In another lifetime, when I was a legal reporter, I remember getting a slightly queasy feeling in my stomach when I noticed legal blogs sprouting wildly 15 years ago. While some were dry, others were lively and engaging. I saw the future and it was filled with more competition.

Instead of me quoting or paraphrasing a lawyer about some clever take on a recent court decision, that same lawyer could write it herself. She didn't need me, I thought. I was doomed.

OK, I was being a just tiny bit dramatic, but I was right that a fundamental shift was underway. Over time, law firms started building up their capabilities in what marketing professionals call “owned media”—content that the creator controls. Today, at law firms that means much more than just blogs and client alerts. The most sophisticated firms are producing excellent podcasts, e-books, newsletters, interactive graphics and videos—the kind of work that rivals what is offered by traditional media companies.