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Data Analytics
Data analytics, the same data mining and interpretive analysis used for decades in other professions, is bringing change to the core business side of the legal profession ' and in the process, revealing great potential for increased efficiency, cost-savings and new ways of managing risk.
Strategic investing, financial analytics and expense management continue to be themes for law firms looking to maximize profitability. The emerging tools and methodologies used to reach deeper levels of analytics also delve into areas such as legal project management and competitive assessment, which are key to driving long-term value and profitability. But how law firms reach their full profit potential is a topic of conversation and debate among firms' executive leaders.
What relevant competitive analysis exists to help determine billing rates? How should law firms staff a given matter to meet or exceed client expectations while maximizing profits (an especially important topic when working with law departments)? What are the process improvements that firms should implement? How can law firms maximize their use of internal data to drive existing strategic sourcing or procurement initiatives?
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