Nowadays, analytics is becoming a part of various domains. It is associated with sectors like business, health, manufacture, etc. Then it is not surprising that it can help legal professionals to deliver services. Legal Analytics consists of extracting insights from huge amounts of legal data. In practise, legal analytics tools assist lawyers in making data-driven insights about which legal strategies to deliver services.
While the altruistic parts of practising law are vital, lawyers must remember that in order to survive, a law firm must make a profit. The application of data to the business and practise of law is known as legal analytics. Legal analytics cleans up, structures, and analyses raw data from dockets and other legal documents using technologies like machine learning, artificial intelligence, and searching.
Users of Legal Analytics
The resources for legal analytics will be highlighted in this guide. The annual “Am Law 100” and “Am Law 200″ surveys rank United States law firms by number of attorneys, profits per partner, and overall revenue. In a 2017 survey, Lexis and ALM Legal Intelligence (ALM) asked leaders of the Am Law 200 about the value of Legal Analytics and how law firms can leverage analytics. ” Legal analytics is described as “tools and/or capabilities powered by artificial intelligence technology capable of sorting through massive volumes of data to uncover trends linked with certain courts, judges, expert witnesses, etc.” for the purposes of the survey. Globally, Legal analytics is used by 36 percent of the litigators, trial attorneys, and librarians, etc.
Legal Analytics: International Perspective
Legal analytics was rated by 100 percent of respondents in the Lexis-ALM poll as the most valuable tool for proving competitive advantage to clients. Legal Analytics were judged to be effective for determining strategy for specific courts or judges by 98 percent of individuals who utilised them for litigation. Legal analytics were deemed to be effective in anticipating the expected results of strategy or arguments by 96 percent of respondents, and in case assessment by 94 percent. The usage of analytics will most likely rise, according to 82 percent of respondents. Saving money, pricing projects, winning lawsuits, acquiring new clients, and developing existing clients are all areas where they see analytics becoming more prevalent. According to the Bloomberg Law poll, the most valuable application of legal analytics for those asked was for client analytics, with litigation strategy coming in second. E-Discovery was the most common application of legal analytics among in-house counsel who responded to the Coalition of Technology Resources for Lawyers survey, with respondents expecting this use to rise in the future. In-house counsel are also utilising legal analytics to select and evaluate law firms, according to the poll, with 77 percent using analytics to assess firm billing rates and 88 percent using analytics to assess performance. Additionally, those polled saw analytics being used for contract evaluation becoming more common. With a 146% increase in the number of organisations employing analytics for contract review and a 54% increase in the number of legal departments saying that they will begin using analytics for contract review, the use of analytics for contract review is on the rise.
Legal Analytics: National Perspective
According to a survey conducted by Gurugram-based BML Munjal University (School of Law) in July 2020, roughly 42 percent of lawyers estimate that in the next 3 to 5 years, artificial intelligence would be able to handle up to 20% of routine, day-to-day legal work. According to the report, research and analytics are the most sought talents in young lawyers, according to 94 percent of law practitioners. Earlier this year, Chief Justice of India SA Bobde stated unequivocally that the Indian judiciary has to include artificial intelligence into its system, particularly when it comes to document management and cases that repeat themselves. With more industries and professional sectors adopting AI and data analytics, the legal profession is no exception, albeit in a limited way.
Bangalore-based SpotDraft is an AI-powered contract management tool that assists users with contract drafting, review, management, and signing. This AI technology can also analyse legal documents and advise users on negotiating clauses. For text analysis, the platform employs AI and machine learning, which is commonly employed in academic work. According to the company website, SpotDraft has processed over 6,000,000 contracts since its inception in 2017.
CaseMine, a startup established in the National Capital Region, is employing artificial intelligence to make legal research and analysis more in-depth and thorough than a standard search. The company’s CaseIQ software is a virtual research assistant that extracts information from legal papers. Without having to reformulate case data into searchable legal propositions, the software aids in obtaining relevant search results. CaseMine “enhances typical legal research to extend beyond simply keywords and get relevant results utilising whole texts and briefs,” according to the company.
Pensieve, a Mumbai-based firm named after Harry Potter Character Professor Albus Dumbledor’s memory reviewer, delivers an AI-system that reads legal papers. Mitra.ai, the company’s flagship product, can understand the context of a search query and make appropriate recommendations. Unlike traditional search engines, our platform uses machine learning algorithms to give the most relevant information based on hundreds of documents. The firm also promises to assist in the preparation of defensible arguments.
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