This article is the second in a four-part series, designed to help corporate law departments gain new insight into the application of “Big Data” in the legal industry. Read the first installment here.
As the business of law continues to evolve, corporate law and claims departments and law firms must identify new ways to optimize spend and increase efficiencies. The solution may be right in your hands: the big data housed in your daily operations.
For example, in the 2012 Real Rate Report, quantitative analysts were able to determine the five key drivers of an attorney’s rate and provide a numerical estimate for each of the drivers’ impact. This occurred through the use of advanced techniques and helped answer the question “Why did it happen?”
Here are the results of three legal big data champions who were not afraid to explore the art side of data science. As a result, they were able to: