Building the Data-Driven Law Firm

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii

About the authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi

Chapter 1: A single source of truth for your firm
By David Curle, legal content and research lead, Litera
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Removing barriers that separate data into silos . . . . . . . . . . . . . . . . . . . . . . . 1
A single source of truth for strategic planning . . . . . . . . . . . . . . . . . . . . . . . . 2
A single source of truth for marketing and business development . . . . 3
Data in marketing strategy and communications..................... 4
Data in biography content management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
A single source of truth for winning more business - pricing and scoping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
A single source of truth for service delivery excellence . . . . . . . . . . . . . . . . 6
Experience management for staffing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Collaboration - identifying and addressing white space . . . . . . . . . . . . . . 7
Legal project management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
A single source of truth as the engine for strategic growth . . . . . . . . . . . 9

Chapter 2: Unlocking contractual data
By Shilpa Bhandarkar and Doug Donahue, Linklaters | CreateiQ
Defining "contractual" data and appreciating its potential . . . . . . . . . . . 11
Accessibility of contractual data and the need for "structured" data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
What digital platforms and structured data enable us to do . . . . . . . . . 14
What this looks like in practice: Derivatives industry case study - ISDA Create . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
What does this mean for law firms? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Chapter 3: Law firms' approach to talent and the current lack of data collection
By Phil Burdon and Tom Spence, Donoma Advisors
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
What areas of data are currently used in the industry? . . . . . . . . . . . . . . . 22
Is there greater potential to use people data? . . . . . . . . . . . . . . . . . . . . . . . . 24
Desire for change exists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Challenges for change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Critical factors for success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Chapter 4: Data Bites
By Joanne Frears, solicitor, Lionshead Law
Definitions and interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Big Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Big Data, smart data, and value-add . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Data, trust, and confidence in the profession . . . . . . . . . . . . . . . . . . . . . . . . . 36
Outliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Chapter 5: Data in a remote environment
By Silvia Bauer, Luther Rechtsanwaltsgesellschaft mbH
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
General data protection requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Regulations for technical-organizational measures for mobile working . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Data exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Control rights for mobile working . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Chapter 6: Building a data-driven business development strategy
By Yolanda Cartusciello, PP&C Consulting
Learnings from data: people say one thing and do another . . . . . . . . . . 55
Bringing data into content marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Using data to inform business development . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Using data to inform the "go/no go process" . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Using data to improve proposals and interviews . . . . . . . . . . . . . . . . . . . . . . 61
Using data to improve service delivery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
The new data frontier . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Chapter 7: Analyzing data to increase efficiencies - the client's perspective
By Mori Kabiri, InfiniGlobe LLC
What are metrics, KPIs, and KRIs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
What's the report on reports? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Where to source the freshest data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Financial reports that make cents (sense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Operations analysis and results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
More advanced invoice data analytics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Chapter 8: Why your data might be useless
By Jaap Bosman, consultant - partner
Snake oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
Data, an early experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
25 percent savings on external legal spend . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
CRM frustrations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Financial analysis - risks and shortcomings . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Much of the data is "useless" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Data analysis for law firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Prediction and prevention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
Data are the alpha and the omega . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Chapter 9: Data in the 2020s
By Paul Brook, Dell Technologies
Data at the top table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Hot or not? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
Threats and opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

About Globe Law and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

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• Vocações e práticas legais

Data, Data-driven law firm, Technology, AI