Big Data, Law & Regulating Big Data

The term "Big Data" has been labelled amongst other things as a buzzword or a new-age "marketing term", but a reading of the World Economic Forum's write up on Big Data clarifies that Big Data is not a "new or isolated phenomenon", but another phase in a long evolution of how data is captured and used. Big Data alone will not be enough, it will be a combination of Big Data and various technological innovations including legal analytical tools that will make the most impact. By utilizing the Big Data already being generated by law practices with respect to pricing and billable hours information for a range of legal services, law practices would have better insight into predictions regarding specific legal services and different pricing models including alternative fee arrangements, and would be able to alter and customize pricing models based on the task at hand and the nature of their client. It is clear then that the purpose of incorporating Big Data and analytical tools is not to attempt to replace the legal professional, but rather to elevate such a legal professional's experience and instinct with valuable information obtained from other sources, thereby enhancing decision making, both for internal management and external client facing aspects. Organisations engaging in Big Data activities also need to ensure that they are compliant with any industry or region specific regulations such as the Health Insurance Portability and Accountability Act which governs the use of "Protected Health Information", the Children's Online Privacy Protection Act, the Computer Fraud and Abuse Act and region specific regulations include the Massachusetts Data Security regulations and the California Online Privacy Protection Act.