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Welcome to the third instalment in our blog series on firmwide analytics. Ask anyone who has attended a legal conference recently, and they will tell you that data is everything. From AI applications to machine learning, it all hinges on information. However, there seems to be less certainty about exactly which data everyone should be collecting. Or why for that matter… For this very reason, we at Clocktimizer will be looking at the full range of data analysis available to firms. We will be breaking down firmwide analytics by department and exploring the data to collect, the insights you can hope to gain from it, and how you can apply these learnings in your firm.
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Welcome to the second installment in our blog series on firmwide analytics. Ask anyone who has attended a legal conference recently, and they will tell you that data is everything. From AI applications to machine learning, it all hinges on information. However, there seems to be less certainty about exactly which data everyone should be collecting. Or why for that matter… For this very reason, we at Clocktimizer will be looking at the full range of data analysis available to firms. We will be breaking down firmwide analytics by department and exploring the data to collect, the insights you can hope to gain from it, and how you can apply these learnings in your firm.
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PitchPerfect is the leading solution to all your legal pitching problems. Integration directly into Word and PowerPoint the software provides the marketing and business development team, of a law firm, with the ability to navigate the interface with ease.
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As we outlined last week, we are starting a new blog series covering firmwide analytics. Having already looked at what a data governance policy actually is, we will be diving further into the topic’s practicalities. Namely, we will be looking at the sort of data your firm should be collecting, which areas it should be collecting them in, and what sort of insights it can hope to get from this data. Taken together, the blogs will provide a solid starting point for any firm looking at getting the most out of their data.
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At Clocktimizer, we’re in the business of data. We believe that the right data, and the right analysis of that data, can guide firms towards making better decisions. However, data collection and analysis is no simple task. Most firms do not have access to a data scientist or analyst. So how to know what data to collect? How can a firm create a data strategy across all of the different moving parts that make up the modern law firm?
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As we have noted in recent blogs, data collection and analysis is essential to the long term success of your business. Whether it be profitability analysis or looking for ways to improve processes, data guides the process. However, data analysis is not something to jump into blindly. While working on drawing meaningful conclusions from your data, you are likely to encounter many challenges. It may be difficult to collect or identify the right data streams. The data itself may be incomplete, inconsistent, or unavailable.
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For the past few blogs, we have been highlighting the importance of data in law firms. Not only how it is collected and stored, but why. We have shown the importance of evaluating the quality and accuracy of your sources. We have also looked at how good data can keep budgets on track in a huge variety of ways. Today, we are looking at one of the final pieces in the puzzle for many law firm executives. The relationship between data, pricing and firm-wide profitability. We look at why firms should prioritise pricing (not productivity) as the key metric to ensure the best returns. We also take advice from industry leaders on how to integrate and manage good pricing strategies.
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For the last few blogs, we’ve been discussing the importance of data management. A good data governance policy not only identifies how to collect and store data, but why. Data governance is becoming increasingly important, particularly as the legal profession is becoming increasingly data-driven. Clients are demanding transparency and an end to billing by the hour. To this end, last week we looked at the importance of evaluating your data sources. So, having ensured you are collecting data, and that the data is as accurate as possible, this week we are looking at what you can do with it. And that means budgets. Or more importantly, how to stick to them.
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Last week’s blog, on the importance of Data Governance, looked at how and why law firms use data. We stressed how essential it is to have a Data Governance plan, not only for safeguarding the data you collect, but also to use it to improve the business of law.
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Everyone can write, right? And you know all about the law because you work at a law firm. So, it should be pretty straightforward to sit down and write some content for your firm’s website, shouldn’t it?
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Data Governance has had something of a resurgence in public consciousness in recent years. Horror stories of Amazon and Google using humans (rather than the more impersonal AI) to listen to your conversations to optimise performance have taken over the media.
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Cross-selling pervades most industries. From Zara attempting to push the latest homewares on you, to Apple foisting another wearable on the market. However, within the legal industry, cross-selling is relatively unsuccessful.
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For those who are closely involved in the organic search engine marketing industry, it has become obvious that over the past few years Google has been rapidly accelerating the pace at which it releases major updates to its search algorithm. For the first time ever, Google has even began pre-emptively warning of and even naming a major update, which has traditionally been the responsibility of the wider SEO community at large.
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Operational excellence. Attendees of this year’s legal(tech) conference circuit will be no stranger to the term. It has become the new holy grail of both in-house counsel and their law firm counterparts. Put simply, it is the desire to get work done faster, smarter and more efficiently.
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If you’ve been in practice for a while – or even if you’ve only recently started – you’ve probably noticed that it’s getting harder and harder to attract and convert the right kinds of clients.
