MENLO PARK — Lex Machina and LexisNexis recently conducted their annual Impact of Legal Analytics survey, a press release states.
Each year, Lex Machina reaches out to legal professionals, both customers and non-customers, in order to gain insights into how Legal Analytics continues to be used and perceived.
The survey gathered responses and reactions regarding the key drivers and barriers to adopting Legal Analytics, the value it brings to the business and practice of law, and how it is being utilized in the legal industry. Nearly 400 responses were received from U.S. legal professionals at law firms of all sizes.
“The key takeaway from the survey is that the responses demonstrate that Legal Analytics is here to stay,” says Karl Harris, CEO at Lex Machina. “The survey results show that Legal Analytics is an essential, necessary component of effective litigation practice and business development. It’s heavily expected by clients, and it has demonstrated great value to users in both litigation and business strategy. It’s no surprise that two-thirds of respondents indicated they want to integrate Legal Analytics directly into their workflow.”
Some of the significant data-driven findings include:
- Widespread Usage: Nearly 7 out of 10 people use Legal Analytics day to day;
- Known Value among Users: 99% of users find Legal Analytics to be valuable;
- Known Value among Non-users: 85% of people who do not use Legal Analytics day to day believe Legal Analytics are valuable (up from 78% last year);
- Enables Greater Success: 66% of users believe that Legal Analytics makes them a better and more informed lawyer;
- Required by Clients: 79% of users report that Legal Analytics was required or somewhat expected by clients; and
- Demand for the API: 67% of users would like to integrate Legal Analytics with other available data in their organization
Over the years, survey results have conveyed an increasingly clear message that the legal profession has overwhelmingly adopted Legal Analytics as an integral part of legal practice and business. The survey results are consistent in reflecting the use and view of Legal Analytics as a crucial driver of success in the legal industry.