This article is the third in a four-part series, designed to help corporate law departments gain new insight into the application of “Big Data” in the legal industry.
When we hear the word “leadership,” particularly in the business of law, many of us are compelled to think about ways that we as business leaders can take smart chances and apply new and unique best practices to deliver competitive advantage and stellar performance.
Controlling for exogenous factors
We need to identify and consider the impact of uncontrollable factors on the firm or corporate law department. Financial outcomes are driven by the economy, the labor market, demand for legal services, the availability of sourcing options, etc. This will move profit or legal spend up and down, but may have little or no reflection on performance.