Posted by: johnocunningham | January 24, 2019

Wait, I Was Told There Wouldn’t Be Any Math…

Many lawyers go to law school because they do not want to be in business, but that does not mean lawyers can escape the mathematics of success.

A number of the world’s most successful firms are now following the example of their most successful clients by plying sophisticated math formulas and doing “regression analysis” to determine which variables are associated with revenue and opportunity.

How does all this work? Well, one of the best short legal publications I have seen recently on the subject comes from Rees Morrison at the global legal consulting firm Altman Weil. It’s entitled, “Legal Managers’ Progression with Regression: A Lawyer’s Gentle Introduction to Data Insights from Linear Regression.”

One example of a key takeaway from the regression analysis performed by Altman Weil is that the number of lawyers in a commercial corporation’s law department is not a significant predictor of total legal spend. On the other hand, the corporation’s total revenue is statistically significant in its association with legal spend.

Finding new opportunities for your firm involves deployment of multiple marketing and communications strategies. Coming up with the right focus for those strategies, unfortunately for us liberal arts majors, does sometimes involve math !

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