Many law firms are looking for ways to expand the use of e-discovery technology across multiple practice areas. This can help them generate new revenue streams, position themselves as leaders in innovation, and serve their clients better.
Expertise and Experience
With social media, cloud storage, and the “bring your own device” work environment creating a perfect storm of big data, lawyers face unique challenges in e-discovery. However, the best law firms are addressing these issues by hiring professionals from eDiscovery consulting firms to prepare, cull, and secure information for legal review.
In a recent survey, the importance of experienced service providers was highlighted. From predictive coding workflows to collaboration and streamlined processes, the respondents emphasized the value of working with skilled third-party partners.
Technology
Streamlining the process of managing large amounts of data for discovery can cut hours and costs. The right technology tools, including text classification, predictive coding, and automation, can allow attorneys to understand the information in millions of documents in relatively short timeframes.
A lawyer’s ability to quickly locate and review relevant information during discovery is critical to the success of a case. This evidence could be emails, social media, digital audio or video recordings, apps, global databases, onboard computers in cars, or any of the 2.5 exabytes of data created each day. Skill at handling electronically stored information (ESI) during discovery can avoid costly sanctions from courts.
Streamlined Processes
Legal departments seek cost savings, automation, and improved operational insights. The best way to achieve these goals is by streamlining processes.
Streamlining means removing redundant steps in the process, simplifying procedures, and making them easy to understand. This can help employees work more efficiently and make better decisions based on real-time data analysis.
Streamlining also helps to reduce costs and avoid burnout. For example, by reducing manual work, the team can focus on other, more critical tasks to the business’s bottom line. This can also help to improve customer satisfaction and loyalty.
Cost-Effectiveness
The ability to extract value from massive amounts of information is critical. But that can be a costly endeavor, especially for significant matters.
This year’s study revealed a notable increase in in-house counsel who can quantify their firm’s spending on eDiscovery, though most shared numbers in ranges.
Advanced technology, like analytics and predictive coding, combined with repeatable processes can help mitigate costs. In addition, managed review providers can reduce first-pass review time by up to 90% compared to original estimates. These savings can significantly impact both the cost of processing and hosting versus attorney review fees.
Flexibility
Flexibility is the ability to adapt to unanticipated obstacles. Being flexible at work can help ease stress and anxiety when unexpected challenges arise and improve your overall quality of life by allowing you to balance your work and personal life better.
Legal teams that utilize eDiscovery best practices can leverage a team of experienced consultants to help them organize their ESI, make sense of the data, and develop a plan. This is a crucial role for your Dream Team and is typically best filled by an outside consultant rather than internal resources.
Scalability
In software programming terms, scalability means the capacity for a system or platform to manage an increase or decrease in workload. Legal firms must handle increased eDiscovery work while maintaining efficiency and avoiding cost overruns.
The best way to do this is to start with a well-planned, proactive information governance strategy for each case and be ready to discuss it with opposing counsel during the meet-and-confer process. Then, use technology to streamline processes and eliminate costly manual tasks for lawyers and clients.
Security
Security is the resilience of a person, community, or nation against adverse conditions or threats. This can be achieved through hard power (military, economic, and defense capability) or soft power (economic development and social reform).
eDiscovery involves multiple stakeholders, including legal teams, IT departments, external experts, and advisors. Effective collaboration is critical to a successful process and helps avoid misunderstandings and bottlenecks. This also ensures that all parties have the same understanding of the eDiscovery goals and minimizes conflicts. Security measures include password protection, encryption, and secure storage solutions. These prevent unauthorized access to and tampering of data during the review process.
Compliance
Compliance is the act of conforming to a rule or set of rules. Whether it is a law, industry regulation, or internal policy, business compliance is vital for businesses to succeed.
For example, a company that fails to follow data regulations can face fines or lawsuits if a hacker steals customer information. This can lead to severe financial and reputational damage.
A legal compliance consultant can help ensure your company is up-to-date on the latest laws and regulations. They can also help you create strong business standards and a culture that supports ethical behavior.
