The Future is Insight
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When we imagine a lawyer winning a dramatic case, or a landmark hearing, we often imagine a crack-shot lawyer from a show like 'Suits' or 'Law and Order' having an epiphany about a vital clue that we've all missed. In practice however, breakthroughs aren't the result of dramatic epiphanies. They are a direct result of vast amounts of painstaking and precise legal research and strategic decisions.
Before the age of computers, research involved countless hours in libraries with countless volumes of law reports, judgments, precedents and other legal texts.
With the rise of the digital database the research process has become faster and more efficient. But the digital era has also brought a huge increase in the amount of data that is available for research. Attempting to go through all that data can become unmanageable, and in a profession where the depth of your research is the difference between winning and losing, this leaves a lot to chance.
Enter legal analytics.
By utilising analytics, lawyers can now gather information in a completely new way. The arduous labour of sifting through mountains of legal information in the hope of creating a successful strategy is being replaced by a system that partners with lawyers to connect the dots and actively helps to craft strategy.
The Smart Law: 2016 LexisNexis® Roadshow Report found that new technologies such as artificial intelligence and advanced analytics are automating or informing matters & decision-making in new ways – especially at the research phase – and, as a result, transforming the legal sector. Importantly for many lawyers, this means more opportunity to focus on the elements of legal work that delivers client value, like problem solving and offering strategic counsel.
As we sit on the cusp of what is shaping up to be an industry-changing revolution, we thought it pertinent to take a deeper look at legal analytics: what it is, what it does, and how it will empower the data-driven lawyer of today and tomorrow to be more efficient and provide improved client value.
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