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Nearly 60% of legal sector business leaders polled in various business surveys say that they rely on instincts rather than data, to make most of their important decisions. But decision making driven by hard data offers significant business value, that results in an “81% advantage in growing revenue and a 173% advantage in better complying with regulations and requirements”, according to a study. If you find yourself or your legal department staff regularly basing short and long-term goals on educated guesses, it’s time to adopt predictive legal software. The best legal management software in UAE like Beveron’s Smart Legal Counsel for instance, helps you rely more on facts than feelings, letting you provide more effective and strategic legal and business advice.
WHAT EXACTLY IS PREDICTIVE LEGAL SOFTWARE?
This type of legal management software is based on predictive analytics, a method that uses current and historical legal data to forecast future outcomes. It applies built-in mathematical models to identify trends, like how much you typically spend on vendors per month, then uses that information to predict what happens next. Software like this saves you a lot of time and effort while reducing the chance of human errors in calculations. The quantity and quality of your corporate legal data determines how accurate the models can be. Therefore, housing all your relevant legal information in an integrated platform is extremely important. Again, you just don’t have to worry about duplicate data entry or missing metrics when your corporate legal software can pull in real-time data from different applications. This way, the models get a complete 360˚ view of what’s happening in your corporate legal department.
ADDING ARTIFICIAL INTELLIGENCE BRINGS IN EVEN MORE BUSINESS VALUE
While any predictive legal software is better than none, artificial intelligence (AI)-powered platforms help you get to strategic and result-oriented solutions faster. And when combined with machine learning, predictive technology can forecast accurate results and act accordingly. As Forbes notes, “pairing predictive analytics models with AI are crucial in improving forecast accuracy post-pandemic.” The arrival of COVID-19 created unusual data patterns affecting the accuracy of typical predictive models. AI legal technology, on the other hand, can analyze historical and current content to determine which trends are temporary or normal. With AI powered legal software, your forecasts won’t get thrown off by irregular data points. It’s also worth looking at LegalTech software like Smart Legal Counsel as it’s primed to be the future of the legal industry. AI-tech in legal is expected to grow by nearly 30% in the next 5 years. The last thing you want is a corporate legal platform that’ll be obsolete. AI is only going to keep advancing, which means a continual return on investment.
HOW CAN PREDICTIVE LEGAL SOFTWARE BENEFIT LEGAL EMPLOYEES?
The best legal automation software empowers corporate legal departments in business minded decision making and in running an effective legal cost control center. With data backed insights and time savings from this digital tool, you and your in-house legal team can become more precise and strategic in helping the company succeed. The other major advantages are:
▪ You’ll find new ways to meet your cost-saving goals
▪ You can gain new insights to get the best ROI from external law firms / advocates ▪ You can measure, track, and get ahead of risks objectively
▪ You’ll relieve extra burden and strain on your in-house legal team
SUMMING IT ALL UP…
Predictive data analytics support general counsel in being not just top lawyers, but top business leaders. Whether you go with a standard LegalTech solution like Smart Legal Counsel or an AI-based system, you’ll be able to get ahead of potential financial or legal problems and find more ways to improve your department’s performance.