The modern lawyer has a very different lexicon from her predecessors, and an entirely new array of tools for practicing law and managing the practice of law. This is the era of the Internet of Things, where Big Data is increasingly important, and predictive analysis is a tool used across virtually every industry and within virtually every major law firm.
At a time when there is unprecedented pressure on in-house counsel to manage legal budgets and when law firms are competing for position in a hypercompetitive market, these tools can help both outside and in-house counsel—as well as business decision-makers—better understand the likely cost involved in litigation as well as potential outcomes. Tools like IBM’s Watson are being used across many sectors to identify opportunities for revenue growth, improve operational efficiencies, make better staffing decisions, mitigate risks and reduce costs.
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