Data among law firms increases year after year. It’s a problem among many legal offices, whether you’re preparing for court, saving evidence, or keeping old records of past cases that may resurface in the future. Clients are asking for more and more information and they’re not letting up. Cases are becoming more detailed, and data is becoming more difficult to collect.
Tech companies are focusing on legal research and trying to make the lives of attorneys a little bit easier. Technology is being developed daily to analyze handwritten data, manage large sets of files, and help solve the problems of eDiscovery.
More In-depth easy to Access to Data
Legal tech companies store millions of legal documents across the globe every day. These platforms need to handle massive data volumes and work at a very powerful high speed. Data needs to be securely stored, but easy enough to access for attorneys to extract the information they need. Data is cleaned, organized, and arranged so it’s easily searchable. This is the most important aspect of any application.
Artificial Intelligence and its Power in the Legal Field
As you’ve heard at legal conferences, AI (Artificial Intelligence) is the way of the legal future. It’s basically unavoidable at this point, and it should be embraced, but tread lightly. Machine learning is the main legal focus when it comes to AI at this point. Machine learning makes routine tasks and repetitive motions learned and automatically populated at your command.
True AI bots are feared among the legal community, but machine learning is well taken to. AI bots over time are a threat to lawyers, and instill fear of potentially losing their positions in law to robots who learn quicker, show no bias, and are built to give a prompt conclusion. AI is being tested out in general counsels first, but it isn’t the last stop for them in the legal field.
Artificial intelligence does however give attorneys the ability to draw conclusions faster, extract the exact data they need, and learn certain keystrokes to help make attorney’s lives easier. Legal tech companies promise to produce results faster and at a lower cost overall.
Analyzing Legal Data to Improve your Firm
Often overlooked, legal analytics is making huge strides in the industry. With analytics, law firm decision makers will be able to make decisions faster and more accurately. These analytics help drive new insights into docket data, new legislation, and different client and vendor contracts. Legal data helps firms really dive deeper into the business of law, not just the practice. Analytics help show how spending, where time can be saved, and where you may need some assistance. Legal data also provides insight into your case win rates vs losses, as well as information on opposing attorneys, judges, cities, and courthouses.