Legal Analytics, Applied
Posted by Legalease Solutions on 8 Jul, 2021
Unlike the dystopian movie AI, the artificial intelligence of today supports human processes rather than replace them. Lawyers find legal analytics and AI tech an intelligent companion to supplement their legal processes.
Legal analytics defined
Put simply, legal analytics is the process of collecting data, analyzing it, and making predictions based on prior case outcomes. This is especially handy for litigators, who need valuable insight into future case outcomes.
Legal analytics and predictions are anything but fortune telling or magic. Using an intricate web of data that is extracted from case files, dockets, and other assets, legal analytics software trawls through veritable mountains of data. AI then manipulates the data to offer smarter predictions, decision making choices, and solve complex problems.
Ways for lawyers to utilize legal analytics
Without biases, AI has the potential to offer objective answers to legal queries. Whether that’s predicting litigation case outcomes or offering insights to workplace related queries, legal analytics has blazed the trail for legal tech.
It’s no secret that lawyers are strapped for time. If a lawyer were to dedicate additional hours towards rifling through and sieving historical data, it would cost them valuable time, not to mention cause heavy losses money-wise.
Legal analytics is here to offer a smarter solution to enhance efficiency and cost savings to corporate counsel and legal departments. What legal analytics can do is trawl through the mountains of data, case files, and dockets to quickly and accurately find a needle in a haystack.
One of the most valuable applications of legal analytics, for litigators in particular, can be seen in predictive analytics. Predictive analytics offers the ability to make case outcome predictions, giving legal business forecasts based on trends, links between two or more seemingly unrelated cases, and building methods to excel at litigation.
How does predictive analytics work? While it may seem like magic, predictive analytics is based on the premise that past historical data can be used to make future predictions in litigation. Historical data, like prior case outcomes, how a case panned out, and details of cases are collected by predictive legal analytics AI software and goes through a set of rigorous algorithms to arrive at intelligent outcomes providing lawyers real insights.
Legal departments can also use the power of legal predictive analytics to create a team of skilled lawyers and individuals who are best suited to work on certain cases or projects.
Metrics for Businesses
An outstanding feature of legal analytics is that it can offer legal departments and law offices business metrics through key performance indicators (KPIs). These insights can be used to design and deploy stronger marketing strategies. They also allow lawyers to identify and refocus their budget. Further, business metrics offer lawyers the opportunity to recognize and streamline productivity in terms of billable hours to help determine whether they need to adjust for peak performance.
Legal Analytics Matters
With a wide range of applications for lawyers, law firms, legal departments, and corporate counsel, there’s a legal analytics solution for every need. Smarter and robust legal tech intelligence offers enhanced and powerful case predictions, business metrics, and more.