Legal Analytics is changing the practice and business of law. LexisNexis has released its third annual survey. Bringing Analytics into Focus suggests that firms have reached a tipping point in embracing analytics in the business and practice of law with 90% of users reporting that analytics makes them more efficient and more effective. Here is a link to the full press release.
Survey Demographics 77% of the firms listed are listed in the Am Law 200. 70% of the respondents to this survey were attorneys
representing over 25 different practice areas.
Librarians Deserve Credit.Since 75% of the responded cite an increase of analytics use at their firms, lawyer awareness of analytics is very high. In most firms, Library and KM directors have brought in the analytics products and driven the awareness the report suggests that their efforts are paying off. Training and driving up use remains a challenge. LexisNexis’ integration of Lex Machina and Ravel (now Context) content into Lexis Advance is also driving awareness and lowering the “login” bar since lawyers don’t need a special password to see analytics in their research results.
“As the leader in legal analytics, we couldn’t be happier to see more law firms, attorneys and other legal professionals adopting these tools and finding new ways for the technology to add value to their business and profession,” said Sean Fitzpatrick, LexisNexis CEO, North American Research Solutions. “The legal industry’s most groundbreaking, innovative and impactful analytics solutions reside on our flagship Lexis Advance platform, enabling attorneys to do their work more efficiently, provide better client counsel and make more informed business decisions in today’s hyper-competitive environment.”
Use Cases No surprise all of the uses support the competitive needs lawyers as practitioners and rainmakers:
I have been an early promoter of the value of analytics and insights. I recall the early days of online usage — it took large law firms almost a decade to fully accept online research as delivering workflow efficiences. Online research was viewed as “optional” for a long time. The current competitive marketplace has accelerated the embrace of analytics because they can position the firm for competitive advantage at even save a firm from humiliating meetings with clients who are armed with an analytics report on the firms litigation history.
Lack of training is still an obstacle. One of the most revealing charts illustrated the obstackes to adoption. Training was at the top of the list.
Partners are the Most Resistant?
This finding really shocked me. In law firms that have not adopted analytics partners do not expect to be adopting analytics in the next two years!
Don’t plan to implement analytics
As a die hard fan of analytics in law, I am pleased with the progress in driving awareness and adoption. Legal analytics vendors need to continue to enhance transparency into any limitations in data or in the coding of the data to assure that lawyers know what they are looking at.
As the data sets grow the challenges will expand as well. No one can be complacent in the analytics market either buyers or sellers.
Download the full report here.