Legal Analytics and How You can Benefit from It

Off late, several participants of the legal framework, from lawyers and law firms to nation-wide courts and tribunals, have taken a keen interest in the rapidly developing streams of legal technology – particularly the fields of Artificial Intelligence and the AI-enabled solutions that all assist in Legal Analytics. So, we decided to dig a little deeper and find out how we can help businesses benefit from it.

What exactly is ‘Legal Analytics’?

Legal Analytics is the very specific branch of legal and justice technology that makes smart and efficient use of data – and when we say data, we mean lots of data collected from many different sources – from court dockets and filings to a law firm’s case and matter management data and even public records that disclose case proceedings and other details. Using programmes like machine learning, natural language processing and artificial intelligence, an efficient legal analytics platform sorts and searches through this massive data to draw insights that enables effective management – all the while easing a process that otherwise would have used up a substantial amount of time and resources.

How to benefit from it?

While the legal industry is generally altruistically motivated, we can’t ignore the fact that lawyers, law firms and other related institutions still need to be financially capable in order to survive. Legal Analytics tools cut down on the costs of time and human resource spent on arduous tasks, yes, but at BIGFORMULA, we’ve learnt that there is so much more that can be accomplished with them.

With cases piling up every day, it falls upon judicial bodies to be quick, efficient and transparent. And this is where Legal Analytics tools created by BIGFORMULA come into their true element. While the analytics tools we’ve created have helped institutions with streamlining their legal and administrative fronts and make data-driven decisions in daily functions; the vision for the future is a platform that recognises the possible effects expert witnesses, crucial evidences or motions might have on a case; and perhaps even predict verdicts and settlements. The goal is to save time, money and effort for all parties involved and make the judicial process more accessible and equitable.

At BIGFORMULA, we understand that a Legal Analytics platform is only as efficient as the nature of the data it is supplied with. The more nuanced and detailed the data, the higher the rate of accuracy and efficiency. Our platforms, compounded by recent events, have proven that the right mindset and the right know-how can together make for higher and profitable success rates. And there, we rest our case!