Almost everyone believes in the law. But when a jury summons shows up in the mail, excuses often take precedence over beliefs.
It’s no secret that legal analytics resources are becoming ingrained in seemingly all aspects of the legal profession. And if you work with business entities/companies in your practice (negotiating, litigating, etc.) you’re not excluded. Check out this enhancement to Context, an already-handy analytics tool for lawyers.
The latest addition to the Lexis Analytics™ suite, Context offers benefits for litigators researching judges, courts and expert witnesses. In this enhancement, Context adds company profiles to its analytics toolkit. This valuable resource can provide you with powerful market insight and competitive intelligence.
A few years ago, pulling together a robust company profile like this could take an army of associates and paralegals weeks. Now, thanks to the powerful data analytics engines within Context, it takes seconds. That speed allows smaller practices to compete against much larger (and better staffed) law firms, helping to level the playing field between them and BigLaw.
So…what kind of information can you find in a Context company profile? It’s packed with litigation history, financial information and relevant news about the company. That information is then arranged in an intuitive dashboard format, so you can quickly pull insights and plan your next move.
A lot, as it turns out. Approximately 2.5 million companies, including:
• All public companies• Any company outside the U.S. that has litigation, executives/board members, financial or sufficient company facts (like a website or address)• All private companies that have litigation facts
Research of this magnitude costs both time and money—and a smaller firm usually has a pretty limited supply of both. That’s where the data-driven power of Context comes in.
Through the magic of machine learning and language analytics, Context was “taught” how to recognize natural language patterns to better identify relevant words and phrases. And having a search algorithm that’s able to recognize nuances in organic human writing is especially important in the legal profession, where individual words can carry a lot of weight.
All of this means Context is able to blast through millions of lines of text to pinpoint and extract key information in a fraction of the time a human could. With Context, you can comb across case law with Lexis®, scour news from outlets like Law360® and review financial data from respected sources like LexisNexis® Corporate Affiliations™ and Intelligize®.
Quickly obtaining all this valuable information is fine and dandy, but what do you do once you have it? Try this, for starters:
Gain background on a company. Understand how a company is structured, so you know who to include in a lawsuit. Look at its financial records to determine what a prudent settlement amount could be. Discover what motions its lawyers may file by looking at its litigation history.
Better serve and retain existing clients. Be the smartest person in the room by demonstrating your expertise—and how it gives your clients an advantage. Stay current with industry trends and litigation. Build trust by understanding your client’s industry and offering informed counsel.
Seek out new business. As a prospecting tool, Context can help you assess companies you may want to do business with. You’re also able to keep tabs on a company’s financial health and position yourself to be there when they need your help.
The speed in which you can access this information is worth mentioning again. Not only is Context quick, it’s self-contained, so you don’t have to waste time jumping around to other tools. That’s a big deal if you’re facing a time crunch at your firm.
There are a lot of legal analytics tools out there, but Context is the only one that applies language analytics to litigation, financial and news data to generate robust company analytics.* Its powerful entity recognition and language extraction capabilities ensure you don’t miss company information that might lead to a new business opportunity.
The Context team features a cadre of data scientists, attorneys and subject matter experts that have dedicated themselves to developing and refining the precision algorithms within Context. Put simply, no other legal research provider can offer this experience or recreate this analysis.*
Think all this can benefit your legal practice? See Context up close and personal.
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*Comparison data based on information available as of January 2020
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