Emerging Tech 3 years ago
Legal Analytics Platforms: What are They and What can They Do?
As the world around us becomes more tech-driven, legal analytics platforms enable lawyers to efficiently do their jobs in a simpler and more guided manner
What does Legal Analytics Mean?
In the practice of law, large volumes of data are routinely analysed which at times can be overwhelming and time consuming. Making these tasks significantly easier, tech-enabled legal analytics platforms incorporate the large volumes of data to quickly and conveniently draw valuable insights and impact the decision-making processes of the legal system. Data-driven decisions, when utilised effectively, lend the firms adopting legal analytics an edge over their competitors.
As legal analytic platforms become the necessary tool to thrive in the field of business and law, here’s a look their potential scope:
Smart Legal Research
Legal research and analysis are common processes which were traditionally seen to be rather time-consuming. However, legal analytics platforms ease these processes by allowing lawyers to find cases relevant to set precedents or statutes to their favour. eDiscovery is another aspect to legal research wherein one can easily filter appropriate cases simply by using keywords or entering a date range.
Predictive Analysis
Predictive legal analysis allows lawyers an insight into the future and guides their decisions accordingly. The predictive analysis ability of a legal analytics platform aids a number of decision-making processes from hiring a new team member or evaluating suspects to devising strategies for litigation.
Gaining Business Insights
Like any other business, for a law firm to thrive, it is important to keep an eye out on the metrics involved. Legal analytics platforms can be tailored to offer insights into how a particular business is progressing in an easy-to-visualise manner. This allows the stakeholders to make more informed business decisions for the betterment of the firm.
Legal Marketing
Legal marketing analysis acquired from the legal analytics platforms can significantly help carve out the right marketing strategies, effectively garnering the favour of relevant clientele.
