NEW YORK, April 24, 2018 /PRNewswire/ -- Bodhala, the leading analytics platform that is redefining how corporations manage their legal spend, today announces significant advancements to its powerful machine learning engine for the legal market – Hercules. Hercules has analyzed millions of matters, thousands of law firm business models, and hundreds of thousands of lawyers to provide clients with the most impactful insights in the industry.
With the introduction of new features Law Firm Rankings and Rate Card Analysis, Bodhala moves one step further in advancing its mission to provide easy-to-understand, easy-to-use information to improve business operations.
Bodhala's Law Firm Rankings enables companies to quickly compare the health of their relationships with outside counsel and make more informed decisions about which firms to partner with on both commoditized and key matters using a simple letter grading system. To do this, Hercules analyzes billions of data points instantly to conduct an internal analysis of law firms across relevant practice areas to ensure an apple-to-apple comparison of firms that match a client's risk profile.
Leveraging Hercules' multi-billion-point dataset, Bodhala is also launching Rate Card Analysis, the first such service to seamlessly provide legal departments with actionable information about how proposed rate increases impact budgets and forecasts. Unlike other services, Bodhala's Rate Card Analysis can take into effect both historical legal spend – to help determine the overall impact on budget – and the value of work a firm provides its clients.
"This is an unprecedented advancement in the use of artificial intelligence and machine learning to analyze the billions of unstructured data points available in the legal field," said Ketan Jhaveri, Co-Founder and Co-CEO of Bodhala. "The power of Hercules enables us to do what no other legal technology company has been able to do -- provide our clients with actionable, easy-to-use insights by organizing previously disparate data, surfacing the impactful information extracted, and optimizing the purchase patterns for critical legal services. Our clients direct their previous dollars to firms that are the right fit for the work they need. We look forward to launching more services using the power of Hercules in the coming months."
Bodhala the first platform that unlocks the power of big data and machine learning to equip law departments and firms with the evidence required to efficiently make critical business decisions. With billions of data points, Bodhala's Hercules engine provides clients with a visually driven, custom dashboard that is easy to use and actionable.