Context is the result of the LexisNexis 2017 acquisition of Ravel Law, a legal research, analytics, and visualization platform that helps litigators to rapidly uncover insights and craft data-driven arguments. Context is one of the products the team is demonstrating. Over at the LexisNexis booth, large screens enable visitors to see just how some of the technologies work in practice. The conversations taking place at the annual Legalweek New York are evidence of a phenomenon that has swept through the legal profession over the past decade: the digital transformation. On a grey January morning, the Midtown Hilton hotel in Manhattan is buzzing with animated chatter as legal professionals discuss everything from electronic discovery to information archiving, secure content management, contract review automation, and billing software. “Because the practice of law is changing so rapidly now, and because more and more people are relying on data to make really important legal and business decisions, the quality and quantity of data matters tremendously,” said Walsh. And 92% of respondents said they planned to increase their use of legal analytics in the next year. More than half agreed that the adoption of legal analytics was being driven by the need to win business (57%) or because of client expectations (56%). An indication of the kind of pressure firms are experiencing emerged in responses to the 2020 Legal Analytics Study that LexisNexis conducted with ALM Intelligence. What’s also changed is the increasing pressure on law firms and corporate counsel to deliver higher-quality advice and services at lower cost in what is already an extremely competitive business. Those legal professionals who have the tools and technology infrastructure in place for this new way of working are set to thrive in this era.” The pandemic has forced lawyers to adapt quickly but it is only accelerating a trajectory that was already in place I fully expect to see more innovation in the next five years than we have seen in the past two decades. “The legal industry has embraced so much technology and change and we see the most innovative law firms open to experimentation. “This is a situation unlike any other market correction we have experienced,” says Mike Walsh, CEO of LexisNexis Legal & Professional, the legal division of RELX. Lawyers can combine, compare and correlate vast troves of information, allowing them to build smarter strategies faster. Processes like matter mapping, and then overlaying that data with financial and operational metrics to create budgets and identify Key Performance Indicators provide clients with a broader and more nuanced view of their entire litigation portfolio.
It also enables predictive models that provide better understanding of the implications of alternative legal strategies and different business scenarios. This shrinks the time needed for legal analysis from days to minutes. These technologies make it possible to sift through millions of documents-from dockets, pleadings, transactions and motions to news articles-and extract the relevant information to generate factual summaries on which sound strategic decisions can be based. In a data-rich industry where legal strategies and court decisions rely heavily on precedent, artificial intelligence technologies like data analytics, natural language processing and machine learning are re-shaping the ways lawyers work. But these developments represent just a tiny part of a much bigger technology transformation that started sweeping through the law profession long before the coronavirus pandemic hit. Firms are using digital collaboration tools and teleconferencing-enabled mediation, arbitration and court hearings are now much more common. As the Covid-19 virus has spread, law firms have shifted their entire employee base to remote working. If the legal sector was a latecomer to technological transformation, it is fast catching up.
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