Technology is revolutionizing the legal services industry. Legal analytics refers to the managing process of extracting knowledge from existing legal data to help in-house legal teams and decision-makers on certain legal matters. This is done by forecasting, legal strategy, comparative legal costs, process development, billing optimization, financial operations and resource management. Legal analytics involves data mining from data contained in documents related to case and docket entries. This data is then accumulated to provide previously unknown insights into the behavior of the judges, lawyers, organizations such as courts law firm and parties involved. It also involves gaining insights from subjects of lawsuits such as patents and others that are part of the litigation ecosystem. Litigators use legal analytics to disclose trends and patterns in past lawsuits that notify about legal strategy which anticipate outcomes in ongoing cases. Legal analytics depends on progressive technologies such as natural language processing (NLP) and machine learning, to structure, analyze and obtain the required information from raw data present in case dockets and documents. Legal analytics involves statistical modelling and forecasting to reveal gainful information about the management, case handling and operations of legal department. Legal analytics solutions helps in assessing all the recordings, documents and other related files of particular case and old cases and patents similar to that in order to reveal the intended knowledge.
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Legal Analytics Market – Trends & Opportunities
There is lack of acceptance and awareness about legal analytics solutions. Many small and medium size law businesses are unacquainted about legal analytics solutions and they are following traditional methodologies for efficient decision-making. Also, legacy law organizations are still adopting the traditional method of storing and dealing huge storehouse of data. Moreover, various law school organizations are unaware about the functioning and benefits of legal analytics solutions. Thus, organizations and law companies are need to be aware about legal analytics solutions. Thus lack of awareness is expected to restrain the legal analytics market in near future.
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Legal Analytics Market – Segmentation
Legal analytics market can be segmented on the basis of component, case type, deployment model, end user and geography. On the basis of component, legal analytics market is segmented into solution and services. On the basis of deployment model, the legal analytics market has been divided into on-premises and on-demand, On the basis of case type, legal analytics market t is segmented into intellectual property management, antitrust management, commercial case management and others. On the basis of end user, the legal analytics market is segmented into corporates, law firms and others. On the basis of geography, legal analytics market is segmented into North America, Asia Pacific (APAC), Middle East & Africa (MEA), Europe and South America.
Legal Analytics Market – Key Players
Key players for legal analytics market are Wolters Kluwer, Thomson Reuters, Mind crest, Inc., Unitedlex Corporation, Argopoint LLC. , Lexisnexis, Premonition, CPA Global, Analytics Consulting LLC, The Bureau of National Affairs (BNA), Inc., International Business Machines (IBM) Corporation, Wipro Limited and Key Innovator.
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