Growth in eDiscovery Analytics Means Growth in Profits for Law Firms
By Terry Reeves, CEO, Elite Document Technology and Elite Deposition Technologies
Stepping into the new year, eDiscovery gurus are trying to estimate their growth and future opportunities. You don't have to look much further than Rob Robinson's site each year, where he presents his Complex Discovery Report which outlines trends in our market and estimated growth patterns. His estimates are compiled from public market sizing estimations and from leading discovery publications. At Elite Document Technology, we look at his reports to get a gauge of what is trending nationally so that we can stay on the leading edge for growth and opportunity in both Arizona and Texas. Rob's article shows that the eDiscovery and software market is expected to grow at an estimated annual growth rate of $13.5 billion from 2015-2020, ranging from $7.33 billion to $13.597 billion per year. Do these estimates mean that laws firms can expect an exponential financial gain, or loss, in the next few years? The answer to this question is directly related to the laws firms' ability to adapt to and with technology.
Let's assume that the volume and sources of data that is subject to litigation, investigations and regulatory compliance matters continues to rise as it has over the past decade.
Budgeting and controlling spoliation has never been more important than today when implementing a successful game plan for a document review
Law firms and their clients will have a greater need than ever before to incorporate advanced technology into their workflow for reviewing data. Big data analytics will no longer be a nice add-on tool but, instead, a necessity for quickly culling through data to identify the important documents, minimize risk and cost, and to meet deadlines.
With more complex cases and the inevitable data volume increases, having an in-house technology expert may seem to be the only avenue for success for firms. However, the firms who will benefit from this technology growth will employ smart lawyers who will spend their time being a lawyer while partnering with an expert consulting firm. Hiring a consulting firm to perform analysis and develop strategic plans for the document review can greatly increase efficiency, reduce review costs and improve the quality of review.
Budgeting and controlling spoliation has never been more important than today when implementing a successful game plan for a document review. Using advanced ESI analytic tools, without additional costs to the firm, allows in-house users to experiment with various scenarios and ultimately find more efficient ways to accomplish their goals. These valuable steps should be implemented in the early case diagnostics and presented to counsel before a single document is reviewed. This enables attorneys to understand risk versus reward before any action or review is done on a matter.
So how can you as the firm's managing partner or administrator assist the firm and educate everyone on technology? Would you like to know what it feels like to not worry about pricing points that turn into pain points? How nice would it be to have the handcuffs removed and be able to discuss the objectives of a case with true experts in eDiscovery who are using the latest and greatest legal technology? At Elite Document Technology we have both: a team of tenured, experienced and knowledgeable consultants and the power of Viewpoint, an all-in-one eDiscovery platform offering the finest analytical tools on the market today.