How big data is disrupting legal practice
Big Data and digitization showers to the legal profession bundle of benefits. It frees up space to keep case files in the cabinets, and it may be less obvious.
The legal system generates an ever-increasing and huge data amount. With each case a lawyer needs a lot of grips to hold to pursue the job. Legislature interpretations, judicial ruling, and precedents create more data. The within witness statement, judge’s summaries, and court logs are insights and hidden facts winning legal arguments.
The law firms and the legal profession require Big Data. The data amount carried around has exponentially increased and there is a knock-on impact. Data created in the legal process is digitized and is in a combined form with other technology. They find more cases with leverage machine learning. The compliance and document review gives texts in large amount that finding patterns is fast and more reliable.
Role of Tech giants
Amazon and Facebook are the tech giants mining data providing business insights. The social media is successful in using the big data that their earnings has increased by billions every quarter. It is not that only large corporations are leveraging big data. Almost all the successful companies are making money with data analytics available and getting their hands-on valuable information.
The legal industry is making optimum use by leveraging big data. The legal industry and law should embrace and accept the Legaltech changes with open-mindedness. They should not rely on the argumentation power exclusively. These are sophisticated technologies predicting the lawsuits outcome and winning cases after the notice.
Disrupting legal practice
The digital transformation is hitting legal practices. Law firms are realizing that they are losing out on the competition. The most conservative professional field is the legal profession. It is receptive and is now interested int technology.
- The efficiency of the big data helps as the judgments are handed and mostly it is correct, up-to-the-minute data, reducing expensive appeals and tie. But this possibility may leave the lawyers and judges behind, replacing them with computers. There will be no emotion without human concepts or logic failures.
- The legal Bots give legal counsel. It helps suing anyone. There is the video and voice conferencing and this is disrupting the legal sector work. The lawyers are empowered to compete with other traditional legal firms and work flexibly on the fly. The technology allows to work remotely and to save on travel expenses, yet the lack of personal approach and communication causes a dent in the legal practice.
- Big Data technologies are open source technologies. There is much skill, effort and resources required to operate Big Data. However, the truth is that Big Data technologies are for large scale legal companies and are not suitable to handle smaller problems.
- AI and Analytics offers the best value and it can be realized on analyzing the right issue. Typically, problems requiring lot of effort and time to get information is reduced. But negotiating terms or collecting invoices, everything is through email to automate the process of reconciliation. It is easier and better to personally communicate than implementing some AI solution taking you through emails and interpreting of information.
- The AI works by generating the software, running data through it and evolves with a new model. The AI software pieces are different from the traditional software. It comes with plenty of frameworks and tools that includes open source and paid, developed by Microsoft and Google, the software giants. Thus, it means, people must learn the technology and understand the models to resolve a specific problem.
- There are open-source tools developing AI solution providing an organization immense value in operation. The reality is that for AI operation, there is a need for comprehensive data platform. The organizations opting for Big Data should be capable to consume data of all volumes and kinds.
- The biggest issues are that the processing technologies for Analytics and AI are scalable and fast, but the pipeline to move data and consume is slow. Thus, in real time there is a bottleneck and difficulty in achieving results. The AI and Analytics account for 80% work as they collect, cleanse, and prepare the data. It means there is a need for the pipelines and the data stores to be the same to use in an organization. Thus, the efforts done by each team takes multiple teams for different purposes and it is a waste of resources and time. The organization will not enjoy the true value and benefit that the AI provides if the arrangements are not done properly. There is a need to understand the data strategy and to map out the data foundation before embarking on the Big Data premises for AI and Analytics.
Although there is widespread of big data offering cutting-edge technologies in the legal profession, the fact is that legal profession is a conservative profession.