Legal analytics is a procedure that enables actionable information from legal data, such as lawyers’ reports, law firm reports, judge reports, court analysis, and others, which is contained in the form of case documents and docket. Legal analytics involve artificial intelligence to gather, cleanse, categorize, and analyze data with the purpose of improving efficiency and helping end users with data driven decisionmaking. Moreover, it also enable legal database with the purpose to win the arguments and close the business deals.
Vendor competitive leadership mapping provides information about the major vendors of legal analytics solutions, and outlines findings and analysis on how well each market vendor performs within our criteria. Vendor evaluations are based on two broad categories — Product Offering and Business Strategy. Each category carries various criteria, based on which the vendors are evaluated. The evaluation criteria considered under breadth and depth of product offering, product Differentiation/ impact on customer value and focus on product innovation. The evaluation criteria considered under business strategy includes geographic footprint, vision alignment and effectiveness of growth strategy
These vendors have strong portfolio of solution and service offerings in the legal analytics market. They have been marking their presence in the legal analytics market by offering highly customized and easily deployable solutions for end use industries, such as corporations and law firms. They also adopt robust business strategies to achieve continued growth in the legal analytics market.
They have an innovative portfolio of services, and an extensive network of channel partners and resellers to increase the deployment of their services across a multitude of verticals. Over the years, dynamic differentiators have been consistently generating positive revenue growth in the legal analytics market, with their market position driven by organic and inorganic ventures.
These vendors have an innovative portfolio of legal analytics services and a strong potential to grow to be at par with visionary leaders. They have been consistently providing their clients with innovative legal analytics offerings for their customized demands. Innovators have been at the forefront in deploying their solutions for niche and custom requests requiring the processing of high-performance workloads.
Emerging companies specialize in offering highly niche and tailor-made solutions and services to their clients. The majority of emerging companies have been undertaking multiple acquisitions and increasing their sales capabilities across regions to offer their integrated services to a wide range of clients. There have been significant transformations in the functioning of legal businesses with penetration of advanced technologies into corporates, law firms, and others. Extensive adoption of legal analytics in legal enterprises has not only enhanced flexibility in legal business functionality but also increased the productivity of a business. Based on end user, the legal analytics market has been segmented into corporates, law firms, and others. Other verticals wherein legal analytics solutions and services are deployed are educational institutions, and government departments & agencies. With increasing deployment of legal analytics solution and services in various end-use industries, the legal analytics market is expected to witness growth in the next five years. CORPORATES Corporates refer to legal departments of various corporations, such as pharmaceutical & healthcare, automotive, BFSI, manufacturing, media & entertainment, and others. The ever-changing preferences of corporate legal departments and increasing usage of artificial intelligence to extract valuable information from existing legal data to improve business performance and efficiency, has led to the growth of the legal analytics market in the corporate sector. Corporates use legal analytics to extract data required for selecting and hiring internal as well as external counsels, reduce litigation risks, predict legal spending, and improve effectiveness. Additionally, corporate in-house counsels use legal analytics across their legal business with the purpose to respond to the board and other corporate clients through a data-driven decision-making solution. LAW FIRMS The deployment of legal analytics in law firms of several countries across the globe has given competitive edge in the practice of law suits. The use of legal analytics is, especially noticeable in law firms where business models are fully integrated and dependable on legal analytics. Legal analytics used in law firms is to make the legal process more efficient, and derive in-depth insight and forecast the outcome of the case. Furthermore, law firms are significantly adopting legal analytics, as it reduces manual efforts and saves time. Legal analytics also enable data-driven decision-making, and empowers law firms to pitch and attract new customers, and win claims. In comparison with other end users, law firms are rapidly adopting legal analytics. Vendors offering legal analytics for law firms are PREMONITION (US), LexisNexis (US), Thomson Reuters (Canada), etc.