lmatech2013: the unfair advantage of actionable business intelligence in the law firm
DESCRIPTION
Mark Hinkle, President and COO, Manzama Law firms today are under the increasing pressures of competition, price pressure, and constrained budgets. Yet at the same time, they are being asked to provide better service to their clients, and to do more with less. One of the ways that firms cannot only survive, but thrive, in this environment is to harness the power of technology to perform tasks that humans once were required to do. For budget and resource restrained firms today, technology can provide an “unfair advantage” and allow them to more easily uncover relevant and actionable intelligence around clients, industry sectors, and areas of practice or focus that results in better client service.TRANSCRIPT
The Unfair Advantage of Actionable Business Intelligence in the Law Firm
The Information Problem Lawyers & law firms know they need to monitor client & other activity, but are overwhelmed with information, but most of it is irrelevant, resulting in huge time investment to weed through data. Content sources are fragmented, disparate and growing beyond our ability to keep up.
Information is delivered in linear format, making it difficult to make sense of the sum of the data….like “drinking out of a fire hose.”
What we hear from In-house Counsel…
• “My lawyers don’t understand my business”
• “My lawyers don’t understand my industry”
• “My lawyers are too reactive in their approach. They are very good at helping me with problems, but not good at helping me to anticipate and avoid them.”
We know we should know more about our clients businesses and
industries, but how?
Listening/Intelligence Platforms Can Help
• Personalization of Business Intelligence– Finding vs. Searching– Knowledge Advantage
• Standardization of Business Intelligence– Information in One Place– Centralization of Information (Feed Mgmt)
• Visual Cues Make Finding Insights Easy• Speed of Information-First Mover Advantage• Predictive Analytics
Why?• Too much information available in too many places.
Law firms overwhelmed with data
• Need a very efficient method to understand clients businesses and industries
• New sources (Blogs, Twitter, etc.) demand new methods to uncover insights
• What each of us cares about is different
Case Study #1 – Listening Platform vs. Search Engine
Broad Information for the Masses. Duplicative. Not
Timely
Case Study #1 – Listening Platform vs. Search Engine
What other law firms are
mentioned in conjunction with
client
Issue watch – trending with client
Case Study #2- Visual Cues: Show Users Where To Look
Case Study #2- Visual Cues: Leverage Leading Indicators
Case Study #3- Predictive Analytics• Fair Credit Reporting Blog Activity Increasing (Anticipation)
Case Study #3- Predictive Analytics• FTC Hands Down Decision (Event)
Case Study #3- Predictive Analytics• Dockets & Litigation Go Through The Roof (Result)
In Summary: Why Listening Platforms?
• Information Is Relevant & Personalized• Information is Consolidated• Wider Array of Sources Can Be Mined• Information Is Timely (First Mover)• Information Is Suggestive• Information Is Predictive
