29. September 2018 14:45
Law firms have always strived for an increase in efficiency as well as productivity. Big data analytics has helped them achieve this to some extent. It assists them in delivering quality services to their clients by helping them take complex strategic decisions.
Big data analytics helps lawyers digitize and derive meaningful conclusions from the data they collect each day such as precedents, advice, correspondence, court judgements, evidence discovery, witness records etc. Thus, it improves business operations by making things more organized & systematic.
Here are some ways in which big data can help legal businesses:
Business Development – Big data allows you to analyze raw information available on the servers to gain an insight about your business operations. It enables you to find out ways to better utilize internal as well as external data by adopting the right algorithms.
Big data helps law firms decide whether it would be profitable to take up a certain case or not based on a quick analysis of similar cases handled in the past. Also they can make an informed pricing decision to know whether taking up the case will generate enough profits or not. On the other hand, it can also be used to identify areas of market growth, spending behavior of consumers etc. in order to design a suitable business strategy for growth.
- Due Diligence - Big data helps in saving costs, time & effort required to perform due diligence. It has made it easy for legal businesses to search for important documents such as regulatory licenses, litigation history etc. from government registers, local as well as state & federal government websites. Big data allows companies to delve in to a detailed analysis which in turn has helped them understand how they can use the analysis to lower their costs substantially.
- Litigation Strategy – It has changed the way lawyers provide advice to their clients. With big data available at bay, lawyers try to understand the working pattern of an opposing lawyer. This is done by considering their area of specialization, previous litigation history, experience, settlement rate etc. This information helps law firms in designing a suitable case strategy. The analysis derived from this data enables them to determine decision making patterns, minimize frivolous litigations & provide useful insights to win the case.
Some Other Ways In Which Big Data Can Be Used Are:
- In identifying new clients
- Reducing operational costs
- Enables law firms to employ lawyers and staff
- To have better & easier access to information
Big data has helped legal businesses to analyze vast sets of data so that the outcomes can be predicted with greater certainty. This is the reason why, law firms are increasingly resorting to big data analytics to simplify & optimize their operations.
For more information, contact Centex Technologies at (972) 375 - 9654.