Whether you need to access court dockets, regulatory filings, or even government data, there are many advantages of public data for legal teams and cases. Any legal team can reap the benefits of public data by using it in a case strategy, including forecasting, reducing costs, and contributing to case success. Of course, there are more defined advantages for accessing publicly available data, from risk assessment to ensuring a case stays compliant.
Acting on Data with Technology
We live in a world driven by technology, and today, AI and automation are the big topics. The use of AI-driven analytics tools across public-facing services means software can process large amounts of data very quickly. For example, you may need to pore over tons of data after FOIA and open records requests that have been granted. AI can extract valuable insights and summarize vast case files, as well as transform data into easily understandable formats.
Litigation Strategy and Risk Assessment
The costs of a case begin almost immediately, and managing these costs is a part of the package. Clients appreciate this. Of course, litigation and strategy begin to get expensive, and costs can be reduced with a pre-litigation plan. One of the best tools you have is access to public data, such as dockets, that can be used to understand case strength and reduce costs. Public data can also help reduce risk through judgment analysis and an analysis of behavior.
Operational Advantages of Public Data
Depending on the case and its complexity, an attorney can charge between $150 to over $1,500 per hour. Despite what most people think, many lawyers don’t want to overcharge clients, as it’s easier for them to keep the costs down. It’s just sometimes they can grow with the case. Aside from checking for sex offenders in your area, public data has other uses! One of the best cases for public data is comparing outside counsel spending to offer clients more favorable fees.
Risk and Compliance Management
Mitigating risk is a complex part of any case or project, and some outcomes depend on how well this is done. One of the biggest barriers to sound risk mitigation is compliance changes. However, you can stay abreast of changes with access to official data from sources such as databases and journals. You might also have access to further public-facing data, such as public filings, that can help the team identify vulnerabilities that lie with competitors and vendors.
Business Development and Market Intel
Gaining new clients as a law firm relies on a few things, and this includes understanding the right data, such as attorney moves, firm mergers, and, of course, client wins. Analyzing public data related to these can be a major advantage, which assists with complex moves such as benchmarking performance against rival firms. When you can benchmark your teams, it is possible to gain valuable insights, including how stable the firm is and the levels of expertise.
Summary
Using technology to act on available data is one of the best advantages of public data that any legal department can benefit from. Of course, public data can even assist with operations, including keeping costs down, while you can also develop the business based on intelligence.