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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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 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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