Digital White Papers

I L T A W H I T E P A P E R | I N F O R M A T I O N G O V E R N E N C E 19 Barry Solomon is the Executive Vice President of Foundation Software Group. Wearing alternating hats of lawyer, entrepreneur, general counsel, law firm CMO, and software executive, has given Barry a unique perspective on how technology helps firms differentiate themselves through a combination of people, process, and software. As an associate at Sidley Austin, Barry had the insight that law firms needed a legal-focused CRM to manage client relationships. Co-founding Interface Software, the maker of InterAction, Barry played an early role in the development of legal CRM software. As CMO at Sidley, Barry partnered with Foundation Software Group to develop the first firm intelligence platform, before leaving to become Executive Vice President at Foundation. W H A T I F W E M A N A G E D D A T A L I K E A T R U E E C O N O M I C A S S E T ? These intelligence platforms also include built- in applications to leverage firm data in ways that can be measured and quantified, whether that be for supporting better pricing, saving time in pinpointing answers to client inquiries or winning new business by including specific experiences and best matched lawyers in RFP responses. Finally, the enriched, consolidated information in firm intelligence platforms can be shared or syndicated out for other uses within the firm, including input to AI applications; enhancing the results of enterprise search with meaningful, contextual details; providing current and accurate matter narratives and biographies for firm websites and intranet portals; updating source systems with additional and corrected details; and feeding data warehouses and data lakes to improve the ability of analytics and predictive analytics to guide future decision making and firm strate. Paying Dividends There is significant opportunity for those law firms who choose to manage, value and leverage their information as the economic asset that it is. In fact, those firms who neglect to do so will be left behind. In addition to a strong vision, firms will need people whose mission it is to steward their data, processes for increasing its value and technolo that can help deliver quantifiable monetary returns. ILTA 1. Laney, Douglas B., Infonomics: The Economics of Information and Principles of Information Asset Management, The Fifth MIT Information Quality Industry Symposium, July 13-15, 2011 2. Laney, Douglas B., Infonomics, Taylor and Francis, Kindle Edition, 2018. 3. Cohen, Mark A., What's A Lawyer Now? Law's Shift from Practice To Skill, Forbes, September 23, 2019. 4. Laney, Infonomics (p. 75), Kindle Edition. 5. Framework for supply chain chart inspired by Infonomics: The Economics of Information and Principles of Information Asset Management, Deloitte Development LLC, 2010.

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