Eisenhower said what’s urgent is rarely important, and what’s important is rarely urgent. Until recently, this was the problem with efforts to standardize legal data—it was easier to kick the can down the road than get everybody on the same page. But today, 87% of corporate law departments are subject to demands that they become more data-driven, which is hard to do if people define the same thing differently.
A number of forces are coming to the rescue. A high-profile industry group is pulling in new data to supplement the existing Uniform Task-Based Management System (UTBMS) codes Second, a new type of professional is poised to play a critical role in taking legal data where it needs to go. Finally, new artificial intelligence tools have come to market that greatly increase the value of quality legal data and provide a greater incentive to ensure it is standardized and clean.
Legal Data 2.0
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