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Why Text Mining is a Critical Tool for European Legal Community?
Text mining is fulfilling the European legal community’s vision for smarter, more efficient, and data-driven legal practice.
FREMONT, CA: A legal professional needs to search through multiple, lengthy documents regularly. Court cases usually involve the presentation of several documents. Sifting through these documents manually is time-consuming and error-prone. To tackle this challenging situation, European legal firms today are using text mining as the most critical tool for analyzing and processing large quantities of unstructured legal data. Text mining can not only generate value but deliver a return on investment from legal data management. Know more here.
Through techniques including categorization, sentiment analysis, and others, text mining extracts useful information and knowledge hidden in legal text content. In the legal world, this translates into revealing insights and patterns. Insufficient risk analysis is a leading cause of failure in the legal industry. This is especially true for European legal firms. Text mining can significantly increase the ability to mitigate risk, facilitating complete management of petabytes of legal documents, and linking together information to provide access to the rig
ht information at the right time.
Not being able to find relevant information is always a challenge for legal firms when managing large volumes of documents. Knowledge management function in the text mining tool can offer a precise and reliable solution for this ’info-glut’ challenge. The still-emerging technology of text mining extends beyond descriptive and predictive analytics to recommend specific courses of action and to illuminate the likely outcomes of those actions. With text mining, legal professionals will be able to compare and contrast multiple futures of a case based on historical trends and current data. In the European legal community, an application that proactively makes recommendations on what legal strategies to employ can create breakthroughs.
Exploding data volumes demand legal professionals to interact with data in innovative ways. Text mining is the solution to this problem. European legal community is already very close to a future where developing a case strategy will routinely apply text mining to add value to outcomes.