By Anonymous • May 08, 2017•Issues, Other Issues
Following along with the different legal technology blogs, you will find that the big data concept for law firms has come up quite a few times. This is because more often than not, the technology pundits are thrilled with the potential for diving into data and using it as a way to benefit lawyers and their clients. All too often, the ideas can seem to be made up of a great deal of wishful thinking rather than practical ideas that you can start using in your law practice today.
Earlier this year, the Chicago ABA Techshow featured a presentation by Adam Nguyen and Ed Walters entitled "Data Is The New Oil - Lessons from Standard Oil, from Smart Diapers and Uber for Law Firms." During the seminar, they shared some examples on lawyers using data analytics for law firms while visual notes were taken on this session by Stephanie Crowley on behalf of MyCase.
These are some of the top tips for use from this session:
Clients Need Better Information
The presenters noted that the legal profession is right on the edge of what is being touted the age of data. Lawyers have the ability to make choices on hard data instead of just on a hunch. One way that you can use data within the law practice is to work to inform, advice and educate clients. The presenters went on to further explain that you cause use the data that has been collected by the law firm to show where the value is in the services you are providing to clients.
You have the ability to use predictive analytics for tracking and responding to the behavior of your clients to give real time reporting with web-based client portals. Basically speaking, you can make the data from your firm visible and easy to access for your clients. The author explains further that this can bring about many benefits, including:
By allowing data to be accessed when they want it can reduce the time that the clients are spending to get in touch with the firm, thus increasing customer satisfaction as a whole. For example, when you have information billing in real time on a secure portal that the client can get into, it will mean that they will not have to take the time to call your office to check on the billing. Also, if you have a client that is waiting on information for an important decision, the portal can easily be updated when the information becomes available. This makes it so that they do not have to wait for their legal representative to have the time to call them with an update.
Improving Document Reviews
Artificial intelligence is making it so that you can now use it for the streamlining of the entire document review process. Machine learning is good for speeding up document review to make a process that is much more cost effective and efficient.
These are not just fluffy predictions, either. Law firms are now already involved in using predictive analysis for saving money and time for the discovery process. This is just one of the examples:
While using predictive coding and eDiscovery, BakerHostetler had the ability to narrow down the scope of reviewable documents for one case from 800,000 all the way down to 17,000. The attorneys had the ability to find patterns and links between the documents or people, which may otherwise go unnoticed with a more traditional review of such documents manually.
Offer Law Firm marketing Analytics
You can also use big data for marketing purposes. Many businesses are already doing this. The presenters explained that it is now time for firms to start taking this on as well. When you analyze firm data, you can also improve the way that your firm markets, getting much more value for the dollar. Data analytics are also great for helping you to see trends and to analyze the markets, which allows you to foster a message that is more focused for your target clientele.
These are just a few of the different ways that you can easily use big data for your law practice to achieve incredible success. However, there are a number of other ways that you can use it to capitalize on data analytics to further benefit your law firm. The more you look around, you will find even more beneficial ideas on how you can really put big data to work for you and your law firm.
Peter o’Mahoney is a writer and journalist and writes for nPower Jobs. He enjoys contributing to a myriad of publications including this one.