Key players for Legal Analytics Market
are Wolters Kluwer, Thomson Reuters, Mind crest, Inc., Unitedlex
Corporation, Argopoint LLC. , Lexisnexis, Premonition, CPA Global,
Analytics Consulting LLC, The Bureau of National Affairs (BNA), Inc.,
International Business Machines (IBM) Corporation, Wipro Limited and Key
Innovator.
Technology is revolutionizing the legal
services industry. Legal analytics refers to the managing process of
extracting knowledge from existing legal data to help in-house legal
teams and decision-makers on certain legal matters. This is done by
forecasting, legal strategy, comparative legal costs, process
development, billing optimization, financial operations and resource
management. Legal analytics involves data mining from data contained in
documents related to case and docket entries.
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This data is then accumulated to provide
previously unknown insights into the behavior of the judges, lawyers,
organizations such as courts law firm and parties involved. It also
involves gaining insights from subjects of lawsuits such as patents and
others that are part of the litigation ecosystem. Litigators use legal
analytics to disclose trends and patterns in past lawsuits that notify
about legal strategy which anticipate outcomes in ongoing cases. Legal
analytics depends on progressive technologies such as natural language
processing (NLP) and machine learning, to structure, analyze and obtain
the required information from raw data present in case dockets and
documents. Legal analytics involves statistical modelling and
forecasting to reveal gainful information about the management, case
handling and operations of legal department. Legal analytics solutions
helps in assessing all the recordings, documents and other related files
of particular case and old cases and patents similar to that in order
to reveal the intended knowledge.
The legal situation, with its complex
inputs and at times subjective outputs, may create difficulty to
calculate and measure activities and provide results. Legal departments
in cooperate sector operate across different regions, business lines and
divisions, using non-consistent processes which is making data
collection and value-added analysis difficult. Legal Analytics provide
an economical way to perform complete legal research and strategize for a
defense along with offense. While preparing for both can put a
constraint on the amount of time and resources that can be dedicated to
research. Therefore, legal analytics solutions are required to extract
the knowledge and present it into argument able form. Legal Analytics
provide an economical way to perform complete legal research and
strategize for a defense along with offense. This puts a constraint on
the amount of time and resources that can be dedicated to research.
Analytics solution helps in risk assessment and informed decision
making. Thus factors such as growing demand for automation in legal
analytics to simplify the data-driven process and to make increase in
revenue of law firms are anticipated to drive the market during the
forecast period.
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There is lack of acceptance and
awareness about legal analytics solutions. Many small and medium size
law businesses are unacquainted about legal analytics solutions and they
are following traditional methodologies for efficient decision-making.
Also, legacy law organizations are still adopting the traditional method
of storing and dealing huge storehouse of data. Moreover, various law
school organizations are unaware about the functioning and benefits of
legal analytics solutions. Thus, organizations and law companies are
need to be aware about legal analytics solutions. Thus lack of awareness
is expected to restrain the market in near future.
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