Law firms and legal departments often struggle with a deficiency in utilizing data effectively within their systems. Despite their ability to organize data and timelines, many of these entities struggle to convert them into meaningful insights.
They struggle to interpret their legal databases accurately, leading to decision-making without the necessary foundation for efficiency.
We will discuss the primary difficulties encountered in the legal industry and explore how Legal One Analytics resolves these issues. Keep reading to find out more!
Challenges related to managing legal data
Creating strategies from data is often challenging due to the lack of necessary information or not following essential processes.
The Judicial Branch concluded 2020 with over 75 million ongoing cases, as reported in Justice Report in Numbers 2021. Despite a decrease of 2 million pending cases from 2019, the number remains considerable. Additionally, the impact of the pandemic leaves uncertainty about maintaining this downward trend. 25.8 million new lawsuits were filed in 2020.
This situation is clearly evident in the daily work of attorneys, as businesses delegate the management of these tasks to law firms. As a result, legal practitioners are handling a significant number of cases simultaneously, making it a complex challenge to manage hundreds versus thousands of processes.
The challenge lies in collecting data, analyzing them, and converting them into purposeful information to enable strategic decision-making.
Considering this situation, it is recognized that the primary obstacles encountered in managing legal data are:
Lack of internal indicators to identify the underlying reasons for legal demands
Without proper control and data monitoring, businesses cannot effectively analyze legal requirements. It is essential to have insight into historical data, current situations, and future projections in order to make informed corrective and predictive decisions.
Increased spending due to the lack of control over demand distribution and performance.
If your company is not informed about its legal requirements and activities, it will lead to increased expenses. In other words, a lack of oversight results in unnecessary costs that could be prevented with automated monitoring.
Your business must maintain control over information in this situation.
- How much was used for administration costs and agreement payments in the previous quarter?
- Which regions experience a higher rate of convictions?
- Please provide the economic advantages and average ticket price for each investment portfolio or category.
This information aids your office or legal department in making decisions based on data, leading to more controlled spending.
Turn data into information using Legal One Analytics
Being data-driven is insufficient; one must possess the ability to utilize data effectively and transform it into meaningful information. Raw data serves as the foundation, but it alone does not lead to valuable insights.
The information is thoroughly analyzed and used as a source of knowledge for making strategic decisions, which is part of a concept known as Business Intelligence in Law.
Legal One Analytics is the initial Business Intelligence tool created specifically for the legal industry, combining advanced analytics solutions with legal intelligence to enhance performance management of process portfolios.
The module allows for utilizing data, analysis, and reasoning to enhance the decision-making process efficiently. This includes utilizing ready-made templates to organize, analyze, and generate indicator dashboards and visual representations.
Advantages of implementing a system
Legal One Analytics offers data intelligence with just a few clicks, creating simple, dynamic, and user-friendly visuals for presentations and reports to help anticipate scenarios and guide decision-making effectively.
Main benefits that customers who incorporate Legal One Analytics into their routines experience.
Data management autonomy
Legal One Analytics offers the necessary tools for businesses to make informed decisions based on data. Monitoring and managing these metrics is made simple and user-friendly through the software, granting easy access to the legal insights of the business.
Law professionals using the system enhance their training to become proficient legal data analysts, gaining essential analytical skills for making quick, optimized decisions in their future careers.
Legal outcomes are more easily seen.
Professionals can present their results objectively to the team more effectively using Legal One Analytics, which allows for dynamic and educational presentations and facilitates better decision-making for financial, organizational, and future planning benefits by overcoming the lack of control over legal indicators.
Comparison of different perspectives
Your business can assess legal indicators over different time periods by comparing dashboard views. This enables more informed decision-making based on a narrative approach.
Other advantages
- System data intelligence interface with high added value.
- Helps to meet the expectations for desired outcomes.
- It addresses the market demand by addressing the lack of legal training in data-driven management.
- Customer insight: Key performance indicators (KPIs) and dashboards in place. Automated database review. Intelligent KPIs. Financial metrics.
- Your setup is quick and simple.
- Specialized team comprising lawyers, mathematicians, statisticians, and data scientists dedicated to continuously enhancing the product.
- Dashboard templates are prepared and available.
- Created by professionals specializing in user-friendly legal metrics and without the need for BI consulting.
Demo of Legal One Analytics can be requested.
Put Legal One Analytics to use in your business to make more strategic decisions and eliminate unexpected issues in your day-to-day operations.
Request a complimentary demonstration of the tool to assess and validate the effectiveness of the system providing company-ready legal insights.