The problem is not actually associated with technology, but it is mainly with you. The legal industry has actually faced similar such problems right from the core. The technology along with its related data and analytics have been widely made available to work on both the law firms on sell side and the buy side, which is the clients to achieve positive results. However, the legal platform is slower to actually adapt the technology platforms and even analytics than any of the other possible industrial verticals over here.
The recent transition to consider:
Over the last couple of years now, the clients and law firms have actually accelerated the present use of technology and even the associated analytics platforms. These sources are mainly powered by machine learning or AI and data visualization. So, dispute resolution law firms are always on the verge of growing stronger. There are 6 trendy ways in which technology might impact legal dispute resolution well.
1.Preparing for the pleadings and arguments:
One major significance of using machine learning is mainly to improve the present legal research procedure. There are various platforms, which are known for using natural language processing for searching for the case law to come across some relevant precedents, which were previously not discovered that easily by the traditional legal firms.
These platforms will have significant advantage over traditional ones and able to identify cases in which are relevant to the issue, even when the language is not associated with that particular case. Another major advantage is data visualization, which helps users to view connections between the cases and ends up finding outliers that will position them higher to advocate on behalf of clients.
2.Select some outside counsel:
Firms are now working on analytics for selecting outside counsel. It will difficult for a firm with dispute in jurisdiction to identify the best counsel for advising them. This is not the case any longer. Analytics can choose counsel in a scientific manner. Software will now get the chance to allow the present in-house teams to just screen potential counsel on issues, as ranging in experience debt and breadth in some jurisdictions, for benchmarking expenses and legal fees.
3.Focusing towards legal strategy:
Another developing source of the legal technology under dispute resolution firms is to leverage legal analytics and data for providing insights into wider issues, which can arise in dispute context. It happens to be the likely duration of case, how the arbitrators or judges might rule particular issue or whether the judge has tendency to rule for defendants or plaintiffs. This form of service might impact various decisions, which will include the forum choice.
4.Technology based review and analytics:
Another major advancement is present adoption of analytics and TAR. These tools will mainly differ from a linear review procedure by focusing on major documents first. The analytics leverage technology has moved primarily from the Boolean keywords and will hit counts as method of identifying the relevant groups to use multiple data points like content searching, metadata, concepts and even objective information.
5.E-discovery and cloud computing at its best:
The present transfer of the e-discovery procedure and review to cloud has well created efficient and cheaper storage with scalable computing processing power and easy accessibility. Cloud storage has well decreased the present costing of e-discovery for the clients with proficient storage costs within platform, which will decrease by around 50% for average matters. The costs will get lowered than the basic $5 for the higher volumes.
6.E-discovery and its evolution:
Most of the time, the e-discovery solution providers focused on areas where electronic data might get stored in single place and then get reviewed by multiple users. But, with dramatic increase in the field of electronic and data communications as created by clients, the functionality gets expanded to assist with collation, identification, review, storage and production of the electronic evidence. It will include data visualization to group, cloud based storage and processing and relating documents to one another.
So, all these points are clear to prove technology can easily impact the legal dispute resolution to a great extent. Make sure to focus on these latest trends for now.
