Extracting maximum ROI from Legal Analytics
Today, corporate legal departments and law firms are looking to use data to their advantage, to deliver insights that drive positive changes in their workflows and improve their competitive edge in their field. To get the best out of legal analytics, firms will have to evaluate their requirements do the adequate research in order to maximize their technology investment.
When incorporating analytics into their day-to-day workflows, law firms and corporate legal departments will get the most ROI when managing all their processes on an ongoing basis. If analytics are project-based, there will be chances that it will offer short-term success, while the ROI in the long-term will be non-existent. However, the best and simplest way to increase their ROI on legal analytics is to use their analytics tools. Many law firms do not always push for the use of their tools, often not using them at all.
Data analytics incorporates predictive analytics which is useful in the legal system in a number of areas, such as helping corporate clients to determine lawsuit risks and the probability of losing a trial. It can even be used to value and assess claims data, and securities lawyers can help clients understand risks from regulators. Communication and collaboration are also important aspects of improving ROI with analytics. Many law firms perform quarterly business reviews, where data is leveraged in conjunction with the various departments in the firm. The analytics can help law firms assess the various opportunities based on how the data is visualized and communicated. Without adequate communication, opportunities might be missed.