Yes-- if they want to make more money and have a more successful firm!
It's no secret the legal field is finally starting to catch up on data trends. Apart from its effectiveness in measuring the basics—like cutting costs, increasing efficiencies, and evaluating marketing results— data hasn’t had a significant presence in the court room. But the industry is evolving, and the world as you know it is changing.
The business of being a lawyer has not changed very much in the last century, they are still focused on helping clients navigate the legal system. On the other hand, the practice of law has changed more than ever. Lawyers are becoming more tech-savy, boundaries are being pushed, firms are reevaluating processes, and software is now being developed to increase efficiency. Let's take a look at some key pointers for keeping up with this revolution.
Lawyers should be educated and know what to expect. The earlier your firm adopts data analytics into daily routines, the better. Working together to understand all things in regards to analytics, only puts you one step ahead of your competition. By taking action now and implementing the changes your firm wants you can to keep up with trending technology. Still unsure if it's the right time for your firm to implement a legal business intelligence and analytics solution? Any the following signs might indicate that the information needs and opportunities in your law firm surpass your current solutions: 5 Signs Your Law Firm is Ready for a BI Solution.
The data and analytics already exist, most all information attorneys need is already captured on the back-end. Where we tend to see firms fail is by not providing attorneys the information in an easy to understand platform. Something like Attorney Analytics, with a 92% partner adoption rate, is easy to understand and robust enough to provide relevant information. Data availability is not the issue, instead the problem is that many attorneys are either not familiar with this type of analytics work, or they do not see the value in it.
The first issue can easily be solved, but the second requires a slight change of mindset. Cohen & Grigsby, a local Pittsburgh law firm understood the importance of providing a legal business intelligence solution to their attorneys ready more about their experience, and return on investment in this case study.
BigSquare has greatly reduced the burden on the technology and accounting teams. Our attorneys can now see data on their practice in close to real time without asking accounting staff to help. Individual attorneys can now make better decisions when taking on matters and supervising attorneys have better information on what associates are doing.
-Senior Partner, Cohen & Grigsby PC
There's no denying it—the legal field is changing and is drowning in data. Using it to your advantage will help you get ahead and prepare you for the inevitable.
What changes have you made to your firm to keep up with data trends? Share your insights below in the comments section.
BigSquare is the leading provider of Business Intelligence for law firms and professional service organizations. We focus exclusively on law firm reporting, law firm BI, law firm profitability and law firm analytics.