RELX PLC: Legal – Asymmetric risk and opportunity

J.P. Morgan reiterates Overweight on RELX with a Dec-27 price target of 5,070p. The team sees an asymmetric balance of risk and opportunity: investors remain focused on the risk that AI-native platforms erode Lexis's position in legal information, which we believe understates the strength of Lexis's moat - reinforced by trusted information and editorial intelligence, deep customer relationships and the leading law-firm CRM platform. More importantly, it misses the much larger opportunity as agentic AI embeds Lexis's information and intelligence into legal workflows and extends the business from research into execution. Protégé allows Lexis to support drafting, document review and complex multi-step workflows, creating a c.$70bn incremental legal-tech and execution opportunity, more than nine times the c.$7.5bn market Lexis has historically addressed. If Legora took 10% of the legal-information market over 10 years and Lexis's research share fell from c.33% to c.30%, Legal growth would