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KNOWLEDGE MANAGEMENT 49 WWW.ILTANET.ORG | ILTA WHITE PAPER 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

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