To better understand how law firms (more than 50 lawyers) use legal analysis in business and practice or in law, ALM Intelligence partnered with LexisNexis to conduct an investigation into the subject. The survey was conducted in December 2019 as part of a research study by ALM Intelligence and gathered the opinions of 163 lawyers from the law firm. The most revolutionary, innovative and impactful analytics solutions in the legal industry can be found on our flagship Lexis Advance platform, which enables lawyers to do their jobs more efficiently, provide better advice to clients and make more informed business decisions in today`s competitive environment. In addition, we help industry lawyers get the most out of the analytics available today through sophisticated tools such as Context and Lex Machina. Lawyers find the greatest benefit of legal analysis in gathering strategic insights on legal issues, presenting the value of their law firm to existing clients, and winning new business. Lex Machina has the most accurate, complete and transparent analysis data, as well as exclusive analysis of results that you can only find in Lex Machina. Our data is compiled, cleansed and enhanced through a unique combination of machine learning and in-house legal experts, and updated every 24 hours. Here are some of the features that set us apart from other analytics tools: Context on Lexis Advance® is a voice analytics solution that applies machine learning and natural language processing to tens of millions of legal and news documents, including court opinions, expert testimonials, and business profiles, to extract and visualize analytical information that can help litigants find the language and citations. that are the most convincing for a judge or court. Identify the best evaluator or identify correlations between current events, litigation, and a company`s financial performance. Request a free trial. The results of this year`s study clearly show that we have reached a turning point in the adoption curve of legal analysis in Am Law 200 companies, due to competitive pressures, the expectations of the companies` customers and the need to control costs.
An overwhelming majority of law firms – 70% – recognize these benefits and have embraced legal analytics, while 90% of analytics users agree that legal analytics makes them better lawyers. This survey confirms what we have known for some time: law firms should provide access to the legal analysis tools that their professionals value and want to remain competitive. Are more and more companies using analytics today? If so, what motivates the increase? How can law firms get the most out of legal analysis? We recently sat down with Sean Fitzpatrick, CEO of LexisNexis North America, to discuss the study`s findings, current trends in legal analysis, and what we can expect to see in legal analysis in the future. The vast majority of lawyers who currently use legal analysis make them better, more efficient and more effective. And even the majority of those who don`t currently have access to the technology recognize its value and believe it would make them better lawyers if they used it. Download Legal Analytics Study 2020: Focus on Added Value What was really interesting was how the legal use case business for legal analysis has grown over the past year and has outgrown its initial function as a litigation tool. This clearly shows that law firms recognize that legal analysis can do much more for their organizations, such as pricing legal issues, gathering competitive information for new business, or simply proving a competitive advantage over clients. A panel discussion on the Legal Analytics Study 2020 by LexisNexis and ALM Intelligence. How is LexisNexis changing the game of legal analysis? We looked at the firm`s performance of tens of thousands of lawyers and asked more than 1,000 lawyers what`s most important to them as we redefine success in the cloud age. The Legal Trends Report provides information on the most important issues in the legal profession. By analyzing aggregated, anonymized data from tens of thousands of lawyers in the U.S., supported by extensive research, the report provides unique insights into law firm efficiency, hourly rates, and other key performance indicators.
Discover the value of LexisNexis` legal analysis: Lex Machina introduced Appellate Analytics – legal analysis for federal appellate courts – which gives users an end-to-end view of what happens during litigation, from trial to appeal. The legal industry is at a turning point when it comes to leveraging legal analysis to provide better and more efficient legal services. LexisNexis, a leading provider of legal analytics tools, recently commissioned the Legal Analytics Study 2020 in collaboration with ALM Intelligence to explore the current use of legal analytics in the legal industry and the benefits it offers to law firms. The study surveyed 163 major law firms in December 2019 to find out the industry`s views on the adoption and application of legal analysis. As a leading provider of legal analysis, we couldn`t be happier if more law firms, lawyers and other legal professionals embraced these tools and found new ways for technology to add value to their business and profession. Lex Machina COVID-19 resources for the legal community. Click here About LexisNexis Legal & Professional LexisNexis Legal & Professional is a global leader in legal, regulatory and business information and analysis that helps clients increase productivity, improve decision-making and outcomes, and advance the rule of law worldwide. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis and Nexis services®®.
LexisNexis Legal & Professional, which serves clients in more than 130 countries with 10,000 employees worldwide, is part of RELX, a global provider of information-based analysis and decision-making tools for professional and commercial clients.