“Data is the oil of the digital era,” proclaims a 2017 Economist article. Big business—especially tech giants like Alphabet (Google’s parent), Amazon, Facebook, and Apple among others-- are mining data like Standard Oil processed petroleum a century before. Why is the legal industry still running on gut and instinct while the businesses it serves are propelled by data?
A recent survey by business analytics powerhouse RELX Group polled 1,000 U.S. senior executives across the health care, insurance, legal, science, banking industries as well as government. Law finished last among industries—just ahead of government—in utilizing big data in some form. Of the law firm leaders surveyed, only 44 percent said they offer employee training on big data, artificial intelligence, and machine learning. Law also lagged in its use of AI/machine learning and automation adoption.
Acritas has collaborated with the likes of Thomson Reuters, Major Lindsey & Africa, and the International Bar Association, among others, to provide market intelligence on a wide array of topics including: standout talent, corporate law departments, new-model providers, diversity, sexual harassment and bullying in the legal industry, and legal department metrics among a wide array of other topics that shed light on the industry and its culture. The company's impressive client base and global reach evidences the growing appetite that leading providers--and that includes law firms, in-house departments, and new-model providers-- have for leveraging data for internal and client-facing advantage.