Why You Need Legal Data as a Service
For a wide range of companies and organizations across a span of industries, legal data is a vital building block for business development, competitive intelligence, and innovation. Nonetheless, few actually have the manpower and technological resources to use legal data to its fullest potential. This is precisely why Legal Data as a Service (LDaaS) is necessary.
LDaaS provides bulk access to normalized legal data – court records, attorney and law firm information, and party, business, and judge data – via APIs or application programming interfaces. It supplies companies with access to the data streams they need, removes the silos that exist around traditional data repositories, and allows organizations to access the data they need in real-time.
Here, we’ll share the unique value of LDaaS, review a few of its common use cases, and then turn to examples of four industries that have used it to innovate and thrive in a competitive market.
Why Legal Data as a Service?
The process of collecting court records and other public records from hundreds of disorganized databases is laborious, expensive, and time-consuming. Because the sources of public data are generally siloed and disorganized, simply gleaning relevant information on a recurring basis demands a staggering manual workforce in the form of paralegals or hiring a suite of engineers to aggregate the data needed.
LDaaS automates this traditionally arduous process. For example, here at UniCourt, our team of data engineers have built a sophisticated infrastructure that pulls court data from hundreds of state and federal courts nationwide, then organizes, standardizes, and structures it to make it usable.
In addition to structuring data to make it more readily accessible, UniCourt also applies advanced artificial intelligence to court data, attorney data, law firm data, party data, and judge data through our entity normalization process to identify the real-world entities involved in litigation. This data is then made easily available via our APIs for real-time data feeds and bulk data downloads.
General Uses for LDaaS
Before data as a service existed, companies faced the daunting task of figuring out what data they needed and where to find it. However, with data as a service now widely available, organizations can extract data in real-time with less uncertainty, and streamline this process with automated court searches and APIs to take the initial time-consuming steps off of their plates. This empowers decision-makers within organizations to confidently make informed business development decisions without expending the time, money, and workforce to manually locate and acquire the information they need.
Similarly, LDaaS helps companies stay on the cutting edge of the trends that impact them most. When companies access the data they need in a usable format, they can leverage it to its fullest potential. Because staying competitive in the market ultimately comes down to who gathers key insights and trends the fastest and most accurately, this type of real-time intelligence is key to survival.
LDaaS empowers organizations to develop their own legal analytics, rather than depending on black box analytics from legacy legal research providers, which then gives them a competitive edge in the market. Analytics are the fuel for innovative companies seeking to make informed decisions rooted in updated, concrete industry knowledge, and LDaaS delivers them the means to do so.
The value of data comes not in its raw form, but in the trends it reveals and the insights it provides. However, it takes work to manipulate the data to this point through normalization and other processes. With LDaaS, businesses can automate the process of gathering and processing the data through using Legal Data APIs. This, in turn, enables them to efficiently access the data they need to run their processes efficiently and seamlessly.
LDaaS compiles data into relevant streams, which users can access as needed. Not only does this help organizations cut costs by saving the time and investment needed to find someone to organize the data, but it also packages and organizes the data so they can identify customer desires, trends, and needs. Further, organized data streams allow for company-wide integration of data points with matter management systems, CRMs, and other internal applications. Departments can then work together on projects and streamline the project management processes that would often be cumbersome and time-consuming.
Industry Use Cases for Legal Data as a Service
By automating the process of bulk downloading court data and documents, LDaaS provides the infrastructure that law firms, litigation support companies, and others in the legal industry vertical need for litigation docketing. For instance, here at UniCourt, our APIs handle processes faster, better, and cheaper, meaning that firms no longer need to rely on hordes of paralegals and associates to handle their docket management processes.
Knowledge management, innovation, and information technology professionals within law firms are using LDaaS to power their applications and data lakes with normalized court data. This information can be used for a broad swath of purposes, from developing analytics and KPIs to automating cumbersome processes and implementing data-driven business development strategies for tracking the litigation involving thousands of firm clients all at once.
Real-time, organized data streams cut the due diligence process within investment firms, FinTech companies, and financial institutions into a fraction of the time, labor, and cost. LDaaS facilitates enhanced due diligence on borrowers, potential business partners, and acquisition targets alike, positioning companies to sidestep deals with entities with litigious or nefarious histories. However, firms are also using clean, organized state court data to identify new investment opportunities and scale their operations with bulk access to state and federal (PACER) court data via APIs.
LDaaS positions insurance companies to streamline the laborious underwriting process through clean, normalized data streams, thus significantly cutting the time and associated headcount costs of acquiring and entering data. From closely tracking court cases involving high-valued insureds to efficiently managing case updates for thousands of insurance claims nationwide, LDaaS provides insurance firms access to valuable information at scale.
Further, API access to normalized court data also provides insurance firms with the opportunity to download all of the court data related to their claims litigation and their competitors litigation in bulk to develop insightful analytics that can help them determine how to more strategically handle similar claims in the future.
When running background checks or conducting due diligence, court data equips investigation firms and private investigators with critical information for locating parties and property, uncovering outstanding judgments, and studying a party’s litigation history. LDaaS provides PI firms bulk access to normalized court data that’s been enriched with other public data sources like Secretary of State data, and offers the opportunity to make decisions rooted in billions of data points. By integrating APIs with their internal and client-facing applications, investigators can make real-time decisions using this data and also provide their clients with on-demand reporting powered by normalized, enriched court data.
LDaaS Powers Innovation. Let Us Help.
UniCourt is an industry leader in making Legal Data as a Service widely available via our APIs. We provide Fortune 500 companies and AmLaw firms with bulk access to legal data for a variety of uses, from business development and intelligence, to analytics, underwriting, case research and tracking, background checks, investigations, machine learning models, process automation, and more.
Contact Us to learn more about how you can get started with LDaaS.