Smart data practices can improve work practices and profits in law firms, says Jeff Hemming
Smart data helps law firms understand business development drivers, establish key metrics and continuously measure against them. A smart data strategy that enables law firms to use data to find ways of working smarter and not harder is key at a time of increasing global competition in the legal sector. For example, US firms are achieving much greater profitability than their UK counterparts. If the UK top tier’s global net profit margin of 37% could match the US top tier’s of 46%, it would generate, on average, £115m of additional profit equating to £229,000 per partner (source: PwC 2015 Annual law firms’ survey).
Against this backdrop, it is vital that firms use data to provide the business intelligence they need to remain competitive. Legal professionals will see real benefits from translating raw data into actionable information that helps them respond to client demands for more resources, more time, and greater productivity—improving results and reducing costs along the way.
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