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Law Firms Data

It’s Time for Law Firms to Place Bolder Bets on Their Data

The way law firms manage, analyze and use their data can be a business driver—and they have no shortage of data.

It’s getting harder for law firms to meet their clients’ demands and maximize profitability by doing the same old, same old. The competition is too fierce, the move to alternative legal service providers and Big 4 consulting firms is too tempting, and many organizations are choosing to keep legal work in-house. So, what’s a law firm to do to maintain—and even grow—profitability and client satisfaction in 2019?

Hire more data scientists.

That likely would not be the answer most firms would give, but the trend line is changing in favor of the data scientist. Specifically, more firms are waking up to the fact that the way they manage, analyze and use their data can be a business driver that helps them compete in the rapidly changing legal landscape. And if there is one thing law firms don’t have a shortage of, it’s data. [read more]

Source: Jennifer Roberts | The American Lawyer