While some are looking ahead to the next legal tech developments, some of the advancements they’re waiting for may already be under their feet. Take, for example, harnessing artificial intelligence and data analytics to do something seemingly futuristic: help predict upcoming events like case outcomes and outside counsel selection. Of course, the reality is less glamorous than it sounds. But that doesn’t mean predictive analytics is any less revolutionary for the market.
In a nutshell, prediction analytics uses machine learning to assess the likelihood of particular outcomes by analyzing historical data to identify trends. Karl Harris, CEO of Lex Machina, defined predictive analytics as “data-driven decision-making.” He explained, “It’s about using data using analytics to make kinds of decisions or hypotheses that are likely to produce better outcomes for you based on that data than you otherwise would have been able to do.”