The effective use of data analytics offers the promise of radically changing the legal landscape and the practice of law, for the better. But, the extent to which and how the legal profession and, in particular, in-house legal departments are taking advantage of these tools has not been clear. To find out, the Coalition of Technology Resources for Lawyers (CTRL) commissioned the IGI to conduct a survey on the adoption of data analytics by in-house legal departments across six use cases (e-discovery, legal matter management/billing, information governance, outcome/risk analysis, contract review, and selection of outside counsel. To find out more, read CTRL’s report, Data Analytic Trends in the Legal Community.
Beyond the six specific use cases, the survey asked respondents to make their predictions for how important data analytics would be in the legal profession in the future. As the infographic shows, an overwhelming majority (93%) of respondents said that data analytics would be more important and its use more common ten years from now. Further, nearly a third predicted its use would be “very important” and that it would be considered “indispensable.”
The infographic below highlights the six specific use cases as well as a few other interesting findings from the report. We encourage you to peruse the report in more detail to learn about legal departments’ use of data analytics.
To learn more about CTRL, check out their website and download a copy of their survey today. You can also download a copy of IGI’s Annual Report 2015-2016 at our community site for more information on how information governance is being used within organizations. Not a member? Join today.