Future Proofing Your Law Firm

More than ever, “Future Proofing the Law Firm” is something that is moving in tandem with the predictive nature of our times. In other words, predictive analytics, Big Data and social search are reshaping our consumer behavioral interfaces as well as forward client side corporate integration strategy. Increasingly, clients are leveraging the power of predictive analytics for budgetary and matter integration purposes. This radically changes, among other things, the AFA negotiation dynamic, the potential of which is both dramatic and enormous.

As a profession, we're just one of many that have the potential to be reshaped by both big data and predictive analytics. We already see it in the consumer search and social technology mediums, within our entertainment news and sports mediums ' both in how they choose to promote and advertise. And, we also see it in how data is compiled, analyzed, and predictive outcomes are established based off tracked behavior and preferences.

At Bradford & Barthel, LLP, the primary nature of our practice is in representing large insurance corporations and employers, with a large focus on the medical elements within our cases. Therefore, the usage of predictive analytics in both the insurance and medical industries is of a primary interest to us. As our Spherical Models, LLC team is future-focused, we look at both the future technology/workflow evolutions in our industries, as well as our clients' technology/workflow integration needs. In doing so, we decide how best to integrate our future vision with predictive analytics through big data and social search.

Reinvention through Spherical Models

Integration remains paramount. Bridging data sets between client, law firm and the court is key to reducing dark data and assuring transparency. But stepping back from the tech for a moment, what are the business model innovations required to achieve the results we're looking for? At B&B, we've established a terminology for this effect ' Spherical Business Models. Essentially, we are taking the multiple communication, collaboration and analytics points within traditional business models, and inserting them within a three-dimensional sphere for analysis. This ensures shorter distances between collaboration points, and provides a visual reference for the predictive nature of the integrating analytics.

The results of this approach are fascinating, as they incorporate a new approach to: Client integration within our account management structured system; creating emerging and evolving billing models based off budgetary analytics integration; increasing efficiencies when applied internally within our management structure; and the ability to reshape staffing models.

Predicting Case Outcomes Through Velocity Billing

At B&B, we have integrated predictive analytics into practice, and have termed the resulting billing innovations as velocity billing. We define velocity billing as follows: Within a restructured organization, account managers manage by client as opposed to region, where predictive analytics create AFA arrangement possibilities through analytics driven within the budgetary process. Details can be shared real time via the latest in social shared evolutions. Essentially, our goals through velocity billing are to create the most efficient means possible in our billing models that move directly with consumer-related efficiencies and the targeted ad revenue social and search giants create in the consumer marketplace.

Big Data and the 'Snowden Effect'

Underlying these elements is Big Data. Big Data is at the heart of Google's analytics through users' Web preferences and browsing behavior, it's at the heart of Facebook's ability to deliver content, and ties in connections through image recognition in both Facebook and Instagram. Big Data is at the heart of Fortune 500 companies targeting their customers, and at the heart of major clients across all industries insuring their customer base, as well as law firms representing their interests are providing the most efficient means in sifting data possible. It is also a big piece in the NSA's data mining efforts brought front and center by Edward Snowden. While the privacy implications for the individual are certainly alarming, what is evident by what I call the “Snowden Effect” is the ability for both governments and corporations to use these practices is only in the beginning stages. The ability to refine these practices through privacy evolutions on the government side and corporations better targeting external customers while creating internal efficiencies is just beginning.

The main challenge is not what to do with the amount of data we already have ' but in ensuring that all data metrics are accurately captured. This applies to time metrics, time capture, and other capture areas in rethinking our approach (as in spherical models and velocity billing) before we apply the technology required.

Predictive Analytics FAQ

• Design your firm's predictive analytics strategy, both internally and with clients.
• • Where will it make sense in negotiated AFA strategy, and which clients are best to begin with?
  • Are your clients potentially already following this process on their negotiation side?
• Map out alternative business/staffing/communications/ pricing models affected within this model.

• Which integrating and predictive technologies best suit your organization, your vision, and your clients' immediate and future needs?
• • Don't be afraid to start small, with targeted metrics the firm is already tracking; the immediate results may surprise you.
  • Think forward in this step and do your research both within and outside our industry.

Future Proofing

So what's needed to achieve predictive nirvana within our industry and client base? Aside from restructuring business and billing models, law firms need reliable technology options, preferably ones that are already proceeding down the analytics and 'big data technologies adoption' path. Cloud based platforms like Sales Force, Microsoft SkyDrive, Net Documents, Google Apps and others provide evolving environments, where product development is immediately realized by their customers due to a multiple vertical customer and consumer focus. Some of those same cloud providers/products in addition to other vendors like Recommind, Sky Analytics, Lex Machina, Tableau, and others integrate predictive analytics across multiple elements; some on the corporate client side, some on the court side, and some integrating all aspects. The integration elements needed are still in the evolution stage for predictive analytics as are the vendors developing in this space; but these options are evolving fast across all verticals.

Forward thinking law firms are already developing their path forward with clients through predictive outcomes in settlement, litigation, budgetary outcomes and evolving AFAs. At B&B, we've developed a consultancy geared entirely to business model innovation futures, and integrating big data predictive analytics (the aforementioned, Spherical Models, LLC). The level of efficiency increases made possibly by predictive analytics is something we're just beginning to grasp as a profession. Future proofed firms will rely on analytics in their client side strategy to stay competitive, relevant and evolving forward in tandem with the Darwinian realities of our time.

Eric Hunter is the Director of Knowledge, Innovation & Technology Strategies at Bradford & Barthel, LLP and Executive Director of Spherical Models, LLC. Hunter is constantly looking to leverage innovation solutions to enhance client service interaction and collaboration while driving business optimization solutions internally. Follow Eric on Twitter @thelihunter.

More than ever, “Future Proofing the Law Firm” is something that is moving in tandem with the predictive nature of our times. In other words, predictive analytics, Big Data and social search are reshaping our consumer behavioral interfaces as well as forward client side corporate integration strategy. Increasingly, clients are leveraging the power of predictive analytics for budgetary and matter integration purposes. This radically changes, among other things, the AFA negotiation dynamic, the potential of which is both dramatic and enormous.

As a profession, we're just one of many that have the potential to be reshaped by both big data and predictive analytics. We already see it in the consumer search and social technology mediums, within our entertainment news and sports mediums ' both in how they choose to promote and advertise. And, we also see it in how data is compiled, analyzed, and predictive outcomes are established based off tracked behavior and preferences.

At Bradford & Barthel, LLP, the primary nature of our practice is in representing large insurance corporations and employers, with a large focus on the medical elements within our cases. Therefore, the usage of predictive analytics in both the insurance and medical industries is of a primary interest to us. As our Spherical Models, LLC team is future-focused, we look at both the future technology/workflow evolutions in our industries, as well as our clients' technology/workflow integration needs. In doing so, we decide how best to integrate our future vision with predictive analytics through big data and social search.

Reinvention through Spherical Models

Integration remains paramount. Bridging data sets between client, law firm and the court is key to reducing dark data and assuring transparency. But stepping back from the tech for a moment, what are the business model innovations required to achieve the results we're looking for? At B&B, we've established a terminology for this effect ' Spherical Business Models. Essentially, we are taking the multiple communication, collaboration and analytics points within traditional business models, and inserting them within a three-dimensional sphere for analysis. This ensures shorter distances between collaboration points, and provides a visual reference for the predictive nature of the integrating analytics.

The results of this approach are fascinating, as they incorporate a new approach to: Client integration within our account management structured system; creating emerging and evolving billing models based off budgetary analytics integration; increasing efficiencies when applied internally within our management structure; and the ability to reshape staffing models.

Predicting Case Outcomes Through Velocity Billing

At B&B, we have integrated predictive analytics into practice, and have termed the resulting billing innovations as velocity billing. We define velocity billing as follows: Within a restructured organization, account managers manage by client as opposed to region, where predictive analytics create AFA arrangement possibilities through analytics driven within the budgetary process. Details can be shared real time via the latest in social shared evolutions. Essentially, our goals through velocity billing are to create the most efficient means possible in our billing models that move directly with consumer-related efficiencies and the targeted ad revenue social and search giants create in the consumer marketplace.

Big Data and the 'Snowden Effect'

Underlying these elements is Big Data. Big Data is at the heart of Google's analytics through users' Web preferences and browsing behavior, it's at the heart of Facebook's ability to deliver content, and ties in connections through image recognition in both Facebook and Instagram. Big Data is at the heart of Fortune 500 companies targeting their customers, and at the heart of major clients across all industries insuring their customer base, as well as law firms representing their interests are providing the most efficient means in sifting data possible. It is also a big piece in the NSA's data mining efforts brought front and center by Edward Snowden. While the privacy implications for the individual are certainly alarming, what is evident by what I call the “Snowden Effect” is the ability for both governments and corporations to use these practices is only in the beginning stages. The ability to refine these practices through privacy evolutions on the government side and corporations better targeting external customers while creating internal efficiencies is just beginning.

The main challenge is not what to do with the amount of data we already have ' but in ensuring that all data metrics are accurately captured. This applies to time metrics, time capture, and other capture areas in rethinking our approach (as in spherical models and velocity billing) before we apply the technology required.

Predictive Analytics FAQ

• Design your firm's predictive analytics strategy, both internally and with clients.
• • Where will it make sense in negotiated AFA strategy, and which clients are best to begin with?
  • Are your clients potentially already following this process on their negotiation side?
• Map out alternative business/staffing/communications/ pricing models affected within this model.

• Which integrating and predictive technologies best suit your organization, your vision, and your clients' immediate and future needs?
• • Don't be afraid to start small, with targeted metrics the firm is already tracking; the immediate results may surprise you.
  • Think forward in this step and do your research both within and outside our industry.

Future Proofing

So what's needed to achieve predictive nirvana within our industry and client base? Aside from restructuring business and billing models, law firms need reliable technology options, preferably ones that are already proceeding down the analytics and 'big data technologies adoption' path. Cloud based platforms like Sales Force, Microsoft SkyDrive, Net Documents, Google Apps and others provide evolving environments, where product development is immediately realized by their customers due to a multiple vertical customer and consumer focus. Some of those same cloud providers/products in addition to other vendors like Recommind, Sky Analytics, Lex Machina, Tableau, and others integrate predictive analytics across multiple elements; some on the corporate client side, some on the court side, and some integrating all aspects. The integration elements needed are still in the evolution stage for predictive analytics as are the vendors developing in this space; but these options are evolving fast across all verticals.

Forward thinking law firms are already developing their path forward with clients through predictive outcomes in settlement, litigation, budgetary outcomes and evolving AFAs. At B&B, we've developed a consultancy geared entirely to business model innovation futures, and integrating big data predictive analytics (the aforementioned, Spherical Models, LLC). The level of efficiency increases made possibly by predictive analytics is something we're just beginning to grasp as a profession. Future proofed firms will rely on analytics in their client side strategy to stay competitive, relevant and evolving forward in tandem with the Darwinian realities of our time.

Eric Hunter is the Director of Knowledge, Innovation & Technology Strategies at Bradford & Barthel, LLP and Executive Director of Spherical Models, LLC. Hunter is constantly looking to leverage innovation solutions to enhance client service interaction and collaboration while driving business optimization solutions internally. Follow Eric on Twitter @thelihunter.