What is Legal Analytics?
Without it, corporate law departments can’t prove the value they’re driving – or drive more of it.
The Rising Role of Legal Analytics
Even just a few years ago, data existed, but wasn’t viewed as completely valuable. Until experts (and the solutions they created) figured out what to do with it all. Now, reporting and analytics in Legal are an essential piece for making sure your legal management and legal operations are on the right side of history.
Gaining Access to Your Data
With all your legal management information stored in a single source of truth, Legal Operations has the opportunity to mine their own data for valuable insights now more than ever.
By providing the visibility and measurement to show progress and effectiveness of strategies in reaching departmental goals, Legal can enable the entire team to use data within the decision making process.
Through dashboards and better tools for accessing data, users are able to consume, analyze, visualize and interact with data through a user-friendly interface that provides detailed views relevant to the needs and preferences of each person or role.
Reducing Legal Spend
When you have better access to your legal analytics, you can use those insights to drive down legal spend.
Just a few ways you can achieve this?
- Compare costs and outcomes to better evaluate your outside counsel selection.
- Quickly surface and share the status of legal spend and matter work-in-progress.
- Recognize trends and inefficiencies so you can make value-driving adjustments
When you can drill into legal analytics directly from dashboards and get specific answers more quickly and easily, uncovering new ways to reduce legal spend is easy.
Driving Competitive Advantage and Value
If you don’t have the right reporting and analytics tools for driving actionable insights and value from Legal Operations, chances are high you will fall behind your competitors that do.
Why? Several leading Legal departments have already driven competitive advantage for their companies through using data to:
- Gain access to new patents and new markets faster than their competitors
- Complete mergers, acquisitions and contracts more rapidly and at lower cost
- Save hundreds of thousands, if not millions of dollars from cutting costs and improving efficiencies unlocked by data in their Legal department
Reporting and analytics are one essential piece for making sure your legal management and legal operations are on the right side of history.