“Data-driven” is the new buzzword. According to a Coalition of Technology Resources for Lawyers Survey, in-house legal teams are increasingly using data analytics for a variety of tasks, and nearly all surveyed agreed that analytics will play a crucial role in the future of the services they provide to their organizations. But what does this really mean? What data needs to be collected in order to achieve departmental and business outcomes? More importantly, what does it take to be a truly data-driven legal department?
A Timely Opportunity for Legal Tech
Legal teams have the opportunity to embrace the data-driven mentality by leveraging legal technology such as e-Billing and matter management software. This technology provides insights that legal teams can leverage to more accurately make key expense predictions, grow teams in the right ways at the right times, and drive rate negotiations with outside counsel. Such insights can also help legal teams communicate more effectively with other department leaders, such as heads of marketing, sales or engineering.
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