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Law Firms use data to evaluate and check their marketing efforts and learn more about their customers, making use of some of the key tools available to gather and store data.
Attorneys can now use data analytics to inform the cases they try for clients. With the power of technology, they can gather the facts they need to win a case in court. Analytics helps lawyers with the data that is more effective to target the desired client base, create content about practice areas, monitor the effectiveness of marketing campaigns. Both small and large firms can utilize this valuable information to make crucial decisions about law practices, particularly when it comes to getting the most out of the marketing plan. Here are few ways law firms can use data analytics to have success with clients, matters, and businesses.
Leadership with a thought process is important for law firms building reputations within the legal community. With so much data available from various sources, it’s easy for attorneys to access the information they need to put together presentations for webinars and seminars, bogs for legal website publications, and post their articles in legal publications.
Determine data available
The data available to the law firms can be widely segregated into individual data, industry data, and internal data. The individual data can be collected from sources like Google Analytics, landing pages, email campaigns. It is the data that provides insights into website rankings, content effectiveness, and visitor activity. The industry data can be collected by third parties to identify industry trends and patterns. The internal data use billing, time tracking, and client life cycle.
Determine Case Type
Some cases cost more than others to handle, requiring a lot of data, number of man-hours, resources. Your law firm’s individual data can help you determine which cases yield the biggest profits and which cost you more than they bring in. Internal reporting lets you notice exactly how many hours are being spent on each case. You can weigh the data against the profitability of the matter and once you have this information you can make an informed decision about the type of matter your firm wants to pursue maximum profitability.
Predict Legal Systems
By analyzing the case outcomes and the legal system regularly basis, big data can level the playing field, offering small firms the same advantage that the big firms have. As the information is used to strengthen solutions and provide advice to attorneys, courtrooms will also benefit from more informed, better prepared legal systems. For law firms investing in legal analytics can make a big difference in their success rates. They’ll not only be able to save the hours they would normally spend researching, but they’ll have the facts they need to present a case in a courtroom.
Finding ideal client
Attracting your ideal client largely depends on your law firm’s ability to create and disseminate content that speaks to the interests of these clients and places your firm in a positive light within these client’s eyes. The internet has transformed the typical legal client into a sophisticated consumer who wants attorneys to be experts and who can differentiate themselves within the industry. With data analytics attorneys can gather and accumulate data they need to present up-to-date and accurate practice area information whether speaking at seminars, posting content to their website blogs, or writing industry articles. Data analytics gives attorneys the tools they need to stay ahead of the curve and present themselves most favorably to potential clients.
For an attorney who just needs to get things done, data analytics is the right way to make decisions fast. Data analytics is the art, science, and statistics that help decision-makers interpret large volumes of data to understand past trends, future predictions and make better-informed decisions. Analyzing past matters has allowed many firms to meet these demands while maintaining their profitability. Legal service demand is stable but essentially flat and increasingly more competitive. If firms rely only on internal data and experience, they miss the whole picture and end up making decisions in a vacuum. That hinders their ability to win new business and hang on to existing clients. Data analytics lets firms incorporate more information about trends, external news, research, and information trends in the industry.