Data Analytics & Increased Legal Insights
Data analytics is making a large impact on the way businesses are making decisions. This is the process of analyzing raw data in order to draw out meaningful, actionable insights. With the speed at which technology is improving, it has left virtually no industry untouched. Even the Leal industry, a historically traditional field, has recently begun transforming the lawyers and legal teams operate.
Today, services are assisting law firms and legal departments leverage big data and advanced algorithms to provide insights previously inaccessible of difficult to obtain. Legal professional and data analytics teams are beginning to collect, process, and interoperate large amounts of data daily. The purpose is to suggest patterns or create predictions for future events including but not limited to certain outcomes, trend in jurisprudence, and insights into law firm operational efficiencies. With the introduction of these technologies, lawyers are able to focus more on their primary roles such as legal advice and representation, rather than the time-consuming task of data collection.
A great application of data analytics in today’s legal industry is the use of predictive analytics in decision making. Regular application of using historical data to predict future events accurately. This considers multiple factors such as the case’s nature, parties involved, previous rulings, and judge’s history. This assists lawyers today in where to pursue a course of litigation. While predictions are obviously not guarantees, they are a strong foundation to begin strategizing.
Building upon a strong foundation, the same analytics allow law firms the ability to assess risk when reviewing cases prior to employment. When reviewing past case results attorneys can evaluate the success and probability of a case and begin strategizing accordingly to reduce the risk of pursuing cases with less than favorable outcome. This in part assist with saving money as much as running a highly efficient work place, and increases productivity of all parties involved.