Creating a Data Culture in your Department
If our firms and departments want to leverage artificial intelligence, automated intelligence, data visualization tools, and the like—we need to first get our data "house" in order.
October 12, 2020 at 07:00 AM
6 minute read
The events of the past year have driven home the importance of many messages and strategies that the legal marketing industry has been mulling over for years. One truth that has become particularly evident is that being a data-driven law firm is no longer an innovative goal or strategy, but instead a requirement from our internal and external clients.
If our firms and departments want to leverage artificial intelligence, automated intelligence, data visualization tools, and the like—we need to first get our data "house" in order. At a conference a few years ago, a speaker referred to the amount of data that law firms create as our "exhaust." By this definition, she illustrated that data is quite simply a byproduct of the legal work that we do for our clients: a compilation of billing notes, documents, new business intake, conflicts, docketing, awards, rankings, and more. Whether we realize it or not, all of these processes that occur regularly within our firm's workflow create reams of data that can be converted into actionable insights which can allow law firms to better target new clients, anticipate needs for current clients, create better and mutually-beneficial pricing proposals, and overarchingly grow revenue.
However, because that data has always been a byproduct of what law firms do instead of a strategic focus, we haven't always paid the best attention to data hygiene: We often experience the same data being collected in multiple places but stored differently. We know there is a large amount of information being collected, that is intrinsic to operations and revenue generation, yet has never been treated as the detail-oriented treasure trove that it is. This raises the question: how, as a leader, do you facilitate this shift in perception within your organization? How do you realistically gather, synthesize, and analyze all of this data and mold it to lead to strategic growth?
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Law Firms Mentioned
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5First Lawsuit Filed Alleging Contraceptive Depo-Provera Caused Brain Tumor
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250