Blog
How Business Intelligence Brings Lawyers into the 21st Century
The job of a lawyer is increasingly about what predictions and assumptions they are making on a day to day basis, whether that be in connection with internal or external impact, costs, level of service, risk assessment and probable outcomes.

The lawyer has become part traditional lawyer, part-counsellor, leader and strategist. Further to that, the analytical tools and methods being used to make these predictions are also important to the functioning of the organisation and relationships with clients and outside counsel.

This focus on business intelligence and analytics was usually the domain of the financial department around billing and collections. However, for it to be of optimum value, business intelligence tools are being employed in how data is captured and shared, as a way of enhancing the connection between finance, technology and marketing/business development.

There’s no doubt that law department larger budgets are being sought for further investment in legal analytics and enterprise legal management as general counsel look to redefine themselves as ‘profit centres’ and strategic partners to the rest of the organisation hop over to these guys.

Jason Parkman, CEO of American firm Mitratech, which certifies lawyers that meet specific criteria in the area of legal analytics says that legal reporting needs to be robust “across all dimensions of the legal departments.”

The continued trend of the law department being more closely aligned with the business can be seen in the increased adoption of technologies that not only look back on the data of the past, but can also predict behaviours of the future. It is also about finding an analytics platform that is able to ingest data and crunch the numbers from multiple sources through a single service.

In other words, the reports need to make sense and be easily digestible. This level of standardisation is paramount, as presenting metrics to decision-makers when the underlying data is anything less than apples-to-apples can lead to incorrect conclusions and misguided action plans.
The job of a lawyer is increasingly about what predictions and assumptions they are making on a day to day basis, whether that be in connection with internal or external impact, costs, level of service, risk assessment and probable outcomes. The lawyer has become part traditional lawyer, part-counsellor, leader and strategist. Further to that, the analytical tools and methods being used to make these predictions are also important to the functioning of the organisation and relationships with clients and outside counsel.

This focus on business intelligence and analytics was usually the domain of the financial department around billing and collections. However, for it to be of optimum value, business intelligence tools are being employed in how data is captured and shared, as a way of enhancing the connection between finance, technology and marketing/business development.

There’s no doubt that law department larger budgets are being sought for further investment in legal analytics and enterprise legal management as general counsel look to redefine themselves as ‘profit centres’ and strategic partners to the rest of the organisation.

Jason Parkman, CEO of American firm Mitratech, which certifies lawyers that meet specific criteria in the area of legal analytics says that legal reporting needs to be robust “across all dimensions of the legal departments.”

The continued trend of the law department being more closely aligned with the business can be seen in the increased adoption of technologies that not only look back on the data of the past, but can also predict behaviours of the future. It is also about finding an analytics platform that is able to ingest data and crunch the numbers from multiple sources through a single service.

In other words, the reports need to make sense and be easily digestible. This level of standardisation is paramount, as presenting metrics to decision-makers when the underlying data is anything less than apples-to-apples can lead to incorrect conclusions and misguided action plans.

Get in touch

For more information or to schedule a demo please contact us

Contact us

Resources

Litigation Budgets are here to stay

Lord Justice Jackson’s Civil Litigation Costs Report of January 2010 was the biggest review of civil procedure in England and Wales since Lord Woolf’s Access to Justice Report in 1996.

Read more
View All

Blog posts

British Innovation And Start-Up Heads Wholly Unsupported By Legal Sector

The founder of a legal comparison and procurement service has said that the law’s refusal to catch up with and…

Read more

PI Claims Culture Still No Clearer As Government Reveals It Cannot Produce ‘Robust’ PI Claims Data

A chink in the armour of government policy as related to the personal injury claims industry was revealed recently when…

Read more
View All