Taking law firm business intelligence to the next level

The way we generate and view data in the legal profession has changed dramatically over the past decade.

By its very nature, data is at the center of everything a law firm does.

In conveyancing, for example, there is a whole host of complex data that must be effectively shared in a timely manner between a range of parties, including:

  • seller
  • Buyer
  • real estate agent
  • mortgage lender
  • UK Land Registry
  • property search providers

In addition to this, the lawyer holds and understands the constantly changing information on conveyancing regulations, how the law should be practiced and how risks should be avoided.

Divorce is another area of ​​law that requires a lot of data.

Customer data must be captured accurately, recorded carefully, and communicated effectively, often in extremely emotional circumstances, before the parties can come to a conclusion.

Personal injury law is another complex and highly regulated area in which lawyers are entrusted with highly personal and sensitive data.

Personal injury lawyers collect and review evidence and a host of other datasets that they must present on behalf of their clients, sometimes with life-changing results.

It is the same for :

  • criminal law firms
  • lawyers court of protection
  • immigration law specialists, and
  • commercial law firms

Expert handling of data of all types continues to varying degrees in all areas of law.

Lawyers witnessing a digital explosion

However, there is an even more important data story to tell for the legal profession in 2022 and beyond.

In our lifetime we have witnessed a huge and continuous explosion of data. Never before has data been so discussed, regulated and valued.

According Statisticalthere were 4.66 billion active internet users worldwide in January 2021, and each time one of these users clicks, it generates more bytes of data.

In fact, other Google research suggests that in 2020 the average person generated 2.5 quintillion bytes of data every day.

The COVID-19 pandemic has rapidly accelerated the adoption of technology in all areas of our lives. These revolutionary times have set consumer expectations for digital solutions at an all-time high.

Law firm clients expect to interact with their attorney and other law firm staff securely online.

Additionally, the amount of business intelligence available, due to widespread digital adoption, is phenomenal.

Many law firms have an appetite for digital disruption

While the legal profession has traditionally been criticized for being slow to adopt technology, many law firms we speak with every day are hungry for digital disruption and greater data visibility.

While many law firms are steeped in tradition, firms are learning from more consumer-centric industries, such as retail and banking. For a long time, these industries have benefited from the use of business intelligence and data analytics.

The consumerization of the legal industry is driven by increasing competition and changing client expectations.

By connecting multiple systems and sets of information, law firms can use it to improve their competitive positioning. How companies use the data they hold is the answer to many industry challenges.

For a profession that has been making data pay for centuries, today’s data explosion brings an additional level of understanding of customer behavior, needs and expectations.

Having successfully monetized data for centuries, law firms are well positioned to embrace the data explosion of the 21st century and take full advantage of the huge dividends offered by data analytics and business intelligence.

Technology for law firms that goes far beyond workload management

Research shows that companies that have used data to improve customer service are successful in retaining existing customers and winning new ones.

With the advent of digital solutions, such as access the workspace for legal services – a digital solution that can connect all aspects of your operations in one view – law firms will finally be able to join all the dots between all their data from multiple systems and do the same.

Things have changed rapidly over the past decade in the law firm legal IT space. Today, companies are looking for practice management and business intelligence software that goes beyond workload management.

They want an all-in-one solution that provides a collaborative space where crucial data is presented with simplicity, giving them the confidence to make sound business decisions.