On February 27, 2024, Lex Machina hosted a webcast on the Legal Analytics Survey Results 2024: The Impact of Legal Analytics. Karl Harris, CEO of Lex Machina, interviewed Steven Lerner, Senior Reporter at Law360. They discussed the results from the latest Legal Analytics survey conducted in January 2024, which involved responses from U.S. litigators and legal business professionals at law firms of varying sizes. Some of the topics covered included: how Legal Analytics users leverage data to their advantage; what are the primary drivers and the benefits of analytics in law; what has prevented some firms from adopting this technology; and how technology adopters such as Legal Analytics users feel in being prepared, excited and concerned about generative AI.
“In 2024, 68% of legal professionals, nearly seven out of 10 at large, medium and small law firms, say that they’re using Legal Analytics in their practice,” observed Karl Harris, while also noting “for people that use Legal Analytics, 100% say that it’s valuable and also 80% say that it’s required or somewhat expected by clients, and both of those numbers are up 1% from the previous year.”
“I think that legal professionals, they need an edge,” noted Steven Lerner. “They want an edge, especially as the competition is using these types of technologies. You are seeing more law firms turn to technology. Some of that includes Legal Analytics…tools that give them an edge so that they can win these very complex cases.”
“One of my favorite phrases that I’ve heard is when things get more and more competitive, which they are, people bring out sharp knives,” added Harris. “And, in this case, the sharp knives are technology. I think we’re seeing that with Legal Analytics usage continuing to increase in all these different ways and, of course, new technology solutions like generative AI…but with increase in competition the sharp knives come out.”
“Legal professionals using Legal Analytics may have a head start when it comes to generative AI,” said Lerner. “In my conversations with law firms, I find that educating staff members about generative AI can ease fears about the technology and set expectations properly. If you are comfortable in already using advanced technology such as Legal Analytics, you will also probably be more comfortable using generative AI. Not to mention you might have a better grasp of the benefits and a better grasp on the potential risks associated with the technology.”
You can view the recording or read the transcript of the webcast.
Infographic: Legal Analytics Survey Results 2024
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