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The data behind the legal spend trends in the Enterprise Legal Management (ELM) Trends Report is staggering. The CounselLink team applies a powerful analytics tool to cull through some $17 billion in legal invoices to identify those trends.
In litigation technology circles, especially with regard to eDiscovery, the lexicon continues to expand at a rapid pace. Where a not so long ago gigabytes represented sizable sums of data – at least the sort most of us could conceptualize – the words terabyte and petabyte almost seem casual. From our vantage point, the trend is pretty clear – analytics are increasingly important the legal community.
Legal Analytics Defined
Recently we stumbled upon a presentation – Legal Analytics – and an Introduction to the Course – on the topic by two Professors Daniel Martin Katz and Michael J. Bommarito which is this week’s Friday Share. In a blog post accompanying the presentation, Messrs. Katz and Bommarito note:
Relevant legal applications include predictive coding in e-discovery (i.e. classification), early case assessment and overall case prediction, pricing and staff forecasting, prediction of judicial behavior, etc.
The presentation, which is embedded nearby, also defines legal analytics as “deriving substantively meaningful insight from some sort of legal data.”
The authors focus on prediction – and specifically machine learning, data science and data management – and cleverly weave in attribution to the former Secretary of Defense Donald Rumsfeld infamous quote about “unknown unknowns.” Here’s the full deck:
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