At the start of 2020, the legal industry was facing some familiar challenges: slowing demand for traditional law firm services, increasing scrutiny of billing and pricing models, and growing competition. Law firms of all sizes were looking for better ways to retain and grow a client base, control costs, and get the right information at the right time.
Corporate legal departments will be reevaluating how much they use outside counsel and “clients will be pushing anew for pricing concessions, predictable budgets, more efficient staffing, more sophisticated use of technology, better communication relating to goals and metrics, and new strategies to create winning outcomes,” according to Altman Weil’s Law Firms in Transition Survey, published in June 2020.
These challenges will not be going away anytime soon, regardless of when the economy ultimately recovers. In the Altman Weil survey, fielded in March and April 2020, law firm leaders were asked to identify which existing legal market trends were likely to be permanent changes to the industry.
Legal Market Trends That Are Here to Stay
Focus on improved practice efficiency
More price competition
Competition from nontraditional service providers
More non-hourly billing
Corporate clients doing more work in-house
With challenges come opportunities, and law firms today can leverage sophisticated technology to succeed – particularly in practice areas that are expected to grow in demand, such as litigation.
Now more than ever, legal technology is necessary to help prepare for litigation. The amount of analytical data, evidence, and case law information is so substantial that we need smart technology to make sense of it all. The right legal technology platform will support you from the moment litigation is initiated throughout the full litigation workflow.
Litigation Workflow in Six Steps
1. Get to know your client
With Bloomberg Law’s 3.5 million downloadable company profiles, you can complete your client research all in one place. Access a company’s available financial statements, shareholder information and filings, management profiles, credit ratings, capital structure data, SEC filings, and more. To see the types of litigation the company is involved in and where the cases are located, use Litigation Analytics.
2. Evaluate the litigation issues
Once you’re familiar with your client and the particular business atmosphere they may be facing, the next step is to get up to speed on the relevant litigation issues at play. Bloomberg Law’s Litigation Practical Guidance has easy-to-understand overviews, checklists, sample forms, and comparison tables – all annotated by former litigators who share best practices based on their experience.
[To read more about how legal analytics and AI can improve attorney productivity and efficiency, download Bloomberg Law’s free report on Workflow Solutions for Litigators.]
3. Investigate your judge’s case history
Armed with data-based knowledge – understanding how certain motions and appeals resolved and the relationships among parties, law firms, and areas of law – you can better predict outcomes, timing, and case costs. Litigation Analytics offers fast access to information on all sitting federal District Court judges – their profiles, past work and current cases, cited opinions, decisions by motion outcomes, appeals outcomes, length of case, appearances, and case type.
4. Conduct legal research
With the artificial intelligence-driven technologies on Bloomberg Law, the days of sifting through irrelevant court opinions are over. Points of Law enables you to quickly and easily determine which cases are the most cited, most relevant, and most recent as you research the law relevant to your issue. Litigators can jump-start their research by uploading their opponent’s brief into Brief Analyzer to instantly see case citations and links to relevant, expert intelligence. Brief Analyzer integrates seamlessly into your workflow so you can spend less time on analysis and more time on crafting a winning strategy. In fact, 94% of Brief Analyzer beta users reported that it reduced the time required to research a brief and prepare a response.
Save Time Analyzing Legal Briefs
Brief Analyzer applies the power of artificial intelligence to eliminate steps in traditional brief analysis. It expedites your review of cited authorities and identifies other tools and documents – all so you can make your best case.
When you reach this stage of your litigation, turn to technology to save you time in finding the right legal argument for your case and drafting a winning response. Docket Key is Bloomberg Law’s proprietary document classification system; it uses a form of artificial intelligence to pinpoint the filings you are looking for, not simply those that mention the keyword. With Docket Key, users can limit unnecessary steps in the legal research process by navigating directly to the desired document.
6. Remain aware of risks
Finally, as the litigation progresses, you’ll want to keep an eye out for anything that could impact your client’s case. Bloomberg Law’s unmatched news coverage is urgent, relevant, and thorough – with real-time coverage reported by a global network of experienced journalists and unlimited alerts that allow you to set the time, frequency, and topics. While some legal news outlets take hours, even days, to report the same developments, Bloomberg Law’s stories are posted within minutes, so you’ll know the news before your colleagues, clients, and competitors.
[Find out how integrated technology can improve attorney productivity and efficiency at each step of the way. Download Bloomberg Law’s free report on Workflow Solutions for Litigators.]
Take your legal research to a higher level with Bloomberg Law’s AI-driven Brief Analyzer tool.
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