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Market intelligence solutions provide deep data insights into and analyses of specific industries and markets, allowing law firms and legal departments to better understand their clients' business and provide more informed advice. RR Donnelley is a leading provider of market intelligence.

Market Intelligence

Data management solutions catering to the legal industry have proliferated as both law firms and in-house departments have come to realize (1) the wealth of data they have at their disposal and (2) the opportunities to be gained from properly leveraging that data. The solutions available run the gamut from analytics tools, many of which can be leveraged over both internal and external sources of data, to data visualization tools and tools that structure data and assist in the extraction of data from documents and other content types. Judicial or litigation analytics solutions such as Gavelytics, Lex Machina and Ravel by LexisNexis provide insights that support litigation strategy and early case assessment, while market intelligence tools provide analytics on external industry data. Data visualization solutions such as Brainspace by Reveal add value to eDiscovery, but generic tools like Power BI and Tableau, as well as newcomer Structura, allow for powerful visualizations and reporting across independent and discrete data sets. Increasingly, vendors such as Fastcase and Thomson Reuters have realized that law firms will pay for data APIs and sandboxes allowing them to integrate data to produce actionable insights. This is a growing space, with broad solutions allowing great flexibility, as well as niche areas such as IP analytics.

Data

Online legal research solutions have evolved in sophistication, with many now including analytics capabilities and utilizing artificial intelligence to improve results and relevancy. In addition to the longstanding major players such as LexisNexis, Thomson Reuters and Bloomberg, the market for online research tools is now crowded with additional practice area- and market-specific solutions that provide more targeted intelligence. As these resources are necessarily limited by jurisdictional relevancy, each region requires its own solutions. Legaltech Hub currently only covers the following regions: US, UK, Canada, Australia. Over time, this content will be built out to cover additional regions.

Legal Research

Data classification solutions use advanced AI to auto-tag unstructured data with metadata to improve its utility and findability within an organization. Text and other types of data can be classified, usually by applying keywords from a taxonomy, and normalized, by ensuring consistency of data tags used across different systems. Previously, organizations had to rely on employees to classify and tag data, frequently resulting in less consistent, lower quality results. Auto-classification tools still require supervision by humans, but enable these classification and data clean-up efforts to be undertaken rapidly and at scale.&nbsp;

Data Classification and Normalization

Data analytics, or business intelligence, products provide organizations with the ability to leverage powerful analytics capabilities over their own internal business data. These solutions empower organizations to make data-driven decisions, through making it easier to understand and predict trends and patterns in business data. Leading solutions include BigSquare and Iridium. A new player in the category is Structura (Loom Analytics).

Data Analytics

Data extraction software extracts datapoints from documents, including contracts. These applications use natural language processing technology and extract pre-defined datapoints. For example, a user may want summaries of thousands of commercial leases: the software reads the leases and summarizes the names of tenant and landlord, the property address, the rent, the expiry date, the termination clause etc. If a datapoint is not predefined in the system, users are typically able to train the technology to recognize it, creating their own "models" for extraction. Companies in this category include Kira Systems, Zuva, eBrevia, RAVN Extract, Eigen, Luminance and many others.

Data Extraction

Data visualization tools enable the graphic representation of data. The tools in this space allow for the development of dashboards and interactive tools that display data in graphs, charts, maps and other visual formats. Common use cases in law include 50 state surveys, dashboards displaying regulatory developments or tracking litigation cases, and displays of deal data. Leading inter-industry solutions Tableau and Microsoft Power BI are widely used in legal, but specific legal solutions include Map Engine, Structure Flow, Litigaze, and ReportZone, which works with Clio.

Data Visualization

Data Integrations

Application programming interfaces (APIs) allow for the integration of applications and databases for the quick and secure exchange of information. Law firms have started recognizing the value of data to inform strategy, identify new business opportunites and bolster the quality of legal outcomes. Various vendors have consequently started offering APIs that allow firms to more easily access their data and integrate external data with internal data to achieve strategic goals. Thomson Reuters, vLex / Fastcase, and Lexis Nexis are some of the vendors selling data APIs.

Data APIs

Litigation or judicial analytics involve the application of data analytics to litigation data. The data commonly drawn upon in such resources include the decisions of judges in relation to court cases, motions and appeals, settlement sums, case duration, success rates of counsel, and so on. Litigation analytics tools can provide insights into whether, for example, a motion for summary dismissal might be successful in a certain jurisdiction before a particular judge, whether a case is likely settle and for what amount, and which law firm is most likely to succeed in litigating a specific type of matter. As a result, these solutions are helpful to inform case strategy, advise clients and prepare budgets, and for early case assessment. With generative AI, new solutions are developing in this area. Lex Machina, Pre/Dicta, Ravel View in LexisNexis, Westlaw Edge and vLex are some of the contendets in this area.

Litigation Analytics