In this episode of The Legal Toolkit, Jared Correia interviews data analytics specialists Patrick Fuller and Bill Sowinski about the analysis of current trends in the legal field, why and how a law firm should implement analytics, and the recommended technologies and processes for big and small law firms.
Fuller discusses current trends in the AmLaw 200 (the Top 200 U.S.-based law firms ranked by revenue according to the American Lawyer magazine). He talks about how AmLaw’s metrics are emblematic of the market and how this directly correlates to law firm revenues.
Sowinski discusses why metrics and analytics are increasingly important for a law firm to be successful in the future. If used properly, analytics can become a differentiating factor for the firm and increase client intake. While big law firms can afford expensive technology and experts, Sowinski explains, small law firms can still use analytics by planning and implementing discipline to capture data. In the future of the legal field, Sowinski says, analytics won’t just be beneficial, they’ll be necessary.