With the launch of the Lexis Analytics Suite, LexisNexis is hoping to define the future of legal analytics with new litigation, regulatory, and transactional analytics offerings.
Over the past few years, LexisNexis has been on a buying spree. In 2015, the company bought Lex Machina, followed by a September 2016 purchase of startup Intelligize, an analytics platform that leveraged Securities and Exchange Commission (SEC) data. Less than a year later, in June 2017, LexisNexis also acquired legal research, analytics and visualization platform Ravel Law.
While LexisNexis has been slowly integrating some of the three products’ features into its main Lexis Advance platform suite, it is now looking to leverage its acquisitions towards something entirely new. The result of that vision is today’s launch of the Lexis Analytics, a collection of analytics tools it believes will be the most comprehensive offering on the market.
The suite, which will host a number of individual analytics tools, pulls data from Lexis Advance, and is organized into three categories. The first is litigation analytics, which will include Lex Machina and a new offering called Context, which analyzes the language and cases judges cite most in their opinions.
Nicholas Reed, co-Founder and COO at Ravel Law, explained, “What we do in Context is extract persuasive language from court opinions to help attorneys best represent their case and argue in front of a judge.” He added that the tool’s citation analysis feature shows the “cases, judges and courts that any judge cites the most frequently, and those sentences they rely on time and time again.”
In the second category, regulatory analytics, LexisNexis has included its Lexis Advanced Legislative Outlook and the Intelligize platform. The third and last category, transactional analytics, will be made up of tools to help attorneys draft agreements and contracts. It will also feature Intelligize as well as Lexis Search Advantage Transactional, a new product that integrates Intelligize’s technology into Lexis Search Advantage to help clients mine their own internal data for analytics.
With Lexis Analytics, LexisNexis will compete with a number of providers already in the legal market, including Thomson Reuters, Bloomberg Law, Wolters Kluwer, Casetext, Fastcase, and Gavelytics, among others. But Lexis Analytics believes it stands out from the competition because it has a technological edge. “We have seen nothing comparable to what Ravel has done and what Lex Machina has done,” Lex Machina CEO Josh Becker said.
He added that the impetus behind launching the suite was to help direct the evolution of legal analytics. “Recently, as there has been more talk about analytics and different use cases coming to the fore, we felt a responsibility and an opportunity to define legal analytics going forward,’ he said.
What’s more, Reed added, “the years of expert data curation and [technology] training between Lex Machina, Ravel and LexisNexis” puts Lexis Analytics ahead of the competition.
Recently, a number of analytics platforms have been evolving their technology and analytics offerings since the beginning of 2018 to also compete in an ever-crowded marketplace.
In recent months, for instance, Casetext has expanded its artificial intelligence powered Case Analysis Research Assistant (CARA) tool to help contextualize its platform search experience, while Thomson Reuters launched the web-based Data Privacy Advisor (DPA), a research tool focused solely on privacy-related news and information.
While time will tell which, if any, legal analytics platform comes to dominate the market, one thing is certain: A new advanced era of legal analytics has arrived.