There are many ways that you can incorporate data analysis into your decision making process for the future of your law firm.

Introduction to Data Analytics for Lawyers

In today’s legal environment, data analytics seems to be more and more relevant for lawyers who are preparing for cross-examination and trial preparation. Data is everywhere and these analytics provide evidence that can prove a client’s innocence or guilt. Therefore, data analytics require law firms to turn their attention towards integrating new talent into the company.

What are the capabilities of data based decision making?

Data based decision making deals with finding and analysing information that comes from different sources. This types of decision making can be used in many areas, particularly when it comes to litigation. Because data can be found from a multitude of sources, this type of decision originates from the collection and analysis of data.

How do lawyers incorporate analytics within their organizations?

Many law firms have adopted data analytics within their practices to make more accurate decisions. Legal creative strategists are beginning to realize how data can aid in making better legal decisions, rather than simply deferring decisions to the experts and waiting for judgment day. The lawyers at a law firm using Big Data to generate more tangible results are able to be present in judgement day by crafting legal arguments that stick based on market research and statistical analyses of survey data. They’re also operating under more precise estimations of dollar outcomes as cases progress so that they can split resources more logically. Early adopters are reported as starting with qualitative work, then changing datasets into analytical models later so that it is easier to build an evidence-based legal ecosystem by reaching a strategic decision that fits with internal goals of their practice.

Components needed for a successful data analytics project

There are four components that are needed for a successful data analytics project. The first is a clear understanding of the problem you are trying to solve, which requires an evaluation of what Amazon currently does and how to differentiate yourself from competitors. The second requirement is building a reliable predictive model that can sift through the huge number of variables associated with the problem and find the ones that have an impact on the business. Third is having your solution stand out from market competition by determining what unique operational information candidates will need when they arrive at your incubator. Fourth, it’s important to have people be suited for the type of work that will be required during the project: scientists for analysis, designers for visualizations, operations people for productionizing solutions, etc.

Examples of specific applications with law firms like legal review, litigation risk, and contract structure

Data analytics are becoming a growing field for lawyers. It is an essential tool for law firms and a way for them to operate more efficiently and more profitably. Data analytics can help relieve some stress in the law firm due to the overwhelming amount of information that is involved in law. Excerpts of specific projects that demonstrate how data analytics can be used by lawyers are listed at the bottom of the article.