In this survey, 70% of firms report the use of Legal Analytics, and 98% of those using Legal Analytics say it has made them a better lawyer.
Legal Analytics combines data and software in a new platform that places unprecedented strategic insights at your fingertips. With one click you can analyze trends and gain actionable insights across data that is relevant to your strategic question.
One of the most hotly debated topics involving legal technology over the last several years has focused on the practical application of analytics. Its ability to drive more effective and efficient legal practice will affect not only legal practice, but how all of business is practiced. Law touches every part of business from purchases, to partnerships, mergers, contracts, employment and intellectual property law, and of course, litigation can be used to create or dissolve product barriers to entry.
In this survey, 70% of firms report the use of Legal Analytics, and 98% of those using Legal Analytics say it has made them a better lawyer. Even over 50% of those who don’t have access to legal analytics believe that it would elevate their ability to win in the highly competitive legal field.
In addition, legal professionals from over 25 different areas of law identified several areas of value to legal analytics that include greater visualization capabilities, AI enhancing result analysis and decision making support, and intelligent research assistants and chatbots. More than ever before, the justice system is seeing the value in real-time access to analytical technology as a tool to win cases and make strategic business decisions.
Some of the Key Findings
- 98% of users say legal analytics have improved their law firm’s performance
- Strategic insights, client development and case assessment are among the most important uses of legal analytics.
- The biggest drivers of legal analytics adoption are competitive pressures (58%), meeting client expectations (56%), and a favorable viewing by clients (81%).
- Continued training and education is desired; both from an industry perspective as well as from an internal perspective.
- 75% of the respondents whose law firms have access to legal analytics have seen usage within their organization increase over the past 12 month with 92% of the respondents personally planning on increasing their utilization of the technology moving forward.
- 91% of the respondents with access to legal analytics find that it is valuable to their firm. A majority of users see the technology as instrumental in increasing knowledge and competitiveness while improving overall efficiencies.
- 73% of all respondents who have access to legal analytics, utilize the technology directly or through data and reports generated through the technology by staff.
Survey Respondent Profile
- 77% of the firms listed are listed in the AmLaw 200.
- 70% of the overall survey respondents were from law firms that use legal analytics technology.
The full survey report is found here.