Legal innovation is a buzzword these days. While it is certainly good news for legal consumers, a lot of lawyers are not so thrilled with the concept. After all, it is just an introduction of something new, and there is no consumer acknowledgement.
In the legal world, the “moon” has been associated with the innovation of a law firm that has achieved a notable scalability. These companies are able to provide cost-effective solutions for non-regulated legal activities. Moreover, they leverage their expertise to help their clients.
Law companies have also played a key role in providing legal information technology. They use technology to improve their products, streamline processes, and mitigate risks. This has enabled them to become emblematic of legal innovation. However, law companies are also losing ground to in-house departments, which have started gaining market share. And in addition to delivering cost-effective solutions, these firms are starting to offer scalable alternatives to law firms. Interestingly enough, law companies are also laying the foundation for legal innovations of the future.
One of the most important things to know about legal innovation is that it is not limited to new and gimmicky services. It is about how legal services providers can make their services more valuable to their customers. Whether it is reducing cost, enhancing service quality, or offering risk mitigation, the new wave of legal innovation is all about doing the right things at the right time. The key to achieving this is leveraging the right combination of technology and process to achieve these objectives.
To that end, LexisNexis is introducing two new product enhancements. First, they have launched state motion metrics, and second, they have expanded their Intellectual Property Solutions suite. Together, these innovations are part of an effort to provide a variety of legal solutions for both consumers and professionals.
Moreover, they have updated their MLex and Lexis(r) reports. They have added high level content types to their products, including research guides, citation tools, and state and federal appellate analytics. Additionally, they have added a new Lexis(r) court-linking feature, which allows users to access dockets and complaint information.
Other highlights include updates to Lexis(r) and Lexis+(r) legal research tools. For example, the new Lexis+(r) Fact & Issue Finder includes statutes and complaints, as well as publication status filters. Also, the newly released Nexis Newsdesk(tm) covers stock purchase transactions.
Lastly, they have updated their legal research and practice management software. With the new additions, you can now search for pending amendments to regulations, retrieve all documents from one source, and even use a knowledge and research consultant tip to locate all the information you need. Finally, they have a new Legal News Hub, which features more premium content.
Of course, all of this can’t take place without careful monitoring of the legal industry. Not only should you check out the most popular products, but you should also look out for innovations that will benefit your business.
A great resource for learning more about the most useful law-related information available is the Practical Guidance Journal, which will be publishing its latest edition in the fall of 2022. Along with the new edition, there are a host of other features to consider, from civil litigation process maps to the latest in litigation management.