Relx hosted Mike Walsh, CEO of Legal for a teach-in on Legal Analytics Relx hosted a 1hr investor and analyst session on Legal Analytics. Legal Analytics is growing high single digit with some products growing double digit. It is presented as the main growth driver of the Legal division which itself accounts for 23% of group revenues and 15% of adj. operating profit. Management aiming at accelerating divisional top-line growth further through innovation We forecast Relx Legal division to report an organic revenue growth rate of 3% in FY21e after 2% pa over 2016-19 and 1% previously. With a further shift in revenues from Print (12% declining mid to high single digit) towards Electronic Reference (c.60-70% growing low single digit) and Analytics and Decision Tools (c.20-30% growing high single digit), management is aiming at further acceleration and margin expansion and sees the transition to Analytics as a decade-long tailwind. Current trends are improving Management reported that new sales (a leading indicator of future top-line growth), retention and upsell rates, usage, Net Promoter Scores were all ''nicely on the rise right now''. No market share losses to Thomson Reuters Management played down the top-line growth and margin differential with Thomson Reuters'' Legal division, pointing to the differences in reporting structure. Print and Corporate News are included in Relx Legal but excluded from Thomson Reuters Legal Professionals. Corporate costs and restructuring costs are included in Relx Legal margins but not in Thomson Reuters Legal''s and explain c.600bps of the c.800bps margin differential we forecast for FY21. In comparable business lines, Relx estimates it is growing on par with Thomson Reuters. Outperform maintained Relx offers defensive structural growth at a reasonable price. We see scope for an acceleration in the group''s growth profile and remain Outperform.