We live in an information age. At any given moment in both our personal and professional lives, we are consistently bombarded with data in various forms; through our interactions with the different technologies available in both our homes and workplaces, we are also constantly generating data that will inevitably, in turn, be harvested and displayed to another. Information has arguably become the most valuable resource of every sort of all businesses, as technology grows in sophistication and utilization, the world becomes ever more globalized, and economies continue the shift from being material-based to operating on the acquiring and exchanging of knowledge. With the right data – and the appropriate tools for gathering and processing it –, the key to success for any organization seems to be within easy reach. When correctly utilized, data analytics can contribute to the construction of meaningful information patterns, identifying opportunities to boost profitability and improve product quality and service delivery. However, the essential problem lies in the sheer quantity of available data information. With such a tsunami of information, it can be difficult to know where to start. What exactly is the “right” data? Which tools and methodologies can we use to measure it effectively?
For the majority of law firms, these are difficult questions to answer. Cultural norms in the profession and the traditionally risk-averse, and occasionally technophobic, nature of many lawyers are both obstacles to the alteration of working practices to encompass data analysis. However, despite the fact that global economies are in recovery and the demand for legal services is once again picking up, the marketplace remains incredibly tough, and the harvesting and processing of data has become essential for those firms wishing to retain a competitive edge. It is therefore critical for the legal profession as a whole to initiate a cultural change and acquire new skills in order to survive in a dynamic landscape being transformed by technological disruption and economic pressure. Business Intelligence and Analytics for Law Firms: Insights for a shifting business ecosystem is the ideal tool to begin the implementation of this development, featuring advice and observations from pioneers in this relatively uncharted territory. Expert guidance is also complemented by examples of best practice – something which is typically difficult to gain access to, considering the frequently sensitive nature of business intelligence processes.
Both practicing lawyers and those who manage law firms and law departments, make decisions and judgments with incomplete information. Faced with such uncertainty, is there a way to improve decision-making?
Chapter 1: Learning from clients to improve decision-making in the legal industry
By Gill Eapen, founder and CEO of Decision Options, and Aileen Leventon, Esq., principal at Edge International
Chapter 2: Achieving client-centricity through data and technology
By Jennifer Roberts, data scientist at Intapp
Chapter 3: Your law firm through the financial lens
By Ariela Tannenbaum, CEO of Advanced Financial Analytics and principal at Edge International
Chapter 4: Emotional data in the practice of law
By Ronda Muir, Esq., principal and founder of Law People Management LLC
Chapter 5: Lessons learned in data analytics...
By Melaina Fireman, senior manager of business intelligence and database services at Goodwin Procter LLP
Chapter 6: Four ways to use data and analytics for business development
By Michelle Murray, chief marketing officer at Cahill Gordon & Reindel LLP
Chapter 7: A legal data analytics journey
By Kesney Fontes, data analytics manager at WilmerHale
Chapter 8: Mind and heart – how to promote the necessity of business analytics in a resistant culture
By Paige Keith, chief financial officer at Hawkins Parnell Thackston & Young LLP