Lawyers are reluctant to use big data and predictive analytics, in part because of the risk-averse nature of the legal field. However, lawyer Dave Walton and Raghuram Iyengar, from Wharton, say the benefits are worth it. Now that you know what type of data is available, let's see how to use it when developing a successful marketing plan for a law firm. Many law firms continue to see IT as the panacea for all of this, and spend too much money on IT and achieve mediocre results.
Data provides law firms with a much deeper understanding of their clients and offers a new view of their immediate needs, long-term priorities and potential difficulties. Both small and large businesses can use this valuable information to make crucial decisions about legal practices, especially when it comes to getting the most out of the marketing plan. I think that the most progressive firms are doing it, but there are also some internal battles in law firms because lawyers tend to see IT as the panacea for everything related to technology, including analytics. We're redefining the way lawyers manage their firms by equipping them with essential tools to securely manage their firms from any device, anywhere.
When marketing your legal services, it's important to first identify the types of cases you want to present at your firm. Attracting your ideal client depends largely on the ability of your law firm to create and disseminate content that responds to the interests of these clients and places your firm in a positive position in the eyes of these clients. Once you have this information, you can make an informed decision about the types of issues your company wants to address for maximum profitability, allowing you to create and implement a more direct marketing plan. Here are some ways law firms can use data analysis to succeed with clients, issues, and businesses.
Legal analysis is the process of incorporating data into decision-making on issues affecting law firms and lawyers, such as the forecasting of issues, legal strategy and resource management. Externally, some progress is beginning to be seen in the way publicly available data is used in combination with client data and in combination with data from law firms in most predictive analysis. By using data analysis to detect industry trends and analyze the legal market, law firms can better target their marketing efforts toward the most popular practice areas and the potential clients they can attract. One of the best ways that data analysis helps law firms in their marketing efforts is to provide them with an indicator to measure the effectiveness of current marketing efforts.