We talked about the impact of big data on the practice of law during our recent webinar. Here are the tools and services mentioned during this presentation.
How Big Data is Being Used in Law:
Research tools like Fastcase are using big data to create new ways to search and visualize case law.
Other tools, like Lexis Advance MedMal Navigator and Lex Machina, are helping lawyers find hidden value in medical malpractice and patent cases. These tools use automated criteria to evaluate case law, fact patterns and even the past ruling history of judges. From there, they can make increasingly accurate predictions on whether a case will be successful.
Pricing decisions are being affected by big data as well. TyMetrix and Sky Analytics are both using large volumes of submitted bills to help determine whether corporations should hire outside counsel to help with legal disputes. TyMetrix focuses on informing law firms on rates that corporate legal counsel will find reasonable in RFPs. Sky Analytics arms corporate counsel with the same information. For law firms seeking business from corporate legal departments, not having access to this data will leave them unprepared in relation to their competition.