Legal experts are embracing the power of legal analytics to unlock valuable insights that inform their decision-making. Legal analytics tools are the keys to unlocking opportunities within the legal field, fostering increased productivity, deeper insights, and competitive edge. By using these keys, you can grow your legal department, improve your case outcomes, and reduce your workload while increasing your ROI.
This blog post explores the top six legal analytics tools to level up your legal team.
- Legal analytics tools empower legal professionals by providing insights into litigation, finding relevant legal information quickly, and evaluating a case’s potential value.
- It’s essential to consider the cost of the tools and prioritize their security before investing in them.
- Consolidating legal analytic tools under one roof maximizes your investment and produces unified results.
What Is Legal Analytics and Why Is It Essential to Your Success?
Data is a cornerstone of today’s society. Whether browsing online, sending an email, or viewing an ad, you leave a data trail behind.
However, humans can’t keep up with all the data on their own without some technological help, especially for lawyers engulfed in endless cases, emails, and contracts.
Legal analytics tools are just the help your team needs, ensuring no valuable data slips through the cracks. These tools process large datasets at lightning-fast speed using machine learning and software like ChatGPT. They help you understand trends and patterns, and offer deeper insights into your cases and clients.
Some ways legal teams use legal analytics tools include:
- Identifying trends: Analyze data from past cases to identify patterns or from new cases to identify potential resolutions.
- Tracking processes: Monitor the progression of cases or contracts. This real-time monitoring helps identify bottlenecks so you can manage your workload more efficiently.
- Evaluating cases and opposing counsel: Gain insights into other parties during cases, such as how the opposing counsel performed in similar cases. It helps legal teams prepare for depositions and cross-examinations.
- Finding relevant information (such as through eDiscovery): Sift through large amounts of information quickly to obtain the most relevant information for your case.
- Navigating large piles of paperwork: Use legal analytics to track, organize, and manage large amounts of paperwork. It can also help you search paperwork so you can pull out relevant information when you need it.
- Predict potential case outcomes: By analyzing past cases and your clients, you can predict potential case outcomes. You can also detect patterns and predict potential risks before cases even begin to avoid legal challenges.
How to Choose the Best Legal Analytics Tools
With so many legal technology options available, how can you choose the best tools for your team?
Here are five guiding tips for choosing legal analytics tools to boost your productivity:
- Assess your needs: Start by identifying your team’s specific challenges and the data you need to address them. This will help you select tools tailored to your team’s requirements and tools that can handle your data.
- Look within your industry: Some tools cater to legal niches such as immigration or motor vehicle incidents. Research tools designed for your niche to ensure they support your legal work.
- Evaluate the ease of use: Opt for tools that are user-friendly and easy to navigate. Product demos are excellent ways to test the usability. Complex tools may require significant training and could slow down your team’s productivity, which is the opposite of your goal.
- Verify compatibility: Ensure the tools are compatible with your current systems, such as your case management software or billing system.
- Allocate budget: Consider the cost of the tools and ensure they align with your budget. Some tools require a significant investment, so ensure the benefits outweigh the costs.
- Prioritize the security: With 71 publicly disclosed security issues in September 2023 alone, ensure the tools you choose adhere to the highest security standards to protect all your data.
Do you want to maximize tool utility without overspending on dozens of subscriptions with overlapping results? A legal outsourcing company like Exigent provides access to the power of AI tools without the headache so you can enjoy personalized results scaled around your needs.
6 Top Legal Analytics Tools Every Legal Team in 2024
Here are the top six tools that can help you tap into more of your data.
LexisNexis is a comprehensive legal research tool that connects you to case law, statutes, regulations, and secondary sources. Its user-friendly interface helps you find relevant legal information quickly and easily, saving you time on research and eDiscovery.
LexisNexis also offers data-driven insights into litigation, enabling litigators to identify trends, track judges, and evaluate opposing counsel. Among its offerings is Lexis+ AI, a secure generative AI platform that transforms the way you create and share data.
Casetext uses artificial intelligence to support legal professionals in their daily tasks. It can search documents, create content, and provide feedback based on the data and parameters you provide.
Judicata, using machine learning, reimagines the way you search and view past cases, case attributes, and laws. It helps lawyers identify critical cases, understand the context of legal issues, and find related cases.
It’s a game-changer in eDiscover thanks to its advanced filters and smart search capabilities. It also includes query assist, which offers common misspellings or suggests alternate phrases to help you find all relevant information.
Image from JUDICATA
Fastcase offers legal research tools that provide access to case law, statutes, regulations, and court rules. It helps lawyers to find relevant legal information quickly and easily.
It also offers one-click analytics. For example, you can predict how long tasks may take or your odds of winning a case based on the data you provide, coupled with existing system data, to help you stay on top of the competition.
Offered by Aderant, CompuLaw is a legal calendar, docket, and matter management tool. It helps you manage deadlines and processes while reducing errors. You can set rules for managing deadlines and generate automatic reports for attorneys to make scheduling a breeze.
CompuLaw can help during case management and invoice tracking to ensure a seamless end-to-end process.
Contractlogix simplifies your contract management process. It’s a secure platform for creating and tracking your contract lifecycle. You can also generate reports on current contracts to understand patterns and potential issues.
Time to Consolidate Your Legal Analytic Tools
There are dozens of tools available on the market that you might use to streamline your process. You could easily find yourself caught in the current of subscriptions and data streams that you end up performing redundant tasks or not using tools to their full potential.
Exigent pulls all your tools under one roof so you can maximize your investment and see unified results. Our outsourcing team, versed in the leading AI tools, ensures you stay competitive and see the results you were aiming for.
Contact us today to learn more about our legal analytic services.