Legal firms are now starting to adopt a data-driven approach to improving efficiencies and processes through legal analytics. Recently, there has been an increase in legal firms using legal analytics. This is due to pressure from competitors and an expectation that clients have access to the most up-to-date information.
What is legal analytics?
Legal analytics allows firms to make data-driven decisions to inform their strategy through the application of data analysis methods and technologies. The data helps lawyers make informed decisions in their work.
What can it be used for?
While legal analytics can’t replace the application of legal rules, it can aid legal reasoning through interpreting data.
Legal analytics can also uncover trends and make predictions to help inform legal strategies and stay ahead of competitors.
The advantages of using legal analytics in law firms
Improves quality and speed of research
Strong research skills are fundamental in the legal sector as research forms a considerable part of a lawyers’ role. Every legal professional will appreciate how time-consuming and repetitive researching legal rules, cases and checking for inconsistencies can be.
Legal analytics can speed up the time research takes for lawyers by pulling relevant results from databases. The information will still need legal reasoning applied to it. However, the relevance of the data allows employees to spend their time applying it to a particular case rather than finding it.
Helps lawyers better predict the length and outcome of a case
Data can reveal patterns and trends in court judgements for similar cases, giving your firm the ability to change their strategy accordingly and manage client expectations.
It can even give your lawyers insight into your opposing counsel, including how they have performed in similar cases. With access to high-quality data, legal analytics can help your legal firm build a strong strategy and win a case.
As technology evolves, people are working smarter and more efficiently. Legal analytics can speed up processes such as creating contracts and streamlining workflows. While legal professionals will still need to piece everything together, having access to accurate data results in better processes and systems.
Helps to attract customers
Legal firms can use data analytics to show potential clients their successes. The data can demonstrate how well your firm has performed against its competitors and in court. It can even give clients insight into what they can expect from their case.
Several legal firms have reported cost savings by using legal analytics. You can achieve a reduction in outgoings thanks to the increased productivity of your legal professionals. Cost reductions can also increase your firm’s competitiveness if you adjust your pricing to reflect the savings legal analytics has produced.
Ensure you have the right support in place
Legal analytics have already proven to be hugely beneficial to the legal sector. However, it’s crucial that you have the proper support to manage the software correctly and protect the data it accesses. City Business Solutions can take the pressure off your employees so they can provide the best service to your clients. Get in touch with our experts to find out more.