Five Reasons to "Friend" Predictive Analytics Tools

Posted by Philippe Gollin

Dec 19, 2016 11:15:00 AM

Friending Predictive Analytics

In an effort to support a legal profession with systemic challenges accessing technology, and barriers for accessing legal services, the American Bar Association (ABA) established a Commission on the Future of Legal Services. The Commission presented an Annual Report on August 6, 2016 with key recommendations. In its publication, the ABA wrote that, regarding the legal profession, the proliferation of technology, such as mobile apps and artificial intelligence that now does the work of multiple lawyers, continues to change how legal services can be accessed and delivered.

“We must open our minds to innovative approaches and to leveraging technology
in order to identify new models to deliver legal services. Those who seek legal assistance expect us to deliver legal services differently. It is our duty to serve the public, and it is our duty to deliver justice, not just to some, but to all.” 

- William C. Hubbard, American Bar Association President 2014-15

The legal profession as a whole stands to gain from predictive analytics. For legal professionals, predictive analytics is a strategic tool to anticipate risks, provision expenses related to litigation and assist in decision-making by providing helpful insight that will guide one into the right direction. It can also uncover hidden patterns, unknown correlations, and other useful business information...

1. Uncover the story data can tell

Discovery is often one of the most expensive phases of the legal process. Ediscovery technology is available today and helps reduce the cost of the ediscovery process. To summarize, you can enter the facts (the data) of your matter into a format that technology can assemble and help you uncover the truth.

Big data allows better future predictions smarter decisions based on previously collected data and helps further improve insight: early-case assessment (ECA) to graphically display the database, the status of the litigation, the amounts for damages in a dispute, the arguments advanced by the judges and lawyers, estimate the amount of damages, interest, pensions, compensation or any type of monetary value that may be granted by the courts in some areas (e.g. divorce, personal injury, compensatory allowance, dismissal disorder, contracts, etc.)

2. Predict future outcomes

With a mutually agreed upon protocol, predictive analytics across unstructured content can enrich the predictive insights and decision-making.

Some key benefits of the Predictive Analytics technology for legal professionals: show trends, help orient the legal strategies of the firm/legal team, make statistics on the chances of winning a court procedure, indicate to what court lawyers can plead the more favorably, the margins of negotiations and risks but also estimate the amount of legal fees, understand how long it takes to draft a typical commercial lease and perform due diligence based on the value of a transaction, identify fraud before it becomes widespread, preventing further damage and catch suspicious trends before harm occurs, analyze and trace court decisions in the field of law based on the criteria of the user.

3. Save time and money

What has historically taken weeks of work can now be done in a fraction of the time with less effort – through the use of eDiscovery technology. Less time will be spent on document management and tedious tasks so more time can be spent on developing the best argument possible and capitalizing on your clients’ best interests. eDiscovery software allows your team to process, analyze, and review of all electronically stored information, enabling your legal team to accelerate early case assessments, lower processing costs, reduce review workload, and gain control of electronic discovery. 

4. Demonstrate expertise

Combining the power of predictive analytics and big data will optimize the expertise of legal teams and help them find better arguments. To get the best value, data mining results should be integrated into business processes using a suitable predictive analytics infrastructure so that legal professionals can have the facts they need to present a case in a legal proceeding. 

5. Take control of your data

Get smart about managing your data infrastructure: Evaluate the performance of your team, index both structured and unstructured data, discover what is hidden in your data, achieve improved collaboration and control within your organization to serve clients in a more efficient and predictable way.

In all cases, predictive models used in the legal profession certainly facilitates the efficient settlement of disputes and helps relieve the sticking point for legal certainty. To allow those benefits, it is necessary that the tools be reliable, extremely precise and always under the control of a "human" professional who is able to guide and train the technology. Predictive analytics will not replace the work of legal professionals, but we must adapt to this new technology!

 

Topics: Philippe Gollin, Analytics

   

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