As data becomes more accessible across all areas of business, the use of data analytics to identify opportunities, manage risks, improve processes, and drive competitive advantage has increased.
Across our industry, law firms and legal departments are starting to recognize the value of data analytics to help shape case strategy, enhance discovery, improve client engagement, and streamline legal operations.
Over the past year, Recurve has experienced a dramatic increase in requests for our legal data analysis services to support development of early case strategy, preparation for settlement discussions, and mitigation of unexpected late-case findings. Here are several ways Recurve has recently supported legal teams.
Large, complex data sets from multiple sources are often part of matters today, and they can be a burden to assemble, validate, and analyze with a high degree of accuracy to derive valuable insights. It’s an ongoing effort because initial inquiries about the data often drive additional inquiries as a case progresses. To do it right, you need legal data analysts that are skilled at managing data, using leading analytic tools like SQL, Python and Power BI, and understanding legal process so that insights derived from the data focus on case specifics and are digestible to both lawyers and clients.
Many legal data analysis projects require the addition of detailed financial modeling to convert data insights into monetary results. This requires a skilled analyst with financial acumen, market knowledge, and comprehensive modeling capabilities to create market-driven assumptions and defensible results.
Whether through user-friendly summary reports, visual charts, or information graphics, the results from any legal data analytics project needs to be clear, easy to understand, and impactful. This is where data visualization becomes important and helps deliver a significant advantage.
Data is certainly here to stay, and it can be an important input to the development of case strategy if used properly. Legal organizations that leverage case data to their advantage can often enhance case outcomes. Recurve’s Legal Data Analytics team was formed for this very purpose, and we look forward to collaborating with you to transform your case data into a valuable asset.