Across the legal industry, from law firms and legal departments to legal technology companies and others in the legal landscape, data lays the foundation for modernization and advancement in the business of law. When it comes to staying on the front lines of legal innovation and moving your business forward, there are three key trends to watch: (1) trends in data classification, (2) trends in data structuring, and (3) trends in data portability. This three-part series will take a deep-dive into each of these major trends and discuss their practical implications and applications for legal professionals.

Industry Standards

Data classification is how we label and categorize data to make finding information easier and gathering intelligence possible. Developing your own custom data classifications is great for independent internal systems that aren’t going to communicate with other applications. But what happens when you need to integrate your data with external data sources or share it across different technology platforms to gain the insights you need? If your data classifications can’t translate from one system or platform to the next, critical knowledge may be lost, leading to questionable reporting capabilities and added manual data processing downstream.