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Law Firms Enter the Golden Age of Data Mining
As a matter of practice, law firms generate and store incomprehensible amounts of data. Most, if not all, of that data has been digitized and many firms that recognize the untapped value of their data have begun to leverage sophisticated technologies to mine it for reusable work product and valuable insights. While most large law firms with 50 or more attorneys are currently mining data, not all of them are doing it well. Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
While it is likely that data mining could also be highly beneficial to smaller firms, it is much less common among them, primarily because their practices tend to be local or regional. In these firms, there is a tendency to rely on local colleagues and anecdotal information for strategic insight.
Many smaller firms probably should practice data mining; most do not. But it is increasingly clear that large firms must practice it in order to succeed in a highly competitive marketplace, and almost all of them are currently trying to figure out how to do it better.
Primary Use Cases for Data Mining
The most immediate benefit of data mining for law firms is increased productivity. This often takes the form of locating and reusing attorney work product. For example, when a new associate is given a writing assignment and lacks a frame of reference for the topic, she can search internal work product for "model documents" like contracts or briefs or motions that have proven to be effective to minimize the time spent on research. She may need to Shepardize® previously used citations through the Shepard's® Citations Service to determine if they're still "good law," but this mitigates having to recreate the wheel.
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