The Data Explosion & Law Firms
The term “Big Data” is rather overused these days. Maybe they really should call it “Humongous Data” or something. According to IBM’s Jeopardy-winning Watson, an astounding 2.5 billion gigabytes of data are generated every day.
Joseph Raczynski, a legal technologist futurist says we’ve reached the point where no one person can possibly absorb the vast quantity of data that is being produced in various disciplines such as law, especially in areas such as e-discovery. In the not-too-distant future, firms may need to begin hiring data scientists to help them deal with the deluge of data.
In a series of blog posts, Raczynski says this could open whole new opportunities for law firms as data scientists take areas such as business development, client retention, analysis of lawyer productivity, and assessing resource allocation in completely new, more data-driven directions.