KNOWLEDGE MANAGEMENT
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Law Firms Harnessing the Power of Data
Importance of Data
Data is a key business asset for any successful company. Let's
look at two dominant companies using data: Netflix and
Amazon. Netflix uses data on what viewers watch, for how
long and how oen to predict what a person might want to
watch, what new shows could work in that environment and
more. Amazon uses data on everything we purchase to drive
additional recommendations. Both companies rely heavily on
the data generated by their users. Without this data, would
these companies dominate our lives as they do today? In the
same vein, law firms can gather exceptionally helpful research
data and data regarding clients to further our own and our
clients' interests.
Every device, every client, every employee, every
activity – everything that is happening in the world around
us is producing incredibly rich data that can help law firms
create new efficiencies, predictive analysis and new pricing
and business models that can be used to aid our lawyers and
clients. Leveraging the data and providing easy access can
be a true differentiator for any firm competing in today's
competitive legal market. Combining clean data with process
and technology can equal beer profitability.
Proactive firms focus on how their own data combined
with external data sources can be used to inform strategic
decision making for clients, support investment decisions and
pinpoint where new business opportunities exist. These firms
transform data into intelligent action. At both my prior firm
(Baker Donelson) and my current firm (Shearman and Sterling)
by Meredith L. Williams-Range of Shearman & Sterling LLP
Law Firms Harnessing
the Power of Data
