5 tangible benefits of litigation analytics
For all the buzz surrounding terms like artificial intelligence (AI) and litigation analytics, a law firm's interest in the subject comes down to one practical question: how will it make the law firm better?
Not all new technologies are game changers, but the ones that are make the difference between dominance and defeat.
Law firm decision makers must decide if they will embrace or ignore the following tangible improvements offered by AI-enabled litigation analytics:
1. A wiser strategy: If experience tells us how to act based on past events, litigation analytics increases the sample size of events. The volumes of data provided by trained AI can help you understand how judges tend to rule on certain motions, opposing counsel’s record before a certain judge, a rival law firm’s tendency to settle, successful arguments, fact patterns and other crucial information. A smart research tool such as Thomson Reuters Westlaw Edge™ Litigation Analytics refines those volumes of data, making them instantly useful to legal professionals. Experience and intuition guide attorneys to outcomes. AI-enabled data sharpens intuition into a decisive edge.
2. A leaner operation: By looking at data that pinpoints where money is wisely spent and where it is wasted, law firm leaders can make prudent business decisions going forward. Trained AI can review the history for thousands of legal matters at lightning speeds, providing crucial insights on budgeting, staffing, timelines and other elements of law firm management. The knowledge gleaned from such data can help law firms reduce waste and increase margins.
3. A better connection: There’s a reason your cell phone clock is more reliable than the clock hanging on your kitchen wall. The cell phone clock is connected to a network, in a constant state of update and correction. In the same way, a connection to powerful legal data improves the information you use to practice law. Leading attorney editors at Thomson Reuters constantly feed fresh information such as statute changes and published decisions into the Westlaw database, so when you access Litigation Analytics, you are always getting the latest and most relevant information.
4. A firmer foundation: Of course, such a connection is meaningless if it’s not linked to a trusted source. Westlaw Edge Litigation Analytics is built upon a foundation of more than 140 years of editorial annotations. The attorneys that train the AI have access to the world’s largest collection of legal information and are experts in analyzing, summarizing and classifying legal data. They are the human expertise that ensures the data that law firms are accessing is clean, reliable, authoritative and current.
5. A happier client base: Tough decisions about adopting technology can often be simplified by viewing them through the lens of client expectations. Litigation Analytics—and other Westlaw Edge features—reduces the time it takes to research, giving clients more for their billable hours and reducing the likelihood of requests for costly write-offs. The improved litigation planning means a better chance of success for your clients, making them more likely to return and to tell their friends and business contacts good things about you.
These five tangible improvements are helping law firms work smarter and faster than their competitors. Law firms must decide if they want to gain the edge for themselves or stay put and watch their competitors embrace the future. Learn more about how Westlaw Edge can help your law firm survive and thrive in today’s challenging market.