Decoding Legal Analytics: Unlocking Insights for the Modern Legal Department

What is legal analytics?

Although legal analytics may sound like a complex concept, it is a critical aspect to legal departments. Legal analytics refers to the practice of analyzing legal data through statistical methods to empower legal professionals to make informed decisions and gain valuable insights to navigate the complexities of the legal landscape more effectively.  

At its core, legal analytics is the application of data analysis techniques to the legal domain. It involves collecting and analyzing vast amounts of legal data. By examining patterns, trends, and relationships within this data, legal professionals can uncover valuable insights that inform their decision-making processes.

What is the future of legal analytics within the industry?

In an increasingly data-centric society, it’s no question that legal analytics will play a vital role in the daily operations of legal professionals in the near future. Although the legal industry is still in the early adoption stage of legal analytics, it is poised to have a transformative and revolutionary impact on the field.  

With technological advancements such as artificial intelligence and machine learning, legal analytics will help field professionals to process and analyze data at a much larger scale with more efficiency. This will not only let lawyers gain deeper insights into their tasks but will allow them to make more accurate predictions and stay ahead of legal trends. Additionally, legal analytics will be able to help legal professionals proactively address potential risks and opportunities, allowing for more effective risk management and strategic planning, making it easier to streamline workflows and increase productivity.  

The value and benefits of legal analytics to in house legal teams

A pervasive problem for legal teams has traditionally been the slow turnaround times for legal responses which can create significant bottlenecks within an organization. Without a system in place to track legal requests, document processes, resolutions and approvals, there is little or no data capture/visibility into the services and status of legal workflows.  

Legal analytics, however, unlocks the full picture of data for lawyers and other legal professionals. through the utilization of legal analytics, lawyers gain the ability to effortlessly capture crucial information such as the volume of incoming requests, the status of each request, the originating business department and a wealth of other relevant details.

Moreover, legal analytics data enables visibility into the workload distribution among different lawyers, streamlining communication within legal teams and shedding light on opportunities for enhancing process efficiency and resource allocation. In this way, legal analytics acts as a single source of truth for legal teams as it uncovers where the real bottlenecks lie within an organization, as usually legal is wrongfully blamed.  

By granting legal teams increased access to departmental data and comprehensive insights into legal activities throughout the organization, this enhances their understanding of the legal challenges faced by the business. Consequently, the team can efficiently handle legal risks, allocate resources effectively and identify areas for process improvement and resource optimization. This capability is crucial for lawyers as it enables them to demonstrate their current workload constraints and substantiate the necessity for additional support, whether it be in the form of advanced legal technology or an expanded headcount for the legal team.

Using legal analytics gives legal teams the data they need to give them visibility over their work while supporting the narrative that legal is taking on an increasingly more strenuous amount of work with fewer resources. Data capture in this regard can be paramount in helping in-house legal teams secure the resources they need to procure additional resources advise the company and help demonstrate their value.  

What are the areas that legal analytics can uncover?

Legal spend analytics – Legal analytics can help teams identify cost-saving opportunities for legal teams as well as reveal where teams are allocating their budgets. Many legal teams want to reduce spending, but without the tools to help show where to mitigate costs, it can be difficult to reduce legal spending. Legal analytics can help teams gain more strategic insights through spend analytics to develop a more effective course of action.  

Legal matter/requests analytics – Legal analytics can uncover valuable insights in legal matter/request analytics by analyzing a wide range of data related to legal matters and requests. By leveraging data analysis, legal professionals can identify patterns and trends in the volume and types of requests, the status and progress of each request, the departments or individuals generating the requests and other relevant factors. This allows for a better understanding of the workload distribution, bottlenecks in the process, resource allocation needs and areas for improvement in efficiency and resourcing.

Legal contract analytics – Legal analytics can help in-house legal teams with their contract analytics through organizing the large volume of legal agreements they execute daily. Along with organizing them, legal contract analytics can sort and categorize contracts as well as review them, saving lawyers hundreds of hours per year in streamlining contract lifecycle processes.  

Legal case analytics – Legal analytics analyzes a vast array of data related to legal cases. By leveraging sophisticated data analysis techniques, legal professionals can examine patterns and trends in case outcomes, judge behavior, legal precedents, relevant statutes and other case-specific factors. This analysis helps identify factors that contribute to successful outcomes. By uncovering these insights, legal analytics empowers lawyers to enhance case management and achieve favorable results in legal proceedings.

Legal vendor analytics – Legal analytics can help legal ops teams determine current vendor spend performance through leveraging legal vendor analytics. Legal vendor analytics can help teams track law firm data to create a benchmark for measuring vendor performance, helping the company secure the highest ROI on its partnerships while highlighting vendor strengths and identifying issues. Vendor analytics can also help uphold department decisions to end vendor relationships.  

How can Checkbox help?

Through its data-driven approach, Checkbox allows legal professionals to automate and streamline legal processes, making them more efficient and accurate. By leveraging this data, Checkbox not only facilitates the efficient completion of legal tasks but also provides valuable insights into the legal landscape. The platform allows users to track and analyze key metrics which can be used to identify trends, measure performance and uncover opportunities for process improvements.  

The Checkbox platform also can track the type, volume and status of legal requests and workflows, allowing full visibility into the state of legal requests. The platform can accomplish this by centralizing request intake information through a single digital portal, allowing the legal department and business users alike to easily access legal data.  

Checkbox enables the creation of customizable reports and visualizations that help legal professionals communicate the legal narrative effectively and measure their operational efficiency. These reports can present data-driven arguments, highlight key findings and provide a comprehensive overview of legal matters.