“Time and money are your scarcest resources. You want to make sure you’re allocating them in highest-impact areas” – Matt Trifiro
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?
Over the coming few weeks, we will be looking to provide some answers to these complex questions. In our firmwide analytics blog series (to be released as a free e-book) we will examine the different operational and practice related data streams firms can collect. We will also be looking at the types of insights firms can hope to gain from their collection.
Data collection throughout the firm
So, what makes up firmwide analytics? As part of our firmwide analytics series, we will be covering the following areas:
- Analytics and Business Development
- Analytics and succession planning
- LPM and analytics
- Pricing and scoping
- Knowledge Management and legal practice based analytics
- Analytics for C-Suite and Executives
- Identifying efficiencies through analytics
- Presenting and understanding your data
Throughout each area, we will be covering a number of ideas. First, we will be looking at which streams of data firms can collect. We will also be looking at what tools can help you collect and analyse this data. Finally we will be looking at what insights your firm can hope to gain from collecting and analysing this data.
Analytics at scale
By pulling together data streams from all over the firm, it is possible to allocate time and resources in the best possible way. In light of the changing landscape of legal practice, it is only through understanding every facet of your law firm that you can ensure success for the future. For all those firms who have yet to set out on this journey, we hope that the coming series of blogs will act as a guide in this endeavour.
Illustration by Tara Lingard