How can data analytics support organisations in the legal sector?
In our most recent reading list, we looked at how innovative, data-driven technologies such as data analytics and artificial intelligence are helping to redefine the legal sector. In this blog post, we take a closer look at some of the challenges facing the legal sector that data-driven technologies can help to address.
Changing with the times
The legal sector is often considered a “traditionally risk-averse and inherently conservative industry”.
Consultancy firm Thomson Reuters noted that: “In the past, pure technical ability — not innovation — was the key differentiator between firms”.
Echoing these sentiments, a recent article from Forbes noted that “The legal industry, fraught with a conservative mindset and steeped in tradition, has been one of the slowest industries to embrace technology-driven change.”
Despite a historic precedent, market disruption has resulted in many organisations moving towards a more progressive, innovative mindset, in order to maintain a competitive edge.
This is evidenced through a recent survey report from MITRATECH which found that respondents “were adamant in their belief that corporate legal technology will get more advanced — and more common — in 2021”.
The report goes on to note increased investment by respondents in specific legal technologies in 2021, with 44% investing in contracts management solutions, 42% investing in matter management solutions, and 37% investing in governance, risk, and compliance technologies.
We’re also detecting this shift at a local level and are working with leading firm Mills Selig who are using our corporate search and discovery platform MINERVA. Our CTO Alastair McKinley and Partner and Corporate Lawyer at Mills Selig Glenn Watterson discussed how data is redefining the legal sector at last month’s Digital DNA panel event. A recording of the session can be found here.
Innovative, data-driven technologies such as data analytics, artificial intelligence, machine learning and natural language processing have the ability to address some of the most pressing issues facing the legal sector today.
The legal sector has become increasingly competitive in recent years, with organisations not only going up against other legal firms but also against alternative legal service providers.
- Visibility & availability
Gartner Director of Advisory Service, Zack Hutto, notes that challenges such as rising workloads are “exacerbated by poor data availability and governance across most corporate legal and compliance teams.” Lack of visibility of business-critical datasets and their relationship to each other can impede an organisation’s ability to make decisions accurately and effectively.
- Limited resources
A report from The Lawyer found that “58% of organisations within the legal industry are currently feeling the strain from a lack of skilled workers”. Lack of resources such as skills, time and infrastructure can often impede an organisation’s ability to operate at its most effective.
Find out more
Analytics Engines create innovative, data-driven software solutions that optimise time-intensive processes and provide greater visibility of critical data sources, enabling organisations to drive greater value from data.
To learn more about how we can help your organisation respond to some of its challenges, arrange a free data clinic using the form below.
Specialists in in-depth Data Analytics and Visualisations, Machine Learning, AI, Natural Language Processing and Computer Vision technologies, we offer complete end-to-end solution capability leveraging connected technology and data analysis to deliver better insights and outcomes for customers.
We create innovative software solutions that help businesses drive value from data. In 2020, Tech Nation named Analytics Engines as one of the UK’s “AI Companies to watch in 2020”. This year, we were proud to be featured as an R&D case study in the Tech Nation Report 2021 and to have been recognised as one of the UK’s leading scale-ups after being selected to join the Tech Nation Applied AI 3.0 programme.
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