Source: PR Newswire
Lex Machina and LexisNexis recently conducted their annual Impact of Legal Analytics survey. 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. More than 350 responses were received from U.S. legal professionals at law firms of all sizes.
“Our annual survey highlighted several important perspectives that shine a spotlight on the crucial role Legal Analytics plays in leveraging the most cutting-edge technology to aid attorneys in elevating their practice and satisfying their clients,” says Karl Harris, CEO at Lex Machina. “A record number of legal professionals stated that their clients expect or require them to use Legal Analytics in their practice, with 100% of Legal Analytics users finding it valuable to their practice. In addition, two-thirds of Legal Analytics users expressed excitement about the possibilities of generative AI. These annual surveys continue to demonstrate that Legal Analytics has simply become an essential component of successful litigation and business strategy.”
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: 100% of users find Legal Analytics to be valuable
- Known Value among Non-users: 83% of people who do not use Legal Analytics day to day say Legal Analytics are valuable
- Required by Clients: 80% of users report that Legal Analytics was required or somewhat expected by clients
- Demand for the API: 65% of users would like to integrate Legal Analytics with other available data in their organization
- Prepared for Gen AI: Twice as many Legal Analytics users feel prepared for generative AI than non-users
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. From the 2018 survey, where 36% of respondents used Legal Analytics to now nearly 7 in 10, Legal Analytics has become an expected component of practicing law. The survey results are consistent in reflecting the use and view of Legal Analytics as a crucial driver of success in the legal industry.
Read full article: https://www.prnewswire.com/news-releases/annual-legal-analytics-survey-reveals-client-demand-continues-to-drive-high-usage-of-legal-analytics-302049493.html
