[ad_1]
More than 2.5 quintillion bytes of data are processed every day, but historically, the legal profession has been reluctant to incorporate much of that data into legal practice. The initial difficulties and costs of working with data make many lawyers more concerned about incorporating data usage into their practice. Fortunately for them, there are data experts for the legal profession to lean on.
Some firms and law firms have already seen the value of incorporating data experts into their daily legal practices—even if they only have a couple of experts on their data staff—and we expect many We will see this in 2023.
Data-Protection Workers in the Law Today
In Bloomberg Law’s latest Workplace Trends Survey, 316 attorneys—both in-house and in law firms—were asked if their practice had employees dedicated to data-focused work. More than a quarter of respondents said their organization currently has a data-focused workforce—meaning the majority said their organization does not.
And nearly two-thirds of those who say they don’t have data-focused employees said their organization doesn’t plan to hire employees with data expertise.
If you are having trouble viewing this interactive graphic, please enable third-party cookies on your browser. Terminal users, please click here to view this interactive graphic.
Legal Industry in the Dark Without Data Workers
Leveraging data is a concept that keeps coming up in the legal profession, so it’s no surprise that many attorneys said their organizations wouldn’t consider hiring a data specialist.
But the main reason for this lack of work—the lack of need for data expertise—is due to the nature of the data-driven society.
And while the second and third most-cited reasons for not hiring data workers (cost and customer demand) are valid concerns, using analytics like budget-to- expense, effectiveness, and ROI metrics that result in cost savings. keep customers happy.
Lawyers’ inability to see what’s going on regularly stifles innovation in the legal profession. Fortunately, there are businesses and law enforcement agencies that are breaking down these barriers and embracing change.
Some lawyers have seen the light
Lawyers who reported using data experts at their firm chose several areas where these experts are involved in their work.
Legal analysis and eDiscovery were selected by 59% of respondents; 42% of respondents chose an automation strategy or a business strategy.
There is no avoiding the interference of technology in the legal profession. As a result, the cost of legal technology is expected to increase significantly, and those working with data scientists are benefiting from evaluating the technology in which they invest.
Also, with the impending recession, companies will reevaluate their needs and turn to analytics for help. Those organizations that haven’t hired data-focused employees and don’t currently have a plan in place may look to data professionals to fill in the gaps. But organizations that have worked with data teams have seen benefits, according to survey data.
If you are having trouble viewing this interactive graphic, please enable third-party cookies on your browser. Terminal users, please click here to view this interactive graphic.
Adding a data worker to a law firm is a winning decision: Lawyers who have had such a worker say that they are helpful in their work and overall management.
This encouraging response shows the need to incorporate this skill into the legal profession.
The Future of Legal Data Professionals Is Bright
With the amount of data consumed by society growing every day, and the changing landscape of the legal profession, the legal profession’s need for data professionals is paramount. But Bloomberg Law research data suggests that this is just the beginning of the trend, and we may see more firms and law firms hiring data professionals by 2023.
Businesses and data-intensive workers are at the forefront of this trend, and others to take advantage of opportunities for data professionals who risk being left behind.
Access more analysis from our Bloomberg Law 2023 series herecovering trends in Litigation, Transactional, ESG & Employment, Technology, and the future of the Legal Industry.
Bloomberg Law subscribers can find information about us Surveys, Reports, and Databases material.
If you’re reading this on Bloomberg Terminal, please BLAW OUT
[ad_2]
Source link
