What are legal analytics, and how can they help your firm be successful? LexisNexis defines legal analytics as the “science of drawing insights from large volumes of data.” The comprised data assist attorneys in building their legal strategies by “knowing the probability of a specific motion outcome, how seemingly unrelated cases connect or how much a settlement award could be.”
For example, legal analytics can provide a history of a judge’s ruling and even the language he or she has used in the past. Using this information, an attorney can use similar wording in their arguments, potentially swaying the judge’s ruling in their favor. An attorney can also utilize this information when choosing a jury and expert witnesses.
In their February 18, 2021 blog, Lex Machina reported that 98% of its users “find value in legal analytics” along with 80% of their non-users. The results also included the following:
- 50% of users believe legal analytics make them move competitive;
- 45% believes it has increased their efficiency;
- 44% have seen an increase in the speed of case assessments; and,
- 40% believe legal analytics have improved the quality of their legal arguments.
Law.com provides additional information on how legal professionals utilize legal analytics.
- 73% of those surveyed use legal analytics to obtain successful litigation outcomes;
- 52% relate it client expectations;
- 46% cited cost benefits;
- 35% stated competitive pressure; and,
- 34% utilize legal analytics as a risk reduction.
The benefits of using legal analytics have grown over the past ten (10) years. They will continue to do so as the legal community embraces this technology more efficiently through additional training. Click here to learn more.
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