Are data collected as much as the legal technology tool? – artificial lawyer

A new white letter from Legatics explores how legal technology tools not only provide a useful profit of efficiency, e.g. To help close the transactions, but can collect large amounts of useful data that in themselves have tremendous value – perhaps as much as the tool itself – for legal firms.

As they say: ‘Everyone agreement that your lawyers run contains data that reveals which customers are slipping on competitors, where you are working at wrong prices and how to free your partners to earn more business. Firms leading to the next decade will not only be those with the best lawyers – they will be the ones who saw the gold where others saw documents. ‘

IE a tool for closing agreements is used by lawyers to support an issue, but thus relating to operational data: who has worked on the issue, prices, watches and profits; And legal data: What is the market now, the main clauses in the contracts, the main points of climbing the closing of the agreement. And more.

And for Al, which then raises the question of whether the legal technology tool eventually has the same value as the data it provides?

AND Daniel PorusCCO in Legatics, and AL will share a video discussion next week talking about the subject.

The report also illustrates this evolution in the thinking and movements of the peer company, through the graph above.

A parallel elsewhere in the market is how the letter has evolved, which began with the point solution, and bought the tool of the agreement properly – see the graph – and then rapidly increase its concentration on data (along with many other purchases). Then using the various tools she had collected not only to perform specific tasks, but to collect a wide range of data worth for legal firms, it built a new strategy. In short, the goal has been to Build a data ecosystem by establishing numerous solutions of the points offered as part of a platform.

Al is also remembered for the point often made about Facebook. People were excited to use the platform when it first arrived, but the true value was in the data. Advertisers were forced to direct advertising to the right people based on the information they would gather, and the platform users read what they wanted to see. Of course, when it comes to affecting campaigns that are not always good … .. But the central point here is that the most worth the data is. And in this case, the data will be kept by the legal firm – and only for their use.

viz Think of this as your internal Facebook execution, with ‘advertising data’ used only by you to help you improve the way you work.

You can find more about legatics here.

And you can read the full report on this topic here.

–

Legal Innovators Conference in California, San Francisco, June 11 + 12

If you are interested in the advantage of legal and innovation – and where we are all going – Then come to the legal innovators California, in San Francisco, June 11 and 12, where speakers from the leading law firms, inboh teams and technology companies will share their knowledge and experiences of what is really happening and where we are all going.

We already have an extraordinary list of companies to hear. This includes: Legora, Harvey, Structureflow, Ivo, Flation Law Group, Pointton, Centar, Lexisnexis, Ebrevia, Legatics, Recognition, Draftwise, Newcode.ai, Riskaway, SimpleClurs and more.

See you all there!

More information and Tickets here.