitalized and
are being amortized over the term of the agreement. The Revolving Credit
Facility is guaranteed by 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.


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

3. DEBT (CONTINUED)

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

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

         At March 31, 2001, the amount outstanding under the Revolving Credit
Facility was $25.2 million. The available balance under the unused commitment is
reduced by any letters of credit outstanding, which totaled $1,121,000 at March
31, 2001. A 10% increase in the average interest rate of borrowing under the
Revolving Credit Facility during the three months ended March 31, 2001 would
have increased the Company's net loss to approximately $3,822,000.

4. INCOME TAXES

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


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

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

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

Overview

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

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

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

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

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


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

         Results of Operations

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

         Overview. Revenues increased by $0.2 million, or 0.4%, from $38.8
million for the three months ended March 31, 2000 to $39.0 million for the three
months ended March 31, 2001. Total operating costs and expenses decreased $4.6
million, or 10.7%, from $42.9 million for the three months ended March 31, 2000
to $38.3 million for the three months ended March 31, 2001. As a result, the
operating profit totaled $0.7 million for the three months ended March 31, 2001
as compared to an operating loss of $4.0 million for the three months ended
March 31, 2000. EBITDA increased $5.1 million, or 161.6%, from $3.1 million for
the three months ended March 31, 2000 to $8.2 million for the three months ended
March 31, 2001. The operating profit and the increase in EBITDA during 2001
resulted primarily from a combination of lower operating expense coupled with a
modest increase in net revenues. Revenue growth was primarily realized in new
publications, the Company's acquisitions during 2000 and 2001, law firm
advertising and tradeshow activity. Partially offsetting this revenue growth was
the elimination of $0.4 million of revenue resulting from the sale of The Daily
Deal in the first quarter of 2000, the discontinuation of the weekly newsletter
division, in 2000, and lower classified and royalty revenue. Lower operating
costs during 2001 were realized in the editorial, selling and general and
administrative expense categories partially offset by higher production and
distribution expense along with increased depreciation and amortization. Lower
operating costs primarily resulted from the sale of The Daily Deal and the
discontinuation of the weekly newsletter division, along with cost containment
efforts by the Company. This decrease in operating costs was partially offset by
increased costs related to new publications and acquisitions made during 2000
and 2001.

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

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

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


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

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

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

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

         General and administrative expenses decreased $2.4 million, or 22.5%,
from $10.9 million for the three months ended March 31, 2000 to $8.5 million for
the three months ended March 31, 2001. This decrease resulted primarily from the
sale of The Daily Deal in the first quarter of 2000 and the discontinuation of
the weekly newsletter division. In addition, a reduction in 2001 of temporary
support needed for special projects along with decreased professional fees
attributed to the reduction in 2001 expenses added to this decrease. Partially
offsetting these reductions were higher costs related to new publications and
acquisitions made during 2000 and 2001.

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

         Operating profit. As a result of the above factors, operating profit
totaled $0.7 million for the three months ended March 31, 2001 as compared to an
operating loss of $4.0 million for the three months ended March 31, 2000. In
addition, EBITDA increased $5.1 million, or 161.6%, from $3.1 million for the
three months ended March 31, 2000 to $8.2 million for the three months ended
March 31, 2001.


                                       12
<PAGE>   15
Liquidity and Capital Resources

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

         Net cash provided by operating activities. Net cash provided by
operating activities was $1.9 million for the three months ended March 31, 2001,
which primarily reflects depreciation and amortization of $7.5 million, an
increase in accrued interest payable of $4.4 million, a decrease in accounts
receivable of $0.6 million and a decrease in other assets of $0.6 million,
partially offset by a decrease in accounts payable and accrued expenses of $6.8
million, a net loss of $3.8 million, and decreases in deferred income of $0.3
million and other non-current liabilities of $0.3 million.

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

          Net cash provided by financing activities. Net cash provided by
financing activities totaled $4.7 million for the three months ended March 31,
2001, which reflects a net drawdown of $4.7 million under the Company's
Revolving Credit Facility.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         See footnote 3 to the Consolidated Financial Statements.


                                       13
<PAGE>   16
                                     PART II
                                OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

         None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

         None.

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

         None.

ITEM 5. OTHER INFORMATION

         None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         (a)   Exhibits.

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

         (b)   Reports on Form 8-K.

         None.










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


                                       14
<PAGE>   17
                                   SIGNATURES

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

                    AMERICAN LAWYER MEDIA, INC.

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

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