Analytics and Law Firms : An affair in air
Enterprise Data Management: One of the big issues law firms experience is an inundation of information. Most often this information comes in various types and formats, making managing data difficult. An effective and efficient data management system is the first step toward data-driven decision making. Th
Marketing Analytics: The traditional direct marketing approach in the legal world is losing steam. Unlike direct marketing, digital marketing provides efficient and cost effective processes and technologies to capture the data you need for your analytics. Law firms should leverage digital marketing analytics which accurately track KPIs and analyze the performance of the money they spend on marketing (ROI).ere are analytics tools and services which can simplify the first, extremely important, step of the analytics journey – data management.
Content and Skill Branding: Subject matter expertise is a key element for successful lawyers. It is, however, very difficult to manage knowledge from so many different channels and sources. Big Data Analytics not only streamline the storage of a high volume of structured and unstructured data but also simplify the process using cutting-edge algorithms. Some ahead-of-the-curve law firms have also been using sophisticated techniques, such as machine learning, to increase their efficiency and identify appropriate documents to fit a current litigation. Historically, this activity has been one of the most time-consuming parts of the litigation process.
Litigation Management: The profitability of a law firm directly relates to efficient litigation management. Organizations can effectively use predictive analytics to determine the chance of winning and accordingly design the case strategy and corresponding staffing. The predictive models effectively use factors which are directly associated with the case and also indirectly influence the outcome.
The precedent for the successful use of analytics in law firms has been set. Technologically savvy lawyers seem to be early adopters of analytics, however, they also benefit from their strategy makers buying in early.
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