Across many industries, digital transformation is causing immense disruption. The legal sector has not been left behind as it is currently experiencing considerable disruption from transformative digital technology.
Phillip Baumann with BoomTech IT specializes in Legal IT services in South Florida and the shares the following information.
In particular, data analysis tools and applications are now being developed to help legal practitioners serve their clients better.
For a very long time, legal practitioners relied on their own experience, gut feeling, and anecdotal evidence to discern the course of litigation. Whereas these ‘tools’ served the profession pretty well, the inclusion of biases and subjectivity in decision-making has always been the Achilles heel.
The legal profession is among the sectors that are embracing data analysis, albeit at a slower rate. This may be attributed to the professions’ cautious nature towards risk and reluctance to embrace anything likely to alter their operations. The qualitative nature of legal data could be cited as another reason for slow adoption.
What is Data Analysis?
Data analysis is the process of collecting, reviewing, and modeling data to comprehend how specific processes work in the real-life. Analyzed data is used in predicting and coming up with informed decisions.
Data analysis typically refers to subjecting raw information to analytical tools to obtain actionable information, especially of social and economic systems, for commercial or governmental purposes.
Data analysis technology is gaining popularity in diverse sectors as it allows business executives to settle for more unbiased measures. Data analysis is aiding corporate leaders in eliminating human biases in decision making.
How Can the Legal Industry Leverage Data Analysis Tools?
Advanced technology has made data analysis efforts more practical by supporting digital data recording and storage for quick access. Attorneys are outsourcing data scientists to develop algorithms for statistical modeling from the troves of data in the legal industry.
The legal industry is also reaping the dividends of Big data. By analyzing big data, legal practitioners can go through large volumes and varied sets of data to reveal unknown correlations, client preferences, industry trends, hidden patterns, and other essential details.
Here are some ways the legal industry can build on data analysis tools for the better.
Improve Internal Operations
Big law firms might deploy data analysis tools to get a more comprehensive understanding of their internal operations. Cost management and resource allocation are paramount to any company.
Law firms are benefiting from data analysis models to improve their firm’s performance by replacing the hourly billing method. Data collection, analysis, and interpretation enable law firms to make internal decisions better and quickly.
Marketing Legal Services
Law firms can use data analysis tools to attract more clients to their stable. Data analysis might reveal the best firm or attorney to handle a particular case.
Moreover, legal counsel gets into a better position to inform their clients the most likely outcome of a case, how long it might take to get at that outcome, and the financial implication of the outcome.
Law firms that will have such capabilities are likely to win more clients compared to firms that will continue relying on anecdotal, subjective decision making.
Attorney and legal practitioners can deploy data analysis tools to enhance their client’s cases before courts of law. Data analysis might reveal patterns in how individual judges or courts have made rulings in the past.
Robust data analysis might also give more accurate insight into how long a matter might take before judgment is secured. Interestingly, analytics might uncover the experience of opposing counsel and how they go about their legal representation.
Are Software Developers Moving in to Provide Data Analysis Solutions for the Legal Industry?
The gradual adoption of data analysis tools in the legal profession has attracted software and app developers’ attention. There has been a slow but steady development of digital tools in a bid to modernize the legal industry approach to data and decision making.
Check out some of the legal data analysis products below:
This product by Lexis Nexis is a trailblazer in data analysis in the legal circles. Law firms use the Lex Machina platform to market their legal services and quantify their professional skills in several ways.
Firstly, attorneys can measure up their competence with cases similar to a client’s matter. Secondly, Lex Machina will quantify a counsel’s past performance against the opposing counsel. Thirdly lawyers can gauge their performance before specific judicial officers to determine if they are competent enough for a legal task.
The three capabilities constitute potent intelligence in helping lawyers win the cases they are involved in. Moreover, litigants might use Lex Machina to deduce how judges have ruled in similar cases in the past, how similar cases have lasted in the corridors of justice, and the relevant experience of law firms in similar cases.
Proofpoint enables legal practitioners to scour a vast amount of data hence reduces the time needed to discover the needed information. The product has features that legal teams use to evaluate and visualize records from different perspectives.
Legal clients also benefit from data analysis. They use Premonition to compare different legal providers. Premonition has enhanced and made it easy for clients to get the legal services from the most capable in the field.
Premonition provides essential information like the average length of a lawsuit, an attorney’s holistic performance, hourly charges, and performance before a particular judge.
Intraspexion assists companies avoid costly lawsuits by revealing potential legal landmines. The analytical tool scours a company’s emails and documents for keywords and phrases that point to legal issues like regulatory non-compliance or discrimination claims.
The tool cross-references the keywords against its algorithms and alerts the company management of the legal issues that might attract lawsuits. In this way, the issue is addressed before it gets to the courts of law.
The legal profession is among the oldest profession. That notwithstanding, the industry has been lagging in taking advantage of the data analysis tools available to improve its output and client’s experience.
However, this is changing as law firms and individual attorneys discover the great value that these tools might bring to the practice of law and the profession in general. Better late than never.