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“While fundamentals of the practice of law will remain, Big Data, the tools to harvest it and the emerging force of the Millennials will not only supplement the fundamentals, but create a new class of research that will give those crafty enough to embrace it an edge.”
—Sean Fitzpatrick, Managing Director, North American Research Solutions
Big data is becoming an increasing concern for information management. With the creation of data increasing and storage costs decreasing, the world’s data has doubled over the last two years. In the following article Three Trends That Will Define the Next Horizon in Legal Research, Mr. Fitzpatrick identifies the following three Big Data trends that will define the future of the legal space
1. Humans create 2.5 quintillion bytes of data each day
The growth of stored data is outpacing the ability to manage it, resulting in a desire for a place to easily find, understand, analyze and act upon the information—all while avoiding added costs.
2. Natural language processing and machine learning
In response to the influx of data, new tools and technologies are emerging to better manage big data, designed to “bridge the gap between information overload and the ability to harvest the power of Big Data.”
3. 50+ million Millennials have entered the workforce at the rate of about 4 million per year
The millions of Millennials now in the workforce are of vital importance. This generation has the ability to process a new level of digital discernment—utilizing skills to capture the power of Big Data and confidently apply new technologies.
After reading Mr. Fitzpatrick’s article, I agree the legal industry is at a precipitous for an evolution of growth and opportunity. For those who are brave enough to embrace this change, they will be primed for future success in this new environment.
Finish reading this article Three Trends That Will Define the Next Horizon in Legal Research via SlideShare >>
Sean Fitzpatrick is managing director of North American Research Solutions at LexisNexis Legal & Professional. LexisNexis offers innovative analytical solutions that help customers make smarter legal decisions, including the award-winning MedMal Navigator, Verdict & Settlement Analyzer, Litigation Profile Suite, and CourtLink.