Legal Analytics: Simplifying Corporate Law
An HBR Consulting survey of 32 US companies reports an increase in the use of analytics in corporate law departments. More than half of respondents rated data science and analytics as either a medium or high priority on their corporate agenda, as they see opportunities to do high-complexity analytics work such as predicting dispute outcomes and evaluating outside counsel’s substantive performance.
The combination of an increase in data and the development of better tools with which to process that data means that companies are warming to the idea of introducing technology to help. Even companies with no current need or budget may have one or more risk areas and could benefit from the application of such technology. They would join the 63% of respondents planning to do the same in future.