With the aim to accelerate product development next year, the lab will be staffed by legal, data science and strategy staff from the global law firm, as well as students from UCL’s computer science department. The lab will be led by partner Mark Wing and the firm’s “Innovation Board,” which was established last year.
“A large part of the value that law firms provide to their clients is the knowledge and expertise of their lawyers.
As a global firm we have heaps of knowledge, but the question we always challenge ourselves with is how we harness it as quickly and efficiently as we can for our clients,” Wing said. “Because much of our knowledge is stored as data, having a data analytics lab provides us with another mechanism for unlocking insight, value and solutions for our clients. We think there is great potential in this project.”
Wing said that as the lab develops, the firm will eventually involve clients in the work.
The lab will complement its data analytics with machine learning to explore workflow efficiencies and new products and services. The global firm has already started projects with the lab, focusing on predicting litigation outcomes, fraud in claims, and the likelihood of disputes going to trial or being settled.
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Clyde and Co has launched its very own data analytics lab as part of its partnership with the University College London (UCL).