Lex Machina Introduces Legal Analytics to Power Data-Driven IP Business Strategy
Launches First Service for Law Firms and Companies to Access Actionable Insights on Patent Litigation
Former Google VP and Deputy General Counsel Miriam Rivera Joins Board of Director
Menlo Park, CA – October 29, 2013 – Today Lex Machina officially introduced Legal Analytics®, a category that combines data and software to provide the winning edge in the highly competitive business and practice of law.
As part of this launch, Lex Machina is releasing an enhanced version of its software, which provides data sets about judges, lawyers, parties, and patents, allowing law firms and companies for the first time to predict the behaviors and outcomes that different legal strategies will produce.
The company also announced that Miriam Rivera, co-founder of Ulu Ventures and former vice president and deputy general counsel at Google, has joined its Board of Directors.
While new insights from big data and analytics have transformed industries ranging from retail to manufacturing, the practice of law still relies heavily on imprecise anecdotes to drive complex legal decisions. Legal Analytics changes all that – it reveals meaningful patterns of behavior by actors in the legal ecosystem to effectively predict the best possible legal strategy.
“Lex Machina’s Legal Analytics have allowed me to cement new business relationships and obtain more successful outcomes for my clients,” said Vicki Veenker, a former partner at Shearman & Sterling, who used the product there and uses it now at her own firm. “It’s a strategic asset that is changing how law practice operates. Quite simply, I wouldn’t want to practice without it.”
Recent reports have shown that intangible assets have grown from 17 to 80 percent of the total market value of S&P 500 companies over the past 35 years, demonstrating that patents, copyrights, and trademarks have moved from simply a way to protect a company’s ideas to a significant component of company value. It also means that for corporate counsels and outside firms, the data generated from Legal Analytics is invaluable.
“Analytics have become a game changer in a number of industries, and that’s what’s happening in law, with our Legal Analytics platform,” said Josh Becker, CEO of Lex Machina. “Companies spend billions of dollars on legal resources and are eager to find ways to succeed in protecting and expanding their IP. Legal Analytics provided by Lex Machina allows companies and law firms to create winning business strategies, win lawsuits and increase the value of their IP.”
The new version of Lex Machina’s software introduces several improvements and new data sets. It includes the actual damages awarded in every patent lawsuit since 2000 and data specific to International Trade Commission cases, which are often particularly challenging and important. Lex Machina has also added a new and easy-to-use interface with enhanced graphics, along with personalized landing pages that provide data and insight relevant to each individual users’ cases.
Lex Machina has achieved significant milestones as a company, having signed many of the world’s leading law firms and some of the largest global corporations as initial customers, and closing $4.8 million in funding earlier this year. Miriam Rivera joining the Board of Directors represents the most recent milestone for the company. Rivera was Google’s second in-house attorney, where she helped build the legal team from two to 150.
“As former VP and deputy general counsel at Google, I know how critical it is to base your decisions on hard data,” said Rivera. “If I was at Google today, I would be using the type of data Lex Machina can deliver to select and manage outside counsel, and I would want all my outside law firms to be using it.”
About Lex Machina
Lex Machina is defining Legal Analytics, a new category of legal technology that is revolutionizing how companies and law firms compete in the business and practice of law. Delivered as Software-as a-Service, Lex Machina creates structured data sets covering judges, lawyers, parties, and patents out of millions of pages of legal information. This allows law firms and companies for the first time ever to predict the behaviors and outcomes that different legal strategies will produce, enabling them to craft successful strategies, win cases and close business.
Lex Machina has more than 80 customers, including companies like Microsoft and eBay and law firms like Wilson Sonsini and Fenwick & West. The company is supported by top tech companies and law firms, and was created by experts at Stanford’s Computer Science Department and Law School.