Law Firms and Big Data: Law is one of the oldest professions in the world and like other industries, it’s at a crossroads. Lawyers have to comb through a growing amount of information to assess the merits of a case, conduct research or perform the myriad of other daily tasks that are involved in the law profession. So, in addition to meet out justice, lawyers have to find ways to organize and make sense of big data.
Meanwhile, clients demand more efficiency and they want it at a reasonable rate. So lawyers have to organize and comprehend all that information in a quick and efficient manner.
As luck would have it, law professionals now have access to solutions and tools that can solve big data management issues. Several providers are developing language-based technology that’s aimed at finding, interpreting and combining information.
By making big data more accessible, these solutions are slowly turning the issue from a challenge to an opportunity that maximizes results. After all, when you can categorize and understand the different types of information available on a case, you have a better chance of discovering a solution that you wouldn’t normally access otherwise.
So law firms are working in tandem with a growing number of tech providers to enhance big data access. If you want to find out more about how the law profession is making the most of the big data phenomenon, read on below.
Streamlining Big Data
Each day, the legal research arena is adding millions of new documents to the legal framework to help law firms streamline research and data analysis. To keep this data organized, custom-made platforms have been created to help process the data at high speeds.
Within these platforms, the data is organized, refined and enriched to optimize search-ability and enhance one’s ability to mine the database and find the specific insights they’re looking for.
By organizing big data in the law sector, it will become easier and cheaper for law firms to deliver quick and efficient results to their clients through enhanced data stores.
The Power of Machine Learning in Modern Day Law Firms
Artificial Intelligence (A.I.) is becoming a common refrain in legal circles nowadays asit’s seen as the next frontier in human technological advance.
Although A.I. is in its early stages, it’s already becoming clear that it will directly affect machine learning in the legal sphere. This is vastly evident in the way AI powered tools work, i.e. Legal Robot, Grammarly, Tetra etc.
If you’re unfamiliar with A.I. it’s a broader spectrum of technology than what we’re used to. It’s composed of machines that are able to perform tasks and process information quicker and in a higher capacity than humans.
Machine learning is a subdivision of A.I. that requires humans to feed information to the computers and then program into them an ability to learn process and “develop” on their own. A.I. is unique in that the computersare able to exceedhuman processing power at exponentially fast rates.
We’re not at the point of developing “robot lawyers” yet and lawyers can rest easy because they won’t be put out of work by machines any time soon.
The Power of Legal Analytics
Legal practitioners are already using data analytics technology to improve decision making in the fields of commercial litigation, trademark law, patent law, copyright and securities. Data analytics enable law firms to mine a rich data bank of legislation, relevant dockets, case opinions and much more. Cross-linking this information can yield beneficial results that will enable you to discover previously unknowable insights.
Law firms that practice in the age of big data have a lot going for them. Access to the rich data stores made available by these technologies provide lawyers with a great competitive edge. Figuring out a case is like playing chess-except you already know most of the moves.
The adage, “knowledge is power” has never been truer than it is in our technology driven information age, and Steinepreis Paganin Commercial lawyers are taking full advantage of the benefits.
Thanks to big data, our lawyers are able to quickly and efficiently perform tasks that once took substantially longer to complete. Plus, it gives us access to a wide range of information that would otherwise be inaccessible.