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.
So, let me introduce you to “Who” is helping law firms set this standard. Accumulated is a top name in legal analytics and marketing software that can and will take your law firm to the next level. Firms that do business with Accumulated quickly learn they have every tool they need to make the best decisions for their firms’ operation and strategy of all aspects of marketing.
This article describes “How” to set up a law firm to target those parts of the operation relevant to the significantly boosting of your ROI. Advanced legal analytics in combination with approached robust and in-demand legal marketing software predict that firms will improve . . . there is no doubt about it!
This “How” (...which we will further describe) . . . is how to optimally look at and assess case management, how to approach where lawyers and paralegals place their efforts from the discovery of evidence, how to win, how to optimally be on board for the best placement of legal marketing dollars, what to say to prospective clients, and how to say it.
The ultimate “How,” is the quality of your law firm’s analytics and legal marketing software.
It is a fact that the best approaches and those that are managing to be successfully placed . . . fully get today’s wonderful ROI.
How Advanced Analytics Transforms Law Firm Operations
What falls under the umbrella of Advanced Analytics, in this case, is referred to in the legal world as Legal Analytics—data that can be leveraged to improve the way you practice law. This means that machine learning, natural language processing, and predictive modeling techniques are being developed with you in mind. You’ll find these modules and more in various use-cases. It’s this type of concise overlay on top of substantive law and legal research that simply leads to more favorable outcomes for your clients.
One of those use-cases could be automating the review of a large quantity of documents in a discovery process, allowing you to find key points more quickly and accurately. Now you’re saving time (by leveraging analytics to speed up your review process) and saving your firm from possible liability (by not missing all those asleep-through-day-two-because-you’re-reading-page-12,000-of-security-exchange-fillings type of litigations).
We can see how analytics can be used to advise your clients (going from 5% chance vs. 50% chance where you might need to budget or manage reputations a bit more) but also how managing your own service offerings and pricing is an ancillary, albeit hidden in this case, but very related topic as well. With historical data coming in about the types of cases you have been handling, how long each one is taking—how might you expect your firm to be staffed or funded in the months ahead? This is where we are able to pivot to the topic of how Advanced and Predictive Analytics can be key in resource allocation.
Key Benefits of Implementing Legal Analytics
Legal analytics can drastically improve case outcomes by providing you with data-driven input. Lawyers can take these suggestions and work them into their specific client strategies. If your firm or legal department continually wins, you serve clients better, and prospective clients bend over backward to hire you because of your reputation.
Get Your Goals Quicker – Lawyers at your firm may say that certain types of marketing work better than others, but do they continually improve or increase ROI? Legal analytics software can tell you.
Save Time/Streamline Document Review – Getting through the less “sexy parts” of lawyering quickly is a key advantage. Don’t work for 12 hours a day managing your cases. Please get it done, and go home (while still maintaining par status).
Enhancing Law Firm Marketing with Legal Marketing Software
Legal marketing software prevents you from leaving new client acquisition and client retention to chance. And, it takes the onerous task of marketing your law firm off of your hands completely. It can automate and optimize crucial parts of your law firm. And, it doesn’t have to be as difficult as it might seem. If you have a strategy in place, you will be able to capitalize on all the data the software captures. If you have used any sort of marketing software in the past, know this is similar but it has unique features that could potentially enable you to grow the firm (or at least continue to make a name for yourself in the industry). Among those features are:
- Advanced analytics to see what's really driving new leads to the firm (e.g., automated emails, Google Ads, Facebook Ads, organic search, other sources).
- Automizes marketing emails.
- Optimizes law firm’s digital presence for display ads, search ads, and landing page conversions.
- Offers advanced segmentation of client database to craft detailed marketing messages to specific audiences.
- Most decent marketing software on the market today also gives you pretty good SEO keyword analysis tools that have improved over the last few years.
Step-by-Step Guide to Adopting Advanced Analytics
Before law firms implement advanced analytics, they should first select the right software tailored for their needs. The legal analytics tool they end up choosing will need to analyze data from numerous different data sources as well as it will need to have easy-to-use predictive modeling features. With the right built-in features, lawyers will need minimal training.
Speaking of training, it’s a massive undertaking. For most of the nearly 1.4 million lawyers in the US, there would be a big learning curve associated with getting up to speed. Legal firms would want to provide rigorous in-house training, as well as offer ongoing classroom and video learning. Law firms would need to build a whole culture around continuous learning and offer a boatload of training resources for all levels of lawyers.
After staff get trained, some “analytics champions” will need to emerge from within the ranks. A law firm will then need to track the success of the legal analytics program. In terms of business, will more law firms win more infrequently? Will more corporations (on the compliance side) and classes of people track better data and thus keep them out of courts?
The role of advanced analytics plays into this quite heavily, too. Elite legal marketing software makes all this happen and makes it happen in a way that makes sense of the raw data so you can see what is happening at any given time and where to push the throttle to make a difference. All that zaps away a ton of marketing budget waste and redirects it to do some good in the world while stimulating a happy summertime of sweet sunshiney ROI into the dark corners of your back office we often turn into storage and where Valentino the Janitor's Broom and Mop Duo play epic rock and roll shows to a gaggle of boxes piled to the ceiling.
Drop us a line if you'd like to see a personalized demonstration of our legal marketing and analytics software. Or schedule a demo or consult. Run our legal software through the ringer, and use a fine-toothed comb to search out the terms of which you would like to rank.
