Data Intuition - A Differentiator for Law Practices
According to the 2015 ABA Legal Technology Survey Report, practice management availability at law firms is at its lowest point in recent years: just 45% of firms reported having it available. Only 30% of law firms report actually using it. Adoption numbers have actually gone down since the 2014 report.
Despite the presence of several practice-management applications, law firms and practice groups hesitate to adopt these all-in-one solutions, possibly because they require staff and attorney training, involve difficult application migrations and create vendor lock-in.
Evidently, most lawyers are using disparate technologies for
Document management and assembly
Time and billing
Contacts / CRM
Web / social engagement
Training and Knowledge Management
As a result, law practices face a host of data-management challenges both internally and externally, making it very difficult to get a 360-degree understanding of their business or a harmonized, reliable version of essential facts and metrics. Among other disruptive forces affecting law firms today, data continues to grow exponentially in volume, variety, velocity and complexity - both within the law firm and in the outside world.
Another significant trend in the legal profession is the increasing need for collaboration across functions, organization boundaries and specializations. Recent research by Heidi K. Gardner at Harvard Law School reveals a direct correlation between collaboration and increased revenue (see graphic).
Consider how ineffective data management can pose a serious impediment to collaboration among lawyers. Herein lies a significant challenge for the legal industry, and an opportunity for proactive law firms to leap ahead of competitors.
Collaborate Better Using Data Intuition
In an increasingly competitive environment where margins are shrinking, how do law practices differentiate themselves?
Successful law firms can gain an edge over the competition by developing the capability (people, process and technology) to:
Proactively blend information from disparate, dissimilar sources, and deliver timely recommendations into their decision making.
Inform and guide the data blending and recommendation engines through individual and collective intuition, harnessed through collaborative problem solving and agile innovation.
Rapidly prototype and instrument processes to deliver vital information and intuition back into the decision engines, forming a learning system.
This balance of information and intuition gives decision makers the ability to “Measure” and “Sense” with greater precision in all directions, so that they can make better decisions that improve efficiency, accelerate growth and achieve greater impact.
Better decisions result in stronger capabilities, excellent services and delighted clients.
At least one half of this picture has been applied in other industries for a variety of purposes, such as demand prediction, pricing algorithms and predictive maintenance. Given the importance of domain expertise and contextual heuristics in the legal industry, the balance of information and intuition would yield a more effective and sustainable solution for law practices, especially for high value, repetitive functions.
Pain points, Value Proposition and Benefits
A systemic cycle of information and intuition in an organization as shown above may seem ideal, but is often impeded by various factors including:
An inability to find information when it is required.
Poor data quality resulting from disconnected silos of information.
Incomplete or incorrect understanding caused by duplication and inconsistency of information.
Lack of structured collaborative problem-solving that integrates conflicting data sources.
Rigid control structures and inefficient communication channels.
Absence of learning mechanisms to avoid mistakes from recurring.
DataIn2it offers a set of custom solutions and managed services built around Data Intuition to remove these bottlenecks so that information and intuition flow naturally:
Customized Data Integration Solutions : Reliably deliver insight into the decision making process through resilient data pipelines from disparate sources, automated integration and interactive visualization. This can improve a law firm’s ability to profile clients and cases, or dynamically model and test pricing strategies.
Training on Collaborative Learning and Data Driven Problem-solving : Improve how your teams and partners achieve results through structured collaboration using data driven problem solving, rapid prototyping principles and instrumented learning loops. Law firms will learn how to balance information and intuition to improve decision making.
Managed Data Quality and Data Governance Services : Data Intuition experts will embed the culture, processes and tools required for reliable data stewardship into your environment. We diagnose and remediate issues through a managed service that can be tuned to the desired level of ownership, based on your organization’s needs.
Benefits for law practices include:
Predictable and reliable data management
Increased monetization of information assets
Better integration with customers and markets
Better control over external and internal risks
Culture of data driven problem solving
Rapid decision making and prototyping
Getting started with Data Intuition
Contact us to schedule a diagnostic workshop to assess your Organization’s Data Intuition and learn how to dramatically improve your organization’s ability to measure, sense, decide and act. This workshop will be conducted at your location or through videoconference for remote offices.