How is Data Analytics Changing the Legal Industry?
After some initial resistance, the legal industry finally shook hands with big data and its potential. Anvi Legal is a great example of this.
Do not get me wrong here; we are not expecting paralegal to be an army of Robots. When we talk about Legal using Data science, we mean the massive data available today will now be structured to solve the cases’ complexity.
Legal firms have embraced data analytics as a mainstream source of information channeling and predictive analysis.
That is what it is being called now.
Steps of Data analytics remain the same as for any other use case:
1) The Problem statement is identified.
2) Relevant data is gathered.
3) Data structuring
4) Data analysis
4) Decision making
Data analytics is going to transform the way predictions are being made by today’s attorneys. Regression analysis of data analytic tool allows the prediction to be too close to a correct one. But how are we going to see the data analytics changing the legal industry is no hidden fact now. Check it out on your own:
Legal cases have lots of dimensions to them and may require an expertise that is not available with the law firm currently. The data available can be put to analysis and a comprehensive decision can be made on the basis of the data for the appropriate third party to be hired.
Law firms often succumb to the pressure of time taken by law associates to derive constructive data from the documentation and information available. Even when all the information is available it may not turn out to be fruitful if you always depend upon human skills. The data analytics tools are capable of picking up the right document and derived the right content from it.
It saves you time and money.
A law firm would never want to use its strong resources to work on documents or data. The warriors must be on the ground winning the battles rather than digging into the documents. Data analytic tools are adept enough to offer more precise data derivations while your best paralegal works on what he must be.
Have you had a tough time hiring the job appropriate resource?
With lots of resumes and CV’s floating around the web space, it has become really difficult for the law firms to find the best match. Data analytics tools are capable of accessing the tremendous data available online and helping you hire the best fit profile holder.
Whenever a law firm picks up a case there is a price associated with it. The price directly depends upon the administrative costs you incur for the case. You may fall completely off the wagon if you have to dedicate a lot of resources for data collection and data interpretation.
Data analytic tools are capable of handling any quantity of data without impacting the quality of structured data and predictive analysis it does.
Undoubtedly big data is bringing major waves of change in how legal professionals are working. The upscaled efficiency and transparency have left us spellbound.
Case works have become easy, bills have reduced, accurate, and well-curated data is made available. It has taken a lot of burden off the legal shoulders and is setting high expectations in future. If you belong to this industry, talk to Vrinda Techapps and understand how the processes could be automated for you and how will it help you.