The legal industry is at a tipping point when it comes to capitalizing on legal analytics to provide better and more efficient legal services. LexisNexis, a leading provider of legal analytics tools, recently commissioned the 2020 Legal Analytics Study, in partnership with ALM Intelligence, to explore the current use of legal analytics in the legal industry and the benefits it offers law firms. The study surveyed 163 large law firm professionals in December 2019 to uncover the industry’s views on the adoption and application of legal analytics.

We recently sat down with Sean Fitzpatrick, CEO of LexisNexis North America, to discuss the results of the study, current trends in legal analytics, and what we can expect to see in the legal analytics arena going forward.

What are some of the biggest takeaways from the 2020 Legal Analytics Study?

The results from this year’s study clearly show we’ve reached a tipping point in the legal analytics adoption curve among Am Law 200 firms, driven by competitive pressures, the expectations of corporate clients and the need to control costs. An overwhelming majority of law firms — 70% — recognize these benefits and have adopted legal analytics, while 90% of analytics users agree that legal analytics make them better legal practitioners. This survey validates what we’ve known for quite some time — that law firms should provide access to the legal analytics tools their professionals value and desire to remain competitive.  

Read original article


Tags: