Market Guide for eDiscovery Solutions
In the legal system, discovery refers to the process of meeting the obligation to produce and the right to obtain non-privileged information relevant to the legal matter. eDiscovery is the same process applicable to electronically stored information (ESI) like emails, databases, computer files, etc. With eDiscovery solutions, digital discovery and administration of legal matters become easy. Casepoint gets you more control, reduces outside legal expenses, and investigates faster; all thanks to advanced analytics and powerful artificial intelligence. The AI works in the background for finding, connecting, and presenting crucial data faster than manual searches. Read on to learn more.
5 Ways eDiscovery Solutions Create Value
eDiscovery solutions facilitate and automate the process of eDiscovery, which includes identifying, collecting, preserving, processing, reviewing, and analyzing digital data that supports the legal discovery process.
Today, you have access to a wide range of solutions that can streamline the process of eDiscovery and make it easier for you to comply with the ESI management regulations. However, there are still many legal organizations that are conducting most of their discovery and research manually. Relying on these manual processes is cumbersome and prone to error. Also, these firms are missing out on all the benefits provided by eDiscovery solutions. Let’s learn more about these eDiscovery solutions’ benefits:
Even though there is a lot more to eDiscovery solutions than saving costs, it is definitely an important factor. A lawyer typically takes 51 minutes to find a key document for the litigation process. However, with an eDiscovery solution, this time is reduced to 16 minutes. By harnessing AI tools and big data analysis lawyers no longer have to use their time for page by page review. Let the AI run the rules set to find the most relevant ESI first, to focus the review on the critical data. Many clients report a 50% or more reduction in legal review costs by implementing Casepoint eDiscovery.
One of the biggest challenges of eDiscovery is the large volume of data that has to be managed. Even if your case involves one or two gigabytes of data, it can still involve thousands of documents, many of which are not relevant to the case. Using the right eDiscovery solution, AI and advanced analytics can find and flag highly relevant data quickly. Data that is immaterial or redundant is identified and eliminated. AI tools and active learning rules can achieve as much as a 97% cull rate on massive data sets within days. Delivering lawyers the most relevant information can speed review and drastically cut costs.
The importance of protecting private and confidential information cannot be understated. However, this is easier said than done. Redacting information from printed documents is difficult enough. But, when it comes to digital files, the process is even more complicated. Without an eDiscovery solution, you might end up making several mistakes, for example, trying to redact text manually. If you use the right eDiscovery solution, you will be able to redact sensitive content in the quickest way and comply with relevant privacy laws.
The number one priority of Casepoint is ensuring the safety and security of your data. Casepoint has maintained the highest level of industry security attestations and certifications, undergoing applicable reviews
When it comes to the preservation of ESI, the standards are quite complex. However, complying with these standards is crucial as it helps maintain the integrity of documents. Failure to do so can result in substantial penalties and fines. With an eDiscovery solution, you will be able to convert files into the right format and preserve the metadata that is required for demonstrating ESI compliance.
Compliant ESI Retention
If you are still using conventional email applications, PDF readers, and word processors for managing eDiscovery solutions, you are just using a recipe for frustration and a lot of confusion. Not only does it make it easy to lose files, but can also create major security risks. Having an eDiscovery program will ensure that you are able to access the information easily and have control over who can access the files.
Improved Data Access
The eDiscovery Market
In most cases, eDiscovery is project-based or ad hoc, resulting from a trigger event. These trigger events include:
- Audit or lawsuit (initiated by your company or another party)
- Due diligence process (for example, merger and acquisition transactions)
- Internal investigations (such as for HR-related issues)
- General Data Protection Regulation (GDPR) and Freedom of Information Act (FOIA) requests
- Investigations (such as those launched by regulators like the Department of Justice, Securities and Exchange Commission, or Financial Industry Regulatory Authority)
- Post-data breach assessment (for example, after a cyber attack to assess liabilities).
Depending on the trigger event, there will be different processes and steps involved. With Casepoint, the FOIA requests management is simplified. Using Casepoint’s technology, you can develop a customizable workflow for your unique needs. You can use the same centralized platform for organizing and tracking requests. The platform also allows you to design your own reports so that you have all the critical information in one place.
eDiscovery projects are project-based and highly unpredictable, which makes the market fragmented and complex. There are three main types of solution providers:
- Service providers
- Software product vendors
- Law firms
The majority of the buyers are legal enterprises, government regulators, and agencies
Types of Solution Providers
There are three models in which an eDiscovery program can be deployed – SaaS, hosted, and on-premises. The pricing structure will differ accordingly.
The pure service components are charged at an hourly rate based on their type – project management, review, and consulting. The pricing quotes can be a la carte, fixed fee, or project-based.
With Casepoint, you get the option of customized pricing to meet your needs. You can take advantage of this to save money. All your costs will be completely transparent so that you remain in control.
Since there are multiple review platform legacies and procurement process owners like legal, compliance, and IT, organizations have usually adopted several tools to meet their eDiscovery needs. This can lead to a lot of confusion and loss of important data. That is why there is a push for end-to-end solutions.
While buying a solution, it is important for you to consider whether or not they are comprehensive, In the initial days of legal technology, the marketplace offered lawyers and legal teams many different point solutions. Lawyers that wanted to leverage technology might have adopted several different system to meet their eDiscovery needs. But disparate systems and data gaps provide barriers to efficient workflows. Having to move data in and out of different platform can cause confusion, errors and lost productivity. That is why there is a push for end-to-end eDiscovery solutions. With an end-to-end solution, you won’t have to manage a set of overlapping, and often fragmented, technologies. Without it, you won’t have a holistic and consistent approach that can bring together all the pieces needed for the investigation. This is why end-to-end eDiscovery solutions are becoming highly attractive.
Today, the demand for end-to-end solutions is translated into a single, integrated platform that allows the data to move efficiently, securely, and easily. With this approach, you will be able to get optimal results for risk and cost control, and defensibility. In the case of short-term implementation, you can work on conducting an assessment exercise. For long-term implementation, you can focus on information governance, vendor management, process reusability, multi-matter capability, and integrated systems providing optimal outcomes. Casepoint can innovate quickly based on your requirements. With a dedicated team of engineers, software developers, and testers, they have built the best legal discovery platform.
The Push for End-to-end Solutions
Challenges of eDiscovery Solutions
Legal departments have always worked alongside other departments like HR. However, with the digital data, legal professionals now have to coordinate with more partners; the prominent one being IT. Companies are now generating more data and the way this data is kept and organized is a concern for legal. To ensure that the company is storing the relevant data, IT and legal have to be on the same page. By working together, they can create policies for data preservation, data retention, and information governance
There was a time when the potentially relevant information was available in one format – paper. But now, legal teams need to be prepared to deal with different types of data types and formats. It is highly likely that your business is using social media, audio/video chat tools, and other means of communication that generate data. This is on top of the conventional form of communication like email. So, there are different sources of relevant information. The ability to hold and search relevant information is no longer optional. If your information is not searchable, eDiscovery solutions can create searchability using processes such as text extraction, OCR, and machine translation. With Casepoint’s advanced processing, entity recognition and AI-powered technology, you can find relevant data within more than 600 file types.
One of the more visible challenges related to eDiscovery solutions is the amount of data stored by the organization. The legal team has more data to comb through and review before litigation. Having an excessive amount of data doesn’t only cause storage issues, but compliance and security risks as well. This risk can be mitigated by automating the management of the growing amount of data.
Scope of the Market
According to a report published by MarketsandMarkets, the global market of eDiscovery is expected to reach $12.9 billion by 2025. The Compound Annual Growth Rate of the market is 6.6% from the period of 2020 to 2025. There are certain factors that are driving this market’s growth including the emergence of new data sources, an increasing number of litigations, varying regulatory policies, increases in social media and ESI penetration, and proactive governance with data analytics. However, the market growth has been limited by the increasing incidents of data theft and cyberattacks and the lack of a skilled workforce.
Even with these restraints, the eDiscovery solution providers have had many lucrative opportunities. These opportunities have been powered by the emergence of AI-based analytics and increased demand for shortening and simplifying the process of legal document review. It is expected that there will be new prospects of market growth for eDiscovery solutions.
The increased growth of ESI over the last decade has resulted in the emergence of eDiscovery. Today, law firms need to streamline their eDiscovery process in order for their legal teams to easily comply with the ESI management regulations. Relying on error-prone and cumbersome manual processes is no longer an option. Having an End-to-end eDiscovery solution Will streamline legal workflows from legal hold through collection and analysis to production to ensure you are able to achieve optimal legal outcomes faster and more cost effectively the process for you and ensure that you are able to reach optimal results in less time.