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.

COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY

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

VISIONARY LEADERS

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.

DYNAMIC DIFFERENTIATORS

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.

INNOVATORS

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

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.

Best Legal Analytics Software 2020

Comparing 18 vendors in Legal Analytics Software across 6 criteria.
3 Experts are advising 47 Legal Analytics Software buyers
With respect to the legal analytics market, IBM has established itself as a distinguished supplier of legal analytics solutions and services. The company offers ROSS platform, built on IBM's Watson cognitive computer, is world's first artificially intelligent attorney. The company's offerings are driven by its strong analytics solutions. This empowers analyzing data gathered from courts, lawyers, or judges to reduce outages and improve operational process. ROSS platform allows lawyers to research by asking questions in a natural language and with the help of cognitive computing, it is able to search the exact document or data from a billion documents.
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CPA Global offers IP portfolio software, services, and information to law firms and corporates. Under the analytics category, the company offers competitor benchmark, portfolio diagnostic, rapid landscape, and technology intelligence. The company's researchers and consultants use analytic tools to provide customized information and visualizations based on reliable and curated data. Furthermore, the company also offers docketing and paralegal service with the purpose to focus on more beneficial and strategic client work.
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LexisNexis is a leading provider of product and solutions in the legal analytics market. The company offers legal, regulatory, and business information and analytics to its customer, such as law firms, government, corporate legal teams, academic, and businesses. Lex Machina Inc. offers legal analytics platform, legal analytics app, and professional services to aid in strategic, data-driven decision-making and improve winning process strategies. Moreover, through Ravels Law, LexisNexis offers the next-generation legal research, analytics, and visualization platform.
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Analytics Consulting offers consulting and administration services for class action and legal notice. Class action consulting service includes pre-settlement consulting, data analysis and consulting, legal notification, legal notice expert testimony, claims administration and disbursements, and tax reporting. Legal notice consulting services include ascertainability analysis, notice plan design, and notice plan implementation. Moreover, the company offers eDiscovery solution for all litigation support services.
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Argopoint, offers legal analytics services and solutions offering a deeper level of analyzing legal data by its expertise. Argopoint have targeted expertise to resolve analytically resistant concerns and provide significant insights supported by facts and data to legal departments.
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Bloomberg is one of the prominent players and a well-established company in the legal analytics market. The company aims at providing its customers with a new technology that will cater to their specific needs. Under the flagship of Bloomberg law, the company offers fully integrated legal and business intelligence research solutions. Bloomberg law includes primary content & expert BNA analysis, Bloomberg's company & market information, research & analytic tools, and curated relevant news & alerts. The legal analytics tool helps managers with analytic tools, chart builders, drafting tools, and practical guidance. The company's legal analytics tool provides detailed analysis of the court and lawyers' information, which is easy to access and saves time on research. It is widely adopted by organizations and are used in practice areas, such as litigation, intellectual property, privacy & data security, corporate, and business intelligence centers. In line with litigation analytics, the company allows users to access data and legal points of other companies, law firms, or judge for better understanding and predictions.
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Premonition is one of the artificial intelligence systems, which helps customers by providing global litigation data sets. Premonition offers artificial intelligence solutions including legal, law firm, court data, lobbying, law enforcement, custom analysis and consulting. In addition, the company also provide its clients with a Judge report to give them a chance to understand how their consigned judge may take their specific case.
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Thomson Reuters provides a wide range of products and solutions in the legal analytics market. The company provides tools and services to help their customers to streamline processes, collaborate with colleagues and clients, and leverage critical information and insights. It provides law firms solutions that include large law firm practice and management, large law firm business development, small law firm business development, and small law firm practice and management. The company provides legal education that helps in leading online resource for continuing education and career development, and provides legal academic resources solutions to law schools. Thomas Reuters provides workflow tools and solutions for corporate and government legal professionals, and helps to manage law department workflow. The company provides several solutions in the legal analytics market that include Westlaw, Practical Law, Elite 3E, eDiscovery Point, C-Track Court Case Management, and CLEAR. In recent years, the legal business segment of the company has been focusing on driving the growth in its solutions business, which is subscription based as well as transactional based.
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Wolters Kluwer helps legal and compliance professionals to increase productivity and performance, achieve confident outcomes, and mitigate risks in the legal analytics market. The company offers a wide range of software to manage risks regarding legal issues by providing solutions to legal professionals. Its customers include law firms, corporate legal departments, corporations, universities, and government agencies. Wolters Kluwer offers Kleos, an end-to-end practice management software tool gives lawyers access to all their clients' files anywhere and at any time, creating a flexible and secure virtual office in the cloud. Kleos is available in different countries across Europe. The company provides Leggi da Italia, a single point of access that provides Italian law firms with all of the content and services necessary to manage their entire workflow with a smart and intuitive interface. Furthermore, Wolter Kluwer provides a legal research solution named Cheetah that offers an intuitive way to access content related to legal information.
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Mindcrest, provides legal analytics that convert legal data into valuable information for attorneys and business professionals. Legal analytics track, analyze, and summarize legal content, including case law, legislation, regulations, and other legal filings both, domestic and international. Mindcrest provides various legal database products ranging from general legal research platforms to specialty tools in areas of securities, tax, and environmental law. The company even participates in all stages of product development, from the initial concept through testing and continued growth of the product. Mindcrest provides solutions that are embedded with workflow, analytics, and Artificial Intelligence (AI) software. The company is investing in continuous evaluation of new technologies, such as machine learning, advanced analytics, and automation tools. The company even provides learning and developing programs that cover multiple disciplines and thereby use a variety of learning methods, including classroom training, online courses, and industry experts.
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UnitedLex offers the Legal Residency Program that demonstrates commitment to the legal profession through initiatives in developing innovative ideas. UnitedLex has partnered with several leading law schools, such as Boston University School of Law and University of Miami School of Law, and the business community to provide employment opportunities to graduates of several schools in growing areas of legal practice, working with the support of experienced attorneys and industry experts. UnitedLex helps to enhance law school training, develop practical knowledge, and acquire valuable skills for career growth at law firms and corporations. The company offers Questio, a managed service that provides eDiscovery and data management. Its litigation services include collection and forensics, managed document review, data hosting, legal staffing, and assessment. The company also provides cyber risk and intellectual property solutions, and corporate, law firm, contracts management, and financial advisory services.
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