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Being a lawyer often requires wearing many hats. Obviously not literally, despite judges giving us all a little more latitude in what we wear.
One of the big hats that lawyers, particularly those that manage other attorneys, need to be wearing on a near daily basis these days is the data analyst hat. Thanks to the modern world we live in, even the smallest of law firms can take advantage of big data tech, and can benefit from data analytics from basic to advanced.
Below, you can read about a few of the reasons lawyers need to be data analysts too.
Clients Demand It
For some attorneys, the reason to start doing data analytics is simple: clients are asking questions that only data analytics can answer.
One of the prime examples of how legal data analytics can benefit clients involves estimating costs, as well as chances of success. By using historical case data, attorneys can provide clients with better outcome predictions and fee estimates at the outset of a case, which can certainly help to quell the typical client anxiety over the un-estimate-able legal bill.
Not only should legal consumers be demanding attorneys use big data to keep them better informed, but lawyers should be clamoring to get the data to help them improve their processes and practices.
Unfortunately, one of the big issues when it comes to law firms and lawyers using data analytics to improve their practice is that the data that needs to be tracked needs to be captured. Capturing data often requires changing the way things get done. And we lawyers are among the most change-averse people out there, particularly if that change requires even a second more of our time.
However, in addition to using data to better your own performance, data from discovery, and particularly ediscovery, can be captured and analyzed. And while many lawyers may be familiar with the process of “coding” documents, these days, AI can do most of the coding, allowing attorneys to focus on analyzing the data.