Legal Data Analytics for Law Firms and Legal Departments

Using analytics in legal work is not an abstract future. Intelligent search platforms are today’s reality that help both law firms and legal departments in deploying a data analytics strategy. Why is data mining relevant in legal context? It provides law firms and legal departments better business insights, improved decision-making and a differentiating toolkit for value-added services.

Legal Data Analytics Survey by Nalytics

Our LegalTech Marketplace partner Nalytics recently carried out two pieces of market research on adopting analytics within the legal sector:

  • The first was based on in-depth telephone interviews with heads of practices specialising in contract analysis, disclosure of evidence in litigation work, and due diligence – e.g. in Mergers & Acquisitions (M&A). The focus of the interviews was data search and discovery.
  • The second took the form of an online survey focusing upon artificial intelligence (AI) in law firms, with special emphasis on attitudes, existing adoption, usefulness and future potential.

The Nalytics team collated the findings from both research workstreams into a White Paper that provides a thought-provoking read. The market research revealed that lawyers experience a multitude of challenges in their search & discovery activities carried out to mitigate various risks. Take, for example, three staples of legal work: contract analysis, disclosure of evidence in litigation work, and due diligence – e.g. in Mergers & Acquisitions (M&A).   For legal teams, Nalytics can be viewed as a “Swiss army knife” for search & discovery – enabling users to select the precise capability they need for specific search & discovery workstreams.

Legal Data Analytics Strategy

Remember that data analytics is not the answer, but the tool to get to the answer.  Accordingly, to make the most of an intelligent search & discovery platform like Nalytics, it is essential for law firms and legal departments to come up with the right data analytics strategy. There are several steps that any organization needs to take before launching a legal big data project. Just to name a few:

  • identifying and organizing legal data
  • understanding data flows among people and departments
  • ensuring data security
  • considering ethical aspects of collecting and using data
  • designating the people who know the data and can guide the data analytics initiative etc.

In the context of our LegalTech Workshops, we help legal teams better understand and use Nalytics for legal data analytics. We also help define thoughtful processes for data mining and governance.  Have no doubt: a legal big data strategy is essential for creating value-added legal services.

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