Posted by: johnocunningham | September 28, 2017

Data Mining and Analytics for Lawyers

Every large corporate client that every business law firm is chasing has turned to data mining and analytics to get an edge on understanding their customers, anticipating trends, predicting sales for new products and making a host of key business decisions.

Now lawyers are starting to follow the lead of their clients, utilizing tools such as Lex Machina, Bloomberg Law Litigation Analytics and other data analyzers to accomplish the following:

  • Predict the damages that a judge or jury will award in a particular type of case brought in a particular venue;
  • Compare pricing and other metrics within a local or regional market among law firms to position a marketing strategy or win a competitive edge in that market;
  • Do peer performance bench-marking against other firms;
  • Predict what the market will bear for certain types of intellectual property licensing; and
  • Make assessments or decisions related to any publicly or commercially available data sets.

For legal teams that are already making use of these tools, there is a huge opportunity to grow connections with clients and prospects by communicating about these technological capabilities and inviting others to join in the discussion about how to improve client outcomes and costs by making better use of data analytics.

 

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