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3 Common Pitfalls Lawyers Face Without Legal Analytics
As any seasoned legal advocate will tell you, being an attorney can be a tough gig. It requires a lot of hard work, dedication, and legal expertise in one or sometimes several areas of law. However, without the right tools, even the most skilled lawyers can fall victim to common pitfalls that can cripple their performance and success. Let's discuss three of these pitfalls and how legal analytics can help lawyers stay ahead of the competition and provide the best counsel to their clients.
But first, what even is legal analytics? For those unfamiliar, legal analytics is one of the key technologies that has revolutionized how lawyers practice law in the 21st century. Legal analytics refers to the use of data-driven insights to make better legal decisions — it is the application of data analytics to understand patterns in litigation, including court and judge behavior, opposing counsel strategies, and case outcomes. Lawyers can leverage these technologies to gain critical insights on opposing counsel and judges, which can help them bid appropriately for new business and secure clients. This leads us to the first common pitfall.
|Pitfall 1: Inaccurate Litigation Budgets
One of the most common pitfalls is inaccurate litigation budgets. Underestimating the cost of litigation can lead to financial concerns for the firm and, perhaps more costly, disappointment for the client. In our increasingly competitive legal environment, companies demand more transparency and efficiency from their outside counsel. Law firms are expected to offer alternative fee arrangements to make legal budgeting more predictable and cost-effective. Successful law firms are already leveraging pricing as an important competitive advantage.
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