The Future Of Law? Legal Data — from techlaw.co.il by Adv. Zohar Fisher
Excerpt:
In an increasingly digital world, data is being leveraged – and collected – in novel ways. The legal field, known for being extremely risk-averse, has a real opportunity to utilize digital tools for many aspects of legal practice to achieve a wide variety of goals, including increasing revenue and expediency.
The legal technology industry, colloquially dubbed ‘Legal Tech,’ has been fueled by a flood of recent investments, including $1.5 billion in 2020 alone. As part of this tidal wave, legal data analysis is an integral part of this rapid growth. In fact, according to the American Bar Association’s Legal Technology Survey, 58% of participants used web-based software to aid their practice.
These programs rely on different types of data including internal data derived from the activity of a firm (such as tracking billable hours), individual data collected from cookies and web traffic, as well as industry data (from publicly available legal sources), can be used and combined to give various forecasts and insights.