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Legal analytics is the process of incorporating data into your decision making on topics affecting law firms and lawyers, like matter forecasting, legal strategy, and resource management. When used appropriately, legal analytics provides a competitive advantage by providing unparalleled transparency and insight into in-house counsel members, departments, and decision-makers.
Data in the legal sector generally falls into three categories:
- Individual data
- Internal law firm data
- Legal industry data
What’s the difference between individual and internal law firm data? Individual data is related to your existing and potential clients’ online activities on your website, which is typically sourced from places like Google Analytics, email campaigns, and cookies. Internal data comes from your law firm’s daily activities like billing rates and time tracking. Industry data comes from third-party research groups to determine legal industry trends, such as with the Legal Trends Report.
In the past, it was nearly impossible to gain any meaningful insight from the vast amounts of legal data available. But with the advent of technologies like machine learning, artificial intelligence, and language processing, lawyers now have the tools available to take data driven approaches when formulating case strategy, forecasting case outcomes, and even obtaining new clients.
Computers can work with an immense amount of information, these machines can perform tasks at unmatchable speed, saving legal professionals and departments valuable time and money.
Applications of legal analytics
Legal research
Most lawyers are no strangers to legal research and analytics. Identifying appropriate precedents or statutes could give you the edge in court. But conducting smart legal research that’s thorough and accurate can be a time-consuming process. Legal analytics tools can help you find relevant cases in every practice area without having to sort through all of them individually.
Many legal analytics and research tools pay for themselves in terms of time saved, but for some, there’s no need to pay at all. We’ve put together a list of the best free legal research tools available.
