Law Firms Can Better Serve Clients Through Advanced Data and Analytics

The best businesses have been using advanced analytics and predictive models for many years now, noting that these strategies can generate significant improvements regarding the way business is done. Even those in the professional sports industry have begun using advanced analytics to gain a competitive advantage over other franchises, and the results generated by the most data-driven companies and sports franchises indicate that the benefits gained are quite significant. The advanced data and predictive models used in these instances can be easily adapted and utilized by law firms to create a similar advantage.

While it is sometimes a daunting task to convince an established law firm that there are many benefits to be gained by adding an entire team devoted to data, analytics and predictive modeling, the cost of adding personnel with expertise in these areas is beyond worthwhile. This is especially true for firms that represent clients in matters of corporate law, as the use of data and analytics in this particular field of legal practice has been proven to yield tremendous benefits in some different regards. Failing to embrace these advances in analysis and technology will result in many law firms being left behind, and that is simply an untenable option for any law firm regardless of its areas of expertise.

There are many instances in which a team of personnel devoted to data analysis and predictive modeling can aid a law firm significantly, especially for personal injury attorneys in Tampa, but there is a particular benefit as it relates to the discovery process. Analyzing vast amounts of data can be quite time-consuming, but through data analytics, this process is streamlined in such a way that patterns are immediately recognized, and the implications of the data can be realized in a much more efficient manner. Advising clients based on this data analysis becomes simplified and leads to better results for all of the relevant parties.

Many law firms are beginning to adopt these practices on a small scale, but the wisest course of action is the integration of an entire team devoted solely to data, analytics, and predictive modeling, as this will provide any law firm with an immediate and significant advantage for all of its clients, especially those that are in need of legal representation relating to corporate law. The worst outcome for a law firm is to become an anachronism, and failing to adapt in this way will surely lead to this unfortunate result.