
Data taking over the consumer experience in legal realms
Proving McKinsey right, our day-to-day consumer experience has become data-driven. Amazon, having a recommendation engine for its users to recommend products based on their past purchasing history. Airbnb,
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CIO Applications Europe | Friday, December 17, 2021

Format CA: Proving McKinsey right, our day-to-day consumer experience has become data-driven. Amazon, having a recommendation engine for its users to recommend products based on their past purchasing history. Airbnb, asking for your feedback after you avail their services every time. This is evident that data is revolutionizing the way industry functions.
Legal has also become a part of this data-driven industry. It is working hard to combine data and tech to provide an amazing experience. The new trend will become a part of our legal lifestyle very soon. Some trends driving this legal change are as follows.
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The legal tech market, which is also a valuable source of data will be worth 2.49 billion by 2021. litigation analytics (Westlaw Edge, Lex Machina), market intelligence (What's Market, Pitchbook), and operational and negotiation data on contracts (Ironclad, Icertis, Eigen, Blackboiler, Draftwise), are some of the legal tech designed to fetch public and company data for the legal department.
As the number of application programming interfaces (APIs) is increasing, the amount of data is also increasing. APIs combine external data sources with the legal department to monitor the impact of trends on the legal procedures Legal departments are increasingly using digital tools to access matter and deal data, as well as precedent and historical advice from their counsel. Tools include HighQ, Brightflag Workspace, M365, Evisort, Onit, Legal Tracker, SimpleLegal and more.
With more robust data now available, market leaders are focused on bringing data to life. Tools like PowerBI and Tableau are being used to visualize legal advice and business intelligence. In 2020, the number of organizations with a dedicated legal operations function jumped from 57 to 81 percent. Legal departments are investing 30 percent more in data scientists and new roles are growing. Demand for "data translators" is expected to reach 2 to 4 million in the United States by 2026. McKinsey estimates that legal departments are capturing more data, creating opportunities for data-driven change.
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