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will replicate the positive outcome. Also notices
when clients aren't happy (e.g., they are not
paying their bills, so the firm receives an alert
before the disgruntled phone call comes).
• Industry Opportunity Finder: Combines legal
data with industry challenges to identify new
opportunities; matter-type analysis to show
growth in specific clients by industry.
• Firm Rainmaker: Identifies the characteristics of
the ideal client, prospects matching this profile
and successful tactics to pursue these prospects.
• Talent Analytics Manager: Finds best matches
for recruitment and development purposes.
• Intelligent Data Warehouse: Provides an
intuitive interface that can help non-DBAs
easily collect data from various sources and
create dynamic mash-ups or reports to provide
actionable data to attorneys throughout the life
of a matter (e.g., new opportunities with either
existing or prospective clients).
Big data in the legal profession will continue to
grow in scope and influence in the next few years.
When asked about predicting what would happen
in the near future, Nola Van Hoy of Alston and Bird
stated: "For all of our better management of data,
there are new sources and new access points daily.
While the phrase "big data" might become blasé, the
challenge will not pass as easily."
And with this challenge comes the opportunity
for vendors and consultants to create solutions. Oz
Benamram postulates: "In the coming years, there
will be new vendor names in the legal market —
most likely smaller startups that will introduce these
technologies." In the meantime, law firms and legal
departments continue to forge ahead to better
understand their clients and their internal processes.
A KM professional sums it up well when he says:
"Regardless, law firms are now focused on data and
data analytics — BIG or not."
BIG DATA WILL BRING BIG REWARDS
We agree big data might be a buzzword, but the buzz
continues to grow. With the right tools and mindset,
law firms will embrace big data and find the potential
to leverage it. A law firm cannot ignore the nuggets
that can help identify strengths and weaknesses,
and it must apply the analytics that inform business
plans and foster growth.
The law firms of the future are learning to
distinguish themselves now to gain the competitive
edge they need to do business. Knowledge
professionals are well-positioned to help these firms
apply the right processes and assemble the right
tools to mine the gold from big data.
Additional Resources
on Big Data in Legal
» Peer to Peer: Data Management: Taming the
Explosion
» Create a Knowledge Advantage with Big Data
(podcast)
» American Bar Association: BIG DATA: Big Pain
or Big Gain for Lawyers?
» InsideCounsel: How Lawyers and Law Firms
Operate in a Big Data World
» Legal Management: Big Data for Law Firms
» ABA Journal: How Lawyers Are Mining the
Information Mother Lode for Pricing, Practice
Tips and Predications
» Gigaom: How New Tech Can Help Lawyers
Rethink Their Jobs in the Big Data Age
» Big Data-Startup: How Big Data Can Improve
the Practice of Law
» Big Data for Law Firms (book)
» InformationWeek: Law Firm Counts on
Analytics for Profitabilty
» BizTech: The Big Data Opportunity and
Challenge for Law Firms
KNOWLEDGE MANAGEMENT: MINING FOR GOLD IN BIG DATA
