Optimal Search & Discovery: All About AI, or Having the Right Tools for Each Task?
Words provided by Nalytics
Nalytics undertook a market research project to look at data search and discovery across the legal sector and in addition, how AI is perceived across law firms.
The research took the form of in-depth telephone interviews with heads of practices across the country specialising in contract analysis, disclosure of evidence in litigation work, and due diligence – e.g. in Mergers & Acquisitions (M & A). The focus of the interviews was data search and discovery.
The second part of the market research was an online survey focusing upon AI in legal firms, with special emphasis on attitudes, existing adoption, usefulness and future potential.
David Rivett, Nalytics COO said, "The market research covered in the White Paper revealed that people experience a multitude of challenges in their search and discovery activities. Some challenges are mundane and easily spotted–such as data being stored in multiple locations and sources - others can be as elusive and frustrating as chasing shadows. The findings from the online AI survey were also thought-provoking, with some interesting responses from law firms.”
“We found the results from both exercises fascinating, which is why we’re sharing the highlights via this White Paper.”
Some key findings from the White Paper include-
Legal firms use a wide range of document and file types, from pdf files to spreadsheets. Unsurprisingly, contractual documents feature widely (50% of interviewees).
Prominent among the types of activity that require search & discovery are M&A (mergers & acquisitions) work, due diligence, and litigation / dispute resolution work.
The vast majority (94%) of legal firms do not use specialist search software. (Instead, they use basic search facilities within everyday applications). This is in spite of a wide range of challenges that firms experience in identifying, extracting and analysing unstructured material.
Feelings towards AI amongst people working in the legal sector are generally positive, with those using words such as “exciting, “useful” and “valuable” strongly outnumbering those referring to AI as “all hype”, “dangerous” or “over-rated”.
In spite of the fact that 60% of online survey participants indicated that their firms are already using AI, responses regarding how AI could best be described suggested that very few of those firms are truly utilising AI-based capabilities. This conclusion is borne out by the very low numbers citing specific departments in which AI is used.
Download a full copy of the White Paper today here
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