The legal industry’s ‘missing middle’ problem affects data management and efficiency.
- Firms struggle to capture key matter data and manage complex legal projects effectively.
- Centralised data storage is crucial for reporting, AI use, and data security.
- Generative AI offers opportunities but relies on secure and accessible data.
- Lexis Everyfile provides a solution to these challenges, offering a unified data platform.
In the legal industry, the ‘missing middle’ problem refers to challenges in capturing key matter data alongside lawyer knowledge and know-how, managing complex projects, and improving efficiencies. This issue is significantly impacting firms’ abilities to effectively manage and utilise data.
A centralised repository for storing matter metadata is essential for reporting, artificial intelligence exploitation, and ensuring data security. The lack of such a repository can hinder firms from effectively utilising their data, which is crucial in today’s post-pandemic world where clients demand comprehensive management information.
Generative artificial intelligence (Gen AI) presents future insights and opportunities for legal firms. However, it requires data to be stored and handled securely and in a standardised way. The ability to repurpose this data can drive innovation and more efficient working methods, underscoring the importance of overcoming the ‘missing middle’ issue.
Reflecting on technology stack progression, many systems used by major law firms developed organically rather than through strategic planning. This has led to disparate data sources and a lack of uniformity. A best-of-breed, data-focused solution is necessary to ensure firm-wide adoption and flexibility in data capture and automation, aiding insights and efficiencies.
Lexis Everyfile, a new web-based matter management solution launched by LexisNexis Enterprise Solutions, addresses these challenges. Deployed in Microsoft Azure, it offers an out-of-the-box framework that can be tailored to meet specific client and practice needs. This platform simplifies data entry, transforming it into actionable insights and enabling firms to focus on delivering exceptional client service.
The importance of having both a data strategy and a Gen AI strategy cannot be overstated. According to Briefing Frontiers 2024 research, while a significant number of firms intend to use Gen AI, fewer have implemented a comprehensive data strategy. Establishing a data strategy is fundamental to harnessing the existing wealth of data and staying competitive.
The resolution of the ‘missing middle’ problem lies in efficient data management practices. Lexis Everyfile provides a robust platform, turning data into insights and supporting future technology strategies. Capturing and utilising lawyer knowledge and experience is crucial, as it can inform better decision-making and set standards for future practices.
Resolving the ‘missing middle’ issue is vital for law firms to leverage data effectively and drive future innovations.
