Analytics and Big Data in Law Firms

PowerPoint Presentation

Lawyers Weekly Future ForumAnalytics & Big Data in lawBree MoodyExecutive Director, Commercial & Strategy

Lawyers Weekly Future Forum

2016 Legal technology survey 750 AUTRALIAN RESPONDENTS FROM ALL LEGAL SECTORS.




Lawyers Weekly Future Forumlaw firm selection process

business development

EFFICIENCIES THROUGH automation

Analytics & Big Data in law


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How do clients find you?Law Firm selection Process



Legal analytics are now being used to select and manage law firm panels and case preparation.Case data is enabling a view on parties, lawyers, law firms, judiciary, findings, damages awarded and jurisdiction.)

Insights from data can help to make predictions about how parties may behave.

Leading to compelling strategic planning on case presentation and confidence in law firm hires.

Legal Analyticsuse of data to make quantitative Predictions relevant to both the business and practice of law.


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Find the most experienced and cost efficient counsel; and

Build a panel of cost conscious litigators with the proven skill, expertise and judgement to win matters.

US CASE Study: YAHOO

YAHOOs OBJECTIVE:


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Top 100 ASX Company$9b turn over per annum100+ in-house lawyersExternal legal spend $30m per annum

AUSTRALIAN CASE STUDY: COMPANY X

COMPANY X PROFILE:


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Australian Case study: Company X

Shan mukerjeeProduct strategy manager aPAC


How do you find clients?TARGETING AND ENGAGING CLIENTS


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Business Development

Analytical solutions can help law firm leaders manage by fact rather than by instinct

Savvy firms are using analytical tools to identify:Lifetime value (LTV) assessmentsIdentification of cross-sell opportunitiesSegmentation of clients


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VIRTUALISTION OF LEGAL SERVICESRISE OF NEW LAW TECH COMPANIES We consider ourselves a tech company that provides legal services. We use behavioral profiling to simulate clients communication preferences and never meet our clients face to faceKatie Richards Founder Virtual Legal

Lawyers Weekly Future ForumDo more. Do better. TRANSFORM YOUR FIRM

Lawyers Weekly Future ForumHow will your firm change

Practitioners will have more time for the higher value tasks.

Heavy manual labour tasks will be automated and enable higher quality and quantity outputs.

Your firm will have greater insight from existing data sources, cutting down on the amount of labour involved in certain traditional research tasks, as well as broadening the horizon of research by allowing access to data that was previously too obscure/ too buried.

WHAT WILL YOUR FIRM LOOK LIKE IN 2020?


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Document management tools: among the most used in the workforce47% use document mark-up annotations tools 39% use document management tools15% use document assembly tools28% use technology for matter management

Technology replaces drafting


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EFFICIENCY THROUGH AUTOMATION

GLENN COOKSLEYProduct strategy manager aPAC


QUESTIONS?
