publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/1061453
53 WWW.ILTANET.ORG | ILTA WHITE PAPER KNOWLEDGE MANAGEMENT Law Firms Harnessing the Power of Data client maer data. By taking advantage of external data feeds, lawyers and staff see less data entry and more data verification, which creates a streamlined process and ultimately cleaner, more accurate and complete data. Business development professionals are able to create award submissions, RFP and league tables in days versus weeks. Legal project management professionals are able to create budget, pricing and staffing models within minutes for client and maer teams. Most importantly, the law firm will see fewer write-offs and write-downs related to tasks that clients no longer see as valuable. All of this allows law firms to leverage legal tech for strategic advantage. Let's not forget the critical benefits clients experience when their lawyers have seamless access to data and information: quicker answers to needed questions as well as more predictive staffing, budgeting and pricing on all maers. Recent general counsel surveys and studies, such as the Thomson Reuters 2018 Survey of 106 Corporate Counsel and Altman Weil's 2017 Chief Legal Officer Survey, show that clients care not only about legal spend and risk analysis but also about efficiency. Data plus improved process plus great technology can provide large efficiency gains that flow directly to the client. Every law firm wants to keep clients, and harnessing data is the way to do it. ILTA MEREDITH L. WILLIAMS-RANGE Meredith L. Williams-Range is Shearman & Sterling's Chief Knowledge & Value Officer. She oversees & coordinates global strategy in master data management, conflicts, governance, new business intake, records, legal project management, knowledge management, research services and more. Ms. Williams-Range also oversees many of the Firm's resources that allow Shearman to partner with clients and deliver cutting-edge legal tech. She is widely recognized as a leading authority in innovation, legal tech and the practice of law changes, and is a frequent presenter and author.