Forget time is money. Today data is money! An increasing number of analysts and business developers are acknowledging that law firms should do something with all the data they possess. However, to convince managing partners and boards, you need good arguments why and how legal big data shut be put to work.
I am writing this series of blogs to help pioneering lawyers, analysts and business developers convince their peers of the importance of the use of data.
McKinsey says it
In their report: Big data – The next frontier for innovation, competition, and productivity McKinsey says:
The use of big data is becoming a key way for leading companies to outperform their peers. […] Across sectors, we expect to see value accruing to leading users of big data at the expense of laggards, a trend for which the emerging evidence is growing stronger. Forward-thinking leaders can begin to aggressively build their organizations’ big data capabilities. This effort will take time, but the impact of developing a superior capacity to take advantage of big data will confer enhanced competitive advantage over the long term and is therefore well worth the investment to create this capability. But the converse is also true. In a big data world, a competitor that fails to sufficiently develop its capabilities will be left behind.
If you don’t do it, someone else will
While not focussed on the legal sector, the main message of the report applies across all sectors: If you don’t do it, someone else will. I think this is true. Hiding and waiting until someone else does something first, puts you at an immediate data-disadvantage.
If your firm didn’t start building data in a consequent way yet, you may already be behind. The sooner you start, the better, and you still can gain a head start on your competitors if you start today rather than tomorrow.
Clients may step in
If you don’t step into data analysis, your clients will. Lawyers would feel quite embarrassed to find out that their clients have better information than their lawyers. That would be a nasty surprise for lawyers and to avoid it lawyers should make sure that they have their own data thoroughly analysed.
Data creates value
Collecting data and using it appropriately also generates value. You can make a profit out of using and analysing data, for instance by increasing customer satisfaction. Keep on reading and find out what your data is worth today!