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Data-savvy law

07 October 2016 / Jeff Hemming
Issue: 7717 / Categories: Features , Profession
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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.

An evidence

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MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
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