Why is Data So Valuable to the Legal Sector

The world is awash with information.  We live in the information age.  The personal journey is different for everyone, while some are overwhelmed and disengage never to return again. No Facebook, no online newsfeeds, no google, and definitely no Siri.

Others embrace information and technology, and businesses are no different.  There are industries that have consistently been front runners of technology, championing data use.

Banking and the finance industry come to mind immediately.  Most people can easily understand this symbiosis.

The legal sector is one such industry that consumes large volumes of data/information.  It is a fundamental resource, all legal matters are based on facts and, in the information age, these facts are contained in electronic data.

Data is nothing more than records.  Making sense of data starts the journey towards wisdom.

Today the main challenge, for any company taking on BI and data analytics, is mining the data to produce information that is of value to the business.

So what are the trends for the legal industry?

  1. Data and information volumes will increase, that’s’ a given.

Data is recorded about us at an ever increasing rate, Big Brother really is watching, but that isn’t always a negative.  Look at the murder case of Jill Meager in Melbourne in 2012.  Police investigators solved this case through the digital world of CCTV and mobile technologies evidence.  At the time it seemed amazing, revolutionary even.  Fast forward to 2017 where rich data is available everywhere; the internet, social platforms, case databases, DNA databases, mobile phone data, it goes on. But what this means is the police and lawyers? Well, they have access to more data than ever before.   Society now expects technology to provide the answers, with TV shows like CSI Miami are fueling this expectation

A new problem is mounting.  With so much data, finding the needle in the haystack is becoming harder.

  1. You’re going to need to know more about technology.

For the astute legal beagles of this world, the answer to this problem is obvious “Combat Fire With Fire”.  In other words, the successful legal companies will be the companies that invest in technology to mine data in search of ore and eventually the gold.

Technology is becoming more than just a significant part of our lives, it’s something we’re highly dependent on, not just in the legal sector, how did you last order pizza? Or better yet how did you last get home from a night out, Uber? How did you last pay a bill? Did you use your phone?  Now transition this attitude from your private life to the business world.  Shelves of leather bound books set a traditional backdrop in a lawyer’s office, sadly their relevance diminished long ago.  The new age law firm is more than a PC with a monitor, behind the scenes is a powerful computing capability.

It does not stop there.

Technology advances are rapid and the legal system is traditional slow.  Legal has been in catch-up mode.  For example, think about the legal considerations of a traffic accident involving a driverless car.  Legal firms that understand the technology behind that car will be the front running in the industry.

How does your firm stay ahead of the tech game?  There are a range of technologies that can provide solutions tailored to your needs.  For more information on how Starboard IT can help you, contact us at info@starboardit.com

If you’re looking for consultancy services for your next project contact Starboard IT to find out what we can do for you.