With data analysis, lawyers can collect and accumulate the data they need to present up-to-date and accurate information about the practice area, whether speaking at seminars, publishing content on blogs on their websites, or writing articles about the industry. Conclusion The use of data analysis in legal departments is a no-brainer. Not only will you gain deep insight into the department's operations, but you'll also be able to provide better advice to the company, backed by data and not just instinct. Start small and simple and work your way up to more complicated questions.
Ultimately, your analysis will begin to drive excellence, efficiency, and better decisions. An example of a KPI that you can use for your law firm is the number of client acquisitions per month. With the proper use of analytics, law firms could optimize their results and help decision makers to plan properly to achieve their objectives. The legal industry has been slow to incorporate technology and law firms are missing out on what data, in particular, has to offer.
Some of the KPIs that your law firm could benefit from are client KPIs, marketing KPIs, team KPIs, etc. With the use of data and analysis, law firms could understand their businesses in greater depth and optimize their results. When you consider how many legal decisions in the past were usually made by hunch or conjecture, and relationships between law firms were based on who was studying law with the general counsel, you can instantly see the appeal (and importance) of using data analysis to make (and track) decisions. These KPIs can provide you with information about the performance of your law firm and help you and other decision makers make informed decisions to improve your business.
Good KPIs should be measurable and specific to the questions you may have in certain areas of your law firm. Analytics could help law firms improve their performance and increase their results, giving them an advantage over other law firms. First, you need to have a good understanding of how your law firm works in order to draw meaningful conclusions from the numbers. By tracking and measuring their law firm's marketing strategies, decision makers could decide which marketing to focus on to get more clients.
That said, data isn't useful unless it answers the questions you have about your law firm. Columbia law professors Eric Talley and Joshua Mitts discuss how machine learning, artificial intelligence and data analysis are transforming the practice and study of law. With this data, decision makers at a law firm can take appropriate steps to improve team performance. KPIs provide you with information about the progress your law firm is making toward the specific objectives you want to achieve.