Why Legal Needs to Think About Data ‘The Way Silicon Valley Does’

Tess Blair, Morgan, Lewis & Bockius. Courtesy photo.

There’s data analysis, and then there’s data analysis. Most law firms today know how to look at a line graph of costs, or to chart revenue from a certain client. But how many firms are actively taking the next step: Seeking out new forms of data to learn something that you didn’t know before, to give a leg up on competitors or to work for clients in an unforeseen way? It’s something that many would say they’d love to do, but answering the “how” can be difficult—unless you know what roadblocks you’re facing.