Rise in demand for automation in legal analytics for data-driven decision-making and surge in productivity and revenue of law firms are some of the major factors that drive the legal analytics market.
However, lack of awareness among law schools and litigators hamper growth of the market. Contrarily, rise in demand for legal analytics across end users is an opportunistic factor of the global legal analytics market.
Legal analytics is being progressively being adopted to help enhance effectiveness of legal activities across different industries. Moreover, several businesses are increasingly pursuing areas for development within their operations and are turning to technology to boost efficiencies and reduce costs, legal analytics can provide law firms with objective data to help them price their services more aggressively and remain competitive.
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Artificial intelligence (AI) companies continue to find ways of developing technologies that will manage laborious tasks in different industries for better speed and accuracy. In the legal profession, AI has found its way into supporting lawyers and clients.
Rise in interest in applying AI in law is slowly transforming profession and closing in on the work of paralegals, legal researchers, and litigators. With rapid advancements, several companies have been developing algorithms, software to support, and revolutionize the legal world. In 2018, Ross Intelligence developed a software that uses natural language processing to analyze documents.
Though the legal analytics market is analyzed to grow at a substantial rate, lack of awareness about legal analytics in small and medium size law businesses hamper the growth. These firms are unfamiliar with legal analytics solutions as they follow traditional methodologies for efficient decision-making.
Similarly, several organizations around the world are still adopting traditional method for storing and dealing with huge warehouses of data. In addition, various law school organizations are unaware about functioning and advantages of legal analytics solutions. Thus, lack of awareness is expected to restrain the legal analytics market during the forecast period.
Major players analyzed include Analytics Consulting LLC, Argopoint LLC, Bloomberg BNA, CPA Global, LexisNexis, Mindcrest Inc., Premonition LLC, Thomson Reuters Corporation, UnitedLex Corporation, and Wolters Kluwer.
Impact of COVID-19 on Legal Analytics Market:
- Organizations are encouraged to sensitize their employees around information security outside office space. Working from public spaces should be restricted and organization must utilize technologies that ensure confidential information remains secure on these devices in case of theft or damage.
- Organizations should take proactive steps by advising their staff and customers to be more vigilant and cautious especially while opening links, emails, or documents related to the subject COVID-19. Organizations should ensure their detection and alerting capabilities are functional while keeping an eye on impact of having many remote workers.
- Presently, many employees are working from home and students are learning virtually, hence enterprise virtual private network (VPN) servers have now become a lifeline for companies/schools and their security and availability would be a major focus going forward. There is a possibility that an organization’s unpreparedness can lead to security misconfiguration in VPNs. This, in turn, could expose sensitive information on the internet and devices to Denial of Service (DoS) attacks. In addition, some users utilize personal computers to perform official duties, which could also pose a great amount of risk to organizations.
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