Data analytic solutions allow law firms and legal departments to make better overall business decisions. Whether they are used for contract analysis, to help better manage internal and external risks, enhance compliance processes, improve resource allocation or gain a strategic advantage in the competitive legal marketplace, the limits of using data are endless.
During last week's Canadian Legal Innovation Forum webinar on Using Data to Make Better Decisions, four panelists, including our own Jessica Lockett, shared how their organizations are actively utilizing these solutions to help save on time, costs and improve accuracy.
The hour-long virtual event showcased diverse use cases of the technologies, along with advice on how to navigate the topic. In case you missed it, here are some of the highlights:
“Lawyers aren’t going be replaced by machine learning and artificial intelligence, but lawyers who do use machine learning and AI will replace the lawyers who don’t.”
— Charles Dobson, Knowledge Management Lawyer, Litigation, Osler
"Make your review plan based on data rather than assumptions. What are your objectives? What do you need in order to get there? If you start with knowing what the end result needs to be, you can work backwards and use the data to get there faster. It’s like the fable, The Tortoise and the Hare. Be the tortoise and take things slow because that's how you will succeed in the end."
— Jessica Lockett, Director, Legal Operations & Review Solutions, Ricoh
"What do you do with data once you have it across multiple applications? We’re in a platform era. We’re drifting away from single-purpose solutions and we’re thinking in terms of platforms. Rather than continuously buying products, increasingly we’re looking at buying platforms that allow us to build what we need."
— Jason Moyse, Principal, Law Made Inc.
“Augmented intelligence means using technology as a complement — not a replacement — to human technology.”
— Abdi Aidid, VP, Legal Research, Blue J Legal