The Uptake of Legal Tech Tools For Prediction & Decision Making
The digital revolution provides law firms with significant opportunities to harness their performance from the past and make wise decisions for the future across almost all facets of the litigation process.
Legal tech provides a new frontier for legal firms who can leverage the advances in Artificial Intelligence, Machine Learning and Big Data to do everything from monitor the performance of their consultants to predict the performance of their opponents.
We’re not talking near-emotive cyborgs in the courtroom but “soft AI” which includes modelling, predictive algorithms and machine learning to make research faster, results more likely and decrease expenditure.
Just about every industry stands to benefit from the ability to access large cache of data quickly and effectively. The legal profession is certainly one of the big winners when much of the practice involves interpreting the past for the benefit of their client and firm in the future.
Digging Deep in Data
Firms big and small are performing deep dives on the historical data they have stored in an attempt to compete in a playing field awash with intelligence. In what would have taken interns or secretaries intensive searching to find insights about legal counsel opposition can now be done in mere seconds with database queries and e-discovery platforms.
Data mining provides the opportunity to analyse data with the use of statistical methods and mathematical techniques. Visualisations and insights can be drawn from the results of predictive modelling. It’s these insights that can improve the intelligence gathering process, improve the early judicial process and support potential legal strategies.
Best Case Scenarios With Statistics
Lex Machina is one such ‘legal analytics platform’ that harnesses the latest advances in computer science coupled with the use of statistical methods. The platform allows lawyers to compare the performance of a Judge against a national average, size up the opposition counsel and their performance against specific judges as well as and their win/loss ratio against other legal counsels.
E-discovery platforms pool together large amounts of various data. The use of e-discovery tools helps lawyers access everything from emails, documents, audio and video files to assist with evidence gathering. Review tools also lighten the load for lawyers involved with repeat litigation of large scale enterprises and help with building models for future efforts.
Dashboards of The Future
Business intelligent dashboards provide a more versatile option for lawyers who can view and analyse data allowing for quick analysis and understanding of patterns across the law firm.
One of the major barriers for firms to compete with their competitors is not only the sheer amount of legal technology that has flooded the market with a myriad of different uses but the cost of licencing.
A group of some of the most elite law firms in the world recently joined forces to support a legal tech start-up aiming to disrupt the legal tech industry. Reynen Court LLC plans to create a platform akin to a “legal firm app store” that would allow firms access to third party software.
What started as an opportunity for principals to gleam insights about how to keep costs down, has become an all-encompassing factor in the way firms view themselves, their clients and how they will conduct business in the future.
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Brett Barfoot is a freelance copywriter and Journalist.