Did you know that law firms which use advanced analytics report that ROI is increased by up to 20%? This very powerful statistic is what I’ll call, the “why” behind ROI in the legal industry.
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The legal industry is currently undergoing a profound shift. Advancements in technology and data analysis have become impossible to ignore. Legal analytics, the application of data to the art of legal marketing and law in general, is growing.
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The legal industry is one of the most competitive out there; it seems every potential client is constantly being fought over, and you have to do all you can to win. This means that great marketing can make your law firm stand out from the crowd, but it also means that making just one of the common mistakes below can cost you big time.
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In the data-driven world of the twenty-first century, legal analytics—the systematic “fishing” of legal data to uncover gems of insight—has become an important tool for law firms and corporate legal departments. This approach involves using the world of existing case law, statutes, and other legal information to gain insights and clarify thinking.
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The legal profession's landscape is constantly changing. To stay in the hunt for new business, law offices must employ a variety of available marketing technologies. Doing so will ensure that their ideal clients are receiving their messages without having to work hard to uncover them. Popular platforms for getting the word out about your firm's offerings include social media networks, search engine optimization outputs, and email campaigns.
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In the sea of law firms delivering similar services, engaging your client could be that one thing to help your firm stand out. Providing outstanding legal services should be the top thing that comes to mind when thinking about how to engage clients, but for this particular blog, we will focus on other best practices.
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Predictive analytics also finds its use in law firms when examining the historical data of past cases. By considering the features of a case, predictive models can be constructed to "guess" what a given judge’s ruling may be regarding a matter.
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As law firms hold a lot of sensitive client information, data privacy is a huge issue. Clients are worried about their data. They want to know that it is private — there is a lot of news about data breaches, and firms have to pay more now for data security — these measures are more for the clients than anyone else. Whoever the "clients" are, they are interested in hearing that their private, personal, business, and otherwise confidential information is safe.
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As law firms hold a lot of sensitive client information, data privacy is a huge issue. Clients are worried about their data. They want to know that it is private — there is a lot of news about data breaches, and firms have to pay more now for data security — these measures are more for the clients than anyone else. Whoever the "clients" are, they are interested in hearing that their private, personal, business, and otherwise confidential information is safe.
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From firm operations and risk management to marketing and business development, legal analytics plays an essential role in the operation of a modern law firm.
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Law firms must stand out in a competitive market. They simply have to be different. And to be different, firms must know how to study clients and markets. Data scientists call this process the study of client behavior, preferences, and market trends.
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The legal industry will have different challenges and opportunities that make legal marketing more important than ever. With more clients moving to digital options for their legal services, lawyers need to change their marketing to match this expectation. Tools like artificial intelligence and data analytics can give lawyers more information about what potential clients want.
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The landscape of legal marketing technology has changed a lot. It used to be billboards and catchy jingles (some firms still use those methods), but now law firms can use artificial intelligence to hone their client base. Ask yourself, “Is my law firm still stuck in the past?” To help your firm think about ways AI-driven legal marketing software can boost lead generation, we’ve compiled a list of five potential use-case scenarios.
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