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Our Journey to Integrate Data into Law Continues – I Predict You Will Like This Next Phase

June 24th, 2021

Uncategorized

Our Journey to Integrate Data into Law Continues – I Predict You Will Like This Next Phase

June 24th, 2021

Our Journey to Integrate Data into Law Continues – I Predict You will, Like This Next Phase

Our Journey to Integrate Data into Law Continues – I Predict You Will Like This Next Phase

Our Journey to Integrate Data into Law Continues – I Predict You will, Like This Next Phase. A while back I started our journey from isolated, siloed use of data in legal towards a new end of not just analytics and prediction, but virtual modeling. I started by describing the single source of truth for legal organizations. I then covered the next phase, where the process provides a way to transform legal work. Now we are up to the third phase, where we can start to drive more advanced business processes.

  1. Implementing the single source of truth
  2. Developing processes
  3. Empowering analysis and prediction
  4. Leveraging virtual models

Phase 3: Analysis and Prediction

Many of our clients today have hundreds of thousands or millions of matter records. Along with all of that data is a wealth of knowledge, because they have not just a lot of data but a lot of data in context. You can do analytics and you can look back on that information and start to come up with new insights. So, for example for this particular type of matter, when we do these three things and don’t do this other thing, the outcomes are positive. Perhaps the results are more in our favor or the settlements are better. Or perhaps the cost to handle the matter is lower. 

With a store of historical data and the context, you can now go back and get the history of the why of things: why did things work out the way they did? You can then drill down to discover what specific things that you might be doing in the future could better affect your outcomes. For my final blog post, I’ll take this even further to talk about more actively modeling and other types of analysis that can be done on this type of information to actually game out the future outcomes.

Cost is Critical, But Productivity Even More So!

Before we get to that Brave New future, we do need to address one big roadblock – and I mean big – cost. You always need to be looking at costs along with benefits. One of the things about looking at specific costs for Cloud computing is that traditionally it’s a subscription-based model. There is an ongoing recurring cost, but as a big plus – and again I mean big here – you are no longer paying big money (OK, I can do that big thing again, but you get it by now) purchasing hardware that the day it comes into the door It’s obsolete. And you don’t have to worry about software licensing and big implementation costs either. 

With Cloud-based platforms, all of that’s covered for you. You can essentially just sit down and start developing applications for your end-users and your stakeholders. The benefit of supporting the business effectively and being able to support the business with effective applications as the business changes far outweigh the costs of Cloud computing. But to be clear it does require a big (big!) change internally of mindset.

It might be easier to make that big mindset change where the billable/non-billable hour cost of unaddressed inefficiencies becomes clear. One of our speakers on our webinar, Eric Hurwitz, Partner at Stradley Ronon and Co-Chair, Financial Services Litigation, followed up on my discussion of costs by mentioning how driving productivity was “one of the things that was on our mind.” Eric’s firm found that the loss of small pieces of time over the day for each professional at the firm just looking for the same information over and over again really started to add up. Once they calculated all of that lost time, they “readily learned” that our system “would pay for itself in in in far less time than a year, and that of course then you’ll have the benefits going forward.” What seemed at first to be a cost-based concern for Stradley Ronon turned into “kind of a no brainer” once they worked it all out. 

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