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In Corporate Legal, Data Analytics a Rising Star [Infographic]

In Corporate Legal Data Analytics a Rising Star [Infographic]

The adoption of data analytics is poised to accelerate among the legal community and especially among those serving in corporate legal departments.

That’s the conclusion data analytics experts draw in a short report published by the Coalition of Technology Resources for Lawyers (CTRL).   The report is based on a survey conducted by the Information Governance Initiative and commissioned by the CTRL.

The results are summarized in an infographic embedded nearby, titled Corporate Legal Departments and their Use of Data Analytics.  It is this week’s Friday Share.

Analytics in Culling and ECA

“eDiscovery software with data analytics capabilities have been available for quite some time now,” according to a summary of the results. “However, the extent to which in-house legal departments are taking advantage of these advances to improve e-discovery and other investigations has not been clear.”

The study provides clarity and provides context to concept of applying data analytics earlier in the eDiscovery process, using that insight to drive better litigation strategies, and ultimately, driving down the cost of review.

A majority of survey respondents (71%) indicated corporate legal investments in eDiscovery analytics would increase, or remain the same in 2016. The infographic and study indicate the most common uses of analytics in eDiscovery include: a) culling; b) early case assessment (ECA); and c) relevancy review.

Data Analytics Aside from eDiscovery

The subsequent infographic also underscores five additional legal department use cases for data analytics overall, including:

  1. Legal Matter Management, Billing and Budgeting
  2. Information Governance
  3. Outcome Analysis or Risk Assessment
  4. Contract Review
  5. Selection of outside counsel

The CounselLink® Enterprise Legal Management Tends Report provides an illustrative example of in-house data analytics in billing, budgeting and matter management, but experts usually caution corporate counsel to start small.

“Keep in mind that the decisions you make about matter budgeting can easily evolve. Many organizations start small and expand their matter-budgeting process as they become more comfortable with it,” according to Kris Satkunas, in a contribution to the Metropolitan Corporate Counsel.

“This type of pilot approach has proven very successful by allowing both the internal staff and outside counsel to adapt to the process slowly and incrementally,” she wrote.

“The benefits that legal departments are achieving, coupled with a relatively low level of current awareness, strongly suggests that adoption of data analytics will only accelerate as lawyers and their IT staff become increasingly exposed to these technologies and their benefits,” according to the report, which is freely available online.

click here or image for higher resolutionIn Corporate Legal Data Analytics a Rising Star [Infographic]

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.