The legal industry is probably the biggest one that still holds onto paper documents. When a law firm is fighting a case they might use information over a hundred years old in order to win. In other words, they’re not exactly what you’d call innovators in technology.
Things are slowly starting to change and they’re now using big data more than ever before. They have a lot of money at their disposal and will need lots of software in the future, so it’s important to understand why. We can discuss a few popular ways they’ll use it to their advantage.
Predicting the Outcome of a Case
SAP acknowledges big data is capable of letting you see, which is extremely valuable when you’re trying to win a case. If you are defending someone you want to know if there is a chance you’re going to win.
It would be beneficial to know the exact odds too. It will let you know whether or not it’s in your interests to accept a deal. If you decide to do anything without big data you could say you’re going in blind.
Knowing Exactly Who to Hire
We’ve just talked about how you can predict the outcome of a case, but you won’t be able to win anything without the right lawyers. They can be a lot harder to find than most people think and you want to uncover gems.
If you use big data in the recruitment process you have a better chance of hiring the right people. Even though it’s still early days, big data is continually becoming more common in the HR department of law firms.
Finding Correlations in the Data
Can you imagine someone with a pile of documents stacked high trying to scramble desperately to find any correlations in a medical malpractice case? It could take them months, so it’s not surprising it takes so long before you reach court.
Once all the data has been computerized you’ll only have to input a few pieces of information. In less than a few seconds you’ll have every correlation you could ever dream of and it will leave more time for other important stuff.
A Complete Intranet of Data
At the moment everyone will have access to their own data, but can you imagine a day where everything was connected together on an intranet only specific people had access to? It would open up a lot more opportunities.
There will be a few hurdles to overcome because certain data will only be relevant depending on where you’re based, but you’ll be able to narrow down the results. This is definitely going to happen in the future.
Deciding How Much To Charge
It’s already been noted law firms don’t really see their peers as the competition. They’re scared of large organizations becoming more like law firms, therefore they want to become more like large organizations.
If there is anything a huge company knows better than anyone else it’s how much to charge. Although lawyers aren’t known for being cheap, big data will still be able to help them come up with a better idea of how much to charge.
You Know When Something Is Working
Once the legal industry incorporates something into the way they work you know it’s the real deal. Everyone has already known how powerful big data is for a long time, but now there is no denying it can’t be used to improve any industry. The ways in which it improves things will only get more advanced too.