I recently underwent a wrath of attorney paperwork six months ago as my ex-husband sued me for a change in our divorce decree terms. That minor case, which was settled out of court, yielded about 100 pages of paperwork by my attorney alone – with minimal discovery and no case pleadings.
Reflecting on my case, I must assume that larger cases such as class action suits and mergers and acquisitions have literally hundreds, if not thousands of bankers boxes of discovery for attorneys, paralegals and temporary professionals to plow through looking for the metaphorical “needle in the haystack” that will win them their case.
Even with progress that e-discovery has brought to complex court cases since 2012, people still have had to wade through thousands of documents electronically and place them in proper categories. However, even with the fastest of technological options, people only work so fast, become tired and can easily miss crucial pieces of information.
What is Predictive Coding?
Enter predictive coding, the use of computer-generated algorithms—based on human modeling—to code documents without the need for document-by-document human review. In other words, Big Data and AI meet document management.
Not only will this technology reduce e-discovery costs but it will enable most attorneys to find documents and insights that they may have missed before.
While there are new vendors coming onto the market daily, each vendor implements the process differently. That is why it important that you take the time to thoroughly test each system and talk to other firms who are using the system you are considering before making a buying decision.
Replacement of Paperwork
Smaller law firms often use excel spreadsheets to keep track of their documents and email newer versions of it to the client and team.
This is ineffective and unsecure on many fronts; least of all, those documents can be forwarded to others, lawyers may not be reading the most current version and collaboration on the document is difficult.
Replacing this process with a cloud based rental that stores the outcome of the predictive coding can allow for easy retrieval of the data from any location or device and ensure collaborative capabilities with only one copy of the data.
The Benefits of Predictive Coding
Your law firm will run more efficiently, reduce labor costs and ultimately deliver better results at a lower cost to your clients.
For example, according to Offit Kurman, merger and acquisition attorneys typically ask for a percentage (e.g. 3–7%) of the final sale price. So if the sale of their client is worth $25MM, the law firm could bill at $750,000 to $1,750,000 before a paperless system is implemented.
However with some clients, it will not only be about cost, but it will be about speed. If the discovery cannot be completed before the court date because staff are still reviewing documents, cost becomes a non-factor.
Hartford Technology Rental Can Help with Your Next Case
We provide litigation support rentals nationwide and are ready to help you with the tools for your upcoming case. Call us today at 888-520-5667 or fill out our online form and one of our technical sales representatives will help you select the right equipment that meets the needs of your law practice or legal services company.