There is no denying that law firms have grown reliant on legal technology, especially analytics and business intelligence. The 2020 Legal Analytics Study shows a significant tipping point in the legal technology adoption curve as the majority of professionals in the legal industry now recognize the value of both legal analytics and business intelligence (BI).
There are various studies and research surrounding the legal community, but the information in this survey is very relevant and is quite consistent with our previous blog post: BI- no longer a nice to have, a need to have! Below we shared a few profound findings from the survey:
90% of legal professionals agree: legal analytics makes them a better legal practitioner
Additionally, 98% of users say that legal analytics improve's their firm's performance and 91% of users say that legal analytics are valuable to their practice. Not only does the survey have the facts and numbers to back that, but we have valuable insights from law firms using business intelligence and analytic tools: "Thank God we have BigSquare, It has been a huge help! In this environment, the need for real time data is now even more exaggerated. Having BigSquare to access real time data, in any form we need, is extremely helpful. Our attorneys can now get to data they could have never accessed before. The ease of pulling info, in all different ways, is a game changer. BigSquare has taken us to a new level!" - Steven Flaks, Director of Pricing & Project Management at Saul Ewing Arnstein & Lehr
What are the top 3 benefits of analytics?
- 75% of legal professionals say analytics increase their organizations knowledge
- 56% of legal professionals say analytics increase competitiveness
- 52% of legal professionals say analytics increase efficiency
Users are realizing the value of legal BI and analytics and see the technology as an instrument to help increase knowledge, competitiveness, and overall efficiency. Chuck Nebel, the COO at McNees Wallace & Nurick shares a great example how its helped him: "I could not imagine going into this environment without the metrics updated daily. If you don't know if you have enough cash to go through the next few months how are you operating efficiently? You need the information on more than monthly basics, weekly or daily is now VITAL."
All aspects of the legal industry from law firms to legal professionals and even law schools should know what to do and how they can utilize BI and analytics moving forward. Law firms should provide all of their professionals access to their business intelligence and analytics tool. Legal professionals should take advantage of training opportunities to gain a stronger understanding of how the firm's tools work and what it can do to help them enhance their day to day job. Additionally, if law schools incorporate analytics and BI coursework into their curriculum it will help to meet the demands for new skillsets when working in a firm. The 2020 Legal Analytics Survey shares that some of the greatest uses of analytics and business intelligence is for pricing projects and matters, pursuing new business, and competitive intelligence which are areas every legal professional would want to improve upon. Legal professionals at firms without access to legal analytics believe there is value in using these tools. Don't let your firm be one with people who feel like they are falling behind!
Legal analytics, business intelligence, and reporting are all here to stay and it's time that your firm works smarter and not harder! 75% of respondents have seen an increase in the usage at their firm in the last 12 months and 92% plan to increase their use of legal analytics in the next 12 months! These tools are no longer a nice to have, they are a need to have! If your firm does not have the tools that your competition does you will quickly fall behind. And clients expect their firms to have access to the best technology and information to gain competitive advantage!
- 10 Key features your BI tool should have
- BI- no longer a nice to have, a need to have
- Business Intelligence Case Study with McNees
- Business Intelligence Case Study with Saul Ewing
- 2020 Legal Analytics Study: Bringing Value into Focus
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.