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Employing Litigation Analytics Is Now ‘Table Stakes,’ Lex Machina Study Finds

Bynewsmagzines

Mar 22, 2023
Using Litigation Analytics Is Now ‘Table Stakes,’ Lex Machina Survey Finds

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Way back in 2018, as an raising quantity of authorized know-how providers had been launching litigation analytics products, I wrote about the trend in a put up on Earlier mentioned the Legislation, where by I posited that it could someday be malpractice for a lawyer not to use analytics.

Now, a survey out today from Lex Machina, a single of the first legal analytics firms, concludes that applying analytics have become “table stakes” for litigation.

The survey finds that seven out of 10 legal experts use lawful analytics in their working day-to-working day operate, and that 79% imagine that the use of authorized analytics is demanded by or expected by their clients.

“The study success exhibit that authorized analytics is an important, necessary component of productive litigation observe and small business development,” explained Karl Harris, CEO of Lex Machina, which is owned by LexisNexis. “It’s heavily predicted by shoppers, and it has shown wonderful value to users in the two litigation and organization tactic. It’s no shock that two-thirds of respondents indicated they want to integrate authorized analytics immediately into their workflow.”

The survey of 400 authorized gurus, which provided both equally Lex Machina clients and non-customers, discovered:

  • Usage is prevalent, with practically 7 out of 10 authorized gurus employing analytics day to day.
  • Customers obtain benefit, with 99% of users indicating they come across legal analytics to be beneficial.
  • Non-consumers perceive value, with 85% of those people who do not often use analytics indicating they consider they are precious.
  • Exercise is improved, with 66% of buyers believing that analytics would make them far better and a lot more educated lawyers.
  • Clientele are anticipating it, with 79% of consumers reporting that their shoppers call for or rather expect legal analytics.
  • There is demand from customers for APIs, with 67% of people seeking to combine legal analytics with other information within their businesses.

Law firms are employing litigation analytics in two primary locations, according to the survey: in the practice of regulation and in business enterprise development and internet marketing.

On the law follow side, the most prevalent use (79%) is for analyzing litigation information to get competitive insights on judges, functions and opposing counsel.

Litigators are also employing it for scenario assessment (66%), scenario method (63%), predicting outcomes (48%), and improving briefs or arguments (45%).

On the business enterprise aspect, 75% of respondents said they use analytics when pitching or demonstrating know-how to purchasers. They also use analytics for competitive intelligence and to selling price bids and products and services.

 

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