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Law.com: Legal Tech’s Predictions for Business of Law and ALSPs in 2021January 07, 2021
O’Melveny Managing Director for Information Jeff Rovner spoke with Legaltech News for their forecast of what lies ahead for the business of law in 2021. Many experts think change in the legal ecosystem will only continue to accelerate in the next year, including how law firms and corporate legal departments interact with their data, their people, and each other, the publication noted.
Rovner told the publication he predicts 2021 will mark a turning point in the adoption of data analytics across the legal industry.
“Until now, a small percentage of firms have created tools to analyze their own data. And all firms have long relied on the data analytics tools provided by the big legal research vendors,” Rovner said. “But a third option is gaining traction, in which law firms and legal departments combine their proprietary internal data with Big Data from external vendors. This hybrid approach is already generating valuable insights in legal research, document drafting, pricing, and business development, to name only a few applications.”
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