The year 2021 is shaping up to be a year of recovery, especially for firms impacted hardest by the COVID-19 pandemic. While many legal firms have adopted various technology, it’s crucial to note that being open during this year isn’t enough.

Quickly developing and preparing for a pool of challenges has shown to be the most profitable endeavour any small firm can undertake time and time again. In fact, simply identifying the many challenges will bring you closer to determining the profitability of your company.

My smart readers, now that we have an understanding of what Data Analytics is and how it might benefit your legal business.

Let’s take a look at the top three data-related difficulties that law firms face today.

1. Increased Data Volume and Complexity
   Managing DATA is the number one issue faced by lawyers today, according to Wolters Kluwer survey 76 percent of respondents claim this. “Combating the rising volume and complexity of information,” to be precise.
   
   The signal-to-noise ratio that legal practitioners already encounter is exacerbated by the increase in data.
   
   Consider a legal team confronted with a terabyte of data—less than the combined storage capacity of two iPhones. That group would be confronted with around 35 million pages of information. That’s 35 million pages that must be sorted through in some fashion. Sifting through the data is another issue.
   
   When you have a million documents that all come from different data sources, you’ve got a whole new set of problems on your hands. It’s not simply that we’re dealing with increasing amounts of data; we’re dealing with increasing amounts of data from an ever-expanding universe of sources.
   
   For example, the average person uses more than eight distinct apps, and businesses may use hundreds of different software packages, all of which may contain and create data that will need to be preserved and reviewed later.
2. Data Security
   Every day, we create 2.5 quintillion bytes of data as per IBM estimation which means there is a significant impact of volume and complexity on security.
   
   Dealing with data demands redefining. This means not just knowing where data is stored—in mobile messaging apps, cloud-based software, GPS records, and collaborative business tools—but also knowing what that data implies.
   
   In addition, both ethically and logically, there are security considerations to consider. It not only necessitates that we are vigilant about data leaks, but also that we do not violate any fundamental rights or engage in immoral behaviour. As a result, data security is a big concern for law firms these days.
   
   There might be times when data is not recorded properly or data supervision is not done in the right way or data might not be stored in a proper way. These are the instances that can contribute to data leakage and hence the occurrence of risk related to data security in your legal firm.
3. Having Trouble Picking the Right Technology to manage bulk data
   Last but not least, one of the most prevalent and regularly recurring data-related issues at law firms is difficulty selecting the suitable tool to maintain/ manage data.
   
   The appropriate technology can help legal teams do more with less, allowing them to cut through massive data quantities, handle new and ever-changing kinds of data, and turn services like a discovery into important sources of in-house work in a way that is both clients- and firm-friendly.

Of course, it isn’t all doom and gloom. After all, there are solutions to these problems. LegalxGen, a powerfully simple piece of software, can handle growing data quantities.

Culling Intelligence can help you swiftly filter data, while industry-leading search technology can help you narrow down your data set even further to the information that matters. Legal teams can handle all types of matters with the LegalxGen software, whether they’re working with traditional documents or new communication channels.

You could just give it a shot.

Try a free DEMO right now!