Introduction
Technology is transforming business processes across the globe at a rapid pace, and the legal profession is not lagging behind. If we talk about one technology that is reshaping the thinking models of lawyers and law firms, it is nothing but data analytics. It enables legal professionals to gain valuable insights into the useful legal data for understanding key business facts and make essential decisions based on the same.
As per a recent report, out of legal professionals practicing data analytics, 92% said they would be increasing legal analytics' use in the coming year while 75% witnessed an increased amount of usage in the past one year.
The Rise of Legal Analytics
The reason for the rise in the use of legal analytics was competitive pressure and increasing client expectations, including personalized services. Amongst the surveyed legal professionals, a majority of them said clients preferred legal support services from providers who practiced legal analytics. It is due to the fact that technology has made clients knowledgeable enough to understand that a thorough analysis will enable lawyers to know about potential damages and probable time for reaching a summary judgment.
5 Major Benefits of Legal Analytics
1. Increased Efficiency
Of course, data analytics provide lawyers with valuable information that they can use to their fullest. They do not have to look for through a plethora of files and folders manually to find out relevant case information. All they have to do is use data analytics to gather the same in minimum possible time and utilize the saved time for developing case winning strategies and preparing for trial efficiently.
2. Enhanced Competitiveness
One of the best advantages associated with legal analytics is the fact that it lets you know about your opposite counsel in detail, including the amount of experience he has in similar cases. This helps you in preparing against your opponent in the best possible manner. Apart from this, it also lets you know about the number of open cases your opposing counsel has at present, helping you to understand how much time your opposing counsel got for this specific case.
3. Judge/Court Specific Trial Strategies
If you thought legal analytics helped you to know your opposite counsel alone, let us let you know about its great potential. It also lets you know about a particular court/judge in detail as to what and how exactly they have ruled on identical cases in the past. Also, it lets you know about the number and type of cases your present judge has dealt with, providing you with a trial preparation advantage like never before. As they say, it is all about the way you convince the judge, and with the data analytic opportunity, you can surely brighten your winning chances.
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4. Better Client Service
Today clients want complete transparency from their lawyers and law firms. One of the biggest hurdles in this occurs when legal professionals are unable to tell exactly how much time their case is going to take, leaving them confused and dissatisfied. However, using advanced data analytics, lawyers can inform their clients in advance in a better way as to what exactly they should expect from their case in terms of time for settlement. This, one practice, ensures the client's continuous faith in the legal services of a provider, leading to enhanced client experience and service.
5. Refined Internal Operations
Data analytics can also be used for understanding the internal operations of a firm, along with learning about areas of cost-cutting. It is critical for law firms to deploy resources wisely and cut costs wherever possible. This is only possible when firms use data analytics to record, model, and analyze operational data for making decisions that are helpful for streamlining business operations and, at the same time, are in the best interest of the firm.
Impact of COVID-19 on Analytics’ Use
COVID-19 has augmented the use of technologies and seeking support from legal process outsourcing companies like never before due to a restricted or no physical movement. Legal firms and professionals were witnessing great loss due to the pandemic and were looking for ways to stabilize their income. This is where analytics and the Internet of Things (IoT) came to their rescue. With the help of multiple networks, IoT was able to bring out massive data sets, paving the way for legal professionals to look for new opportunities within them using data analytics.
Conclusion
Unquestionably, technology has and will continue to enhance legal services for the better by streamlining business operations. Data analytics has played a massive role in transforming the way law firms and attorneys work, and with advancements in the same, it will enable firms to become prepared for trial better in a hypercompetitive environment. This is the only reason legal analytics is fast gaining acceptance and recognition on a global level, and this practice is surely going to manifest in the future.
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