Actionable Intelligence: Finding Insights & Opportunities

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  • This is explained by the fact that, when given unintelligent information, the majority of test subjects (2/3) resorted to using intuition to make their decisions, while those given intelligent information were able to optimally use both intuition and analytical reasoningProfessionals given unintelligent information were also twice as variable (less consistent) in their decision making than those who were presented with intelligent information
  • 2010 pop in then 64% pop in
  • Pop each stuff in…
  • One at a time for these as well
  • New openings, mergers, etc…..can even see out of which offices the work is being handled – how embedded is the client? Handling deals and IP as well? Also, mention cross selling myths vs. reality
  • Competitive landscape – size of firms in markets, etc.

Transcript

  • 1. Actionable Intelligence: Finding Insights and Opportunities
    Patrick Fuller, Managing Account Director
    Charlie Vanek, Sr. Director, Product Marketing
  • 2. Intelligence, Intuition and Information
    You Are Here
    2
    Source: Opte.org
  • 3. The Information Universe Is Exploding
    The digital universe is ~ 800 Exabytes and growing at over 60% CAGR
    30,000
    PC memory (Kb) – 1990s
    K
    20,000,000
    Skype users online at peak times
    M
    400,000,000
    Total number of Facebook users
    M
    10,000,000,000
    Daily financial market price movements
    B
    15,000,000,000,000,000
    New data bytes created every day
    P
    100,000,000,000,000,000,000
    Google's cluster of addressable storage
    E
    3
    Source: EMC, IDC, Gartner
  • 4. The Information Universe Is Exploding
    Exabyte: 2 x 1018
  • 5. More People Sending Us Information
    2006
    Respondents Who Receive > 50 E-mails per Day
    2010
    120%
    100%
    According to Contact Networks, the average number of e-mail contacts more than doubled from 2007 to 2009
    5
    Source: Thomson Reuters Professional Information Survey 2010
  • 6. More Information from More Sources
    The number of “mainstream” communication media employed by professionals increased from 4 to 7 in just five years
    Communication Media Employed by Professionals
    6
    Source: Thomson Reuters Professional Information Survey 2010
  • 7. Respondents Who Spent / Spend > 3 Hours per Day Reading Newspapers / Journals / Publications
    60%
    2006
    2010
    100%
    Respondents Who Read > 3 Publications per Day
    85%
    125%
    More Time Consuming Information
    7
    Source: Thomson Reuters Professional Information Survey 2010
  • 8. Professionals Are Overwhelmed
    8
  • 9. Intuition vs. Analytical Reasoning
    Intuition-based decision making
    Analytical reasoning decision making
    Intuition
    Information
    • Fast - quick, snap shot judgments
    • 10. Fragile - subject to psychological biases
    • 11. Subconscious, not auditable, hard to justify, inconsistent
    • 12. Allows for accurate judgments backed up by data
    • 13. Time consuming, expensive
    • 14. Risk of not “seeing the forest for the trees”
    9
  • 15. Intuition vs. Analytical Reasoning
    Intelligent Information decision making
    Intuition-based decision making
    Analytical reasoning decision making
    Intuition
    Information
    Knowledge to Act
    Knowledge
    • Fast - quick, snap shot judgments
    • 16. Fragile - subject to psychological biases
    • 17. Subconscious, not auditable, hard to justify, inconsistent
    • 18. Allows for accurate judgments backed up by data
    • 19. Time consuming, expensive
    • 20. Risk of not “seeing the forest for the trees”
    to Act
    Channeled
    Channeled
    Knowledge to Act
    Connected
    Contextualized
    Contextualized
    Connected
    Trusted
    Trusted
    10
  • 21. What We Need Is Better, Not More Information
    Knowledge to Act
    Knowledge
    to Act
    Channeled
    Channeled
    Knowledge to Act
    Connected
    Contextualized
    Contextualized
    Connected
    Trusted
    Trusted
    THE TRADING EXPERIMENT
    • Individuals were presented with information and had to decide whether to buy or short a stock
    • 22. Group 1 received unintelligent information – less trustworthy, unconnected, non-contextual information which was not channeled for human consumption
    • 23. Group 2 received intelligent information which abides by the Hierarchy of Information Needs – trustworthy, connected, contextualized, and channeled to the task at hand
    • 24. 10% more people in Group 2 made the correct decision
    • 25. On average, Group 2 achieved 40% higher net economic return
    • 26. Subjects in Group 1 were twice as variable (less consistent) in their decision making
    11
  • 27. Intelligence, Intuition and Information
    Intuition
    Information
    12
  • 28. Intelligence, Intuition and Information
    What We Need Is Better, Not More Information
    13
  • 29. Insight
    Definition of INSIGHTMerriam Webster First known use – 13th Century
    the power or act of seeing into a situation
    the act or result of apprehending the inner nature of things or of seeing intuitively
    INSIGHT can also refer to other matters in psychology. Problem Solving behavior requiring insight is the subject of Insight Phenomenology.
    An insight is derived from a rule which links cause with effect. The mind is a model of the universe built up from insights, and thoughts from the mind fall into two categories:
    Analysis of past experience with the purpose of gaining insight for use within this model at a later date;
    Simulations of future scenarios using existing insights in the mind model in order to predict outcomes.
  • 30. “With my mind on my money, and my money on my mind”
    MARKET GROWTH
  • 31. Revenue Growth: AmLaw 200
    2003
    • $49,981,000,000
    2010
    • $81,895,500,000
    Growth
    • 64%
  • 2003 - 2010 Growth: AmLaw 200
    550% $1B+ Firms
    51%
    PPEP
    33%
    RPL
    10% Equity Partners
    22% Total Lawyers
  • 32. AmLaw Top 50: Percentage of Total AmLaw 200 Market
  • 33. “Efficiency is doing things right; Effectiveness is doing the right things.”Peter Drucker
    SURVEY RESULTS
  • 34. RFP Increase: Past 18 Months
  • 35. RFP: Complexity & Time To Complete
  • 36. Marketing & Business Development Departments
  • 37. Access To Financial Software
  • 38. "Genius is seeing what everyone else sees and thinking what no-one else has thought.“Albert Szent-Gyorgyi (1893 – 1986) Hungarian Chemist, discovered the Citric Acid Cycle and Vitamin C
    MARKET INSIGHT
  • 39. Insight: Representation Patterns
  • 40. Insight: Scenario Planning – Mergers (SWA – AT)
  • 41. Insight: Scenario Planning (TBA In– SWA ATH)
    Passenger Air Carriers
    Southwest / AirTran
  • 42. Insight: Threat Assessment
  • 43. Insight: Threat Assessment – Work By Office
  • 44. Insight: Is The Client Buying on Price?
  • 45. “Success has a way of seducing smart people into thinking they cannot lose.”Bill Gates
    INSIGHT: COMPETITIVE & FINANCIAL INTELLIGENCE
  • 46. A Few Examples of CI / FI Uses
    Cross Selling
    Which clients typically hire firms for multiple areas of representation?
    What types of work? Growth trend? Our Experience?
    Which markets? Competitive Landscape? Profitable?
    Client Visits
    Market Share & other firms retained for similar work?
    Potential for cross selling?
    Hiring new counsel / replacing existing counsel in any areas? Sending out new RFP’s?
    What are the rates and demand by timekeeper in other markets, by practice area – both existing representation & potential growth areas
    Opportunity Assessment / Prioritization
  • 47. “Informed decision-making comes from a long tradition of guessing and then blaming others for inadequate results.”Scott Adams
    INSIGHT: PRIORITIZATION
  • 48. Scenario: Opportunity Prioritization
    SCENARIO: The firm is evaluating a few potential opportunities, which may be the best opportunity?
    Our firm has 450 Attorneys, offices in Chi, SF, LA, Dallas, DC, NYC
    Which opportunities present the best opportunity for profitability?
    Some steps used in the analysis:
    Who do we know?
    What’s our experience?
    How profitable might it be?
    What is the landscape of the market demand, rates, realization?
    Who is our competition, both real and perceived?
  • 49. Candidate 1: BP
  • 50. Candidate 2: UAR / CO
  • 51. Candidate 3: Medtronic
    Received RFP for IP Litigation
    New GC, Cameron Findlay, hired in 2009
    Findlay was GC at Aon Corporation in Chicago (2003 - 2009)
    Former Partner at Sidley (1993 – 2001)
    Potential to follow a similar path as former Sara Lee GC Rick Palmore?
  • 52. Medtronic: Who Do We Know?
  • 53. Medtronic: Quick Litigation Glance
  • 54. Aon: Quick Litigation Glance
  • 55. Medtronic: IP Litigation
  • 56. Medtronic: IP Lit Representation (SF, Dallas)
  • 57. Aon: Representation in SF, Dallas State, Fed Courts
  • 58. Aon: Leading Litigation Representation
  • 59. Aon: Representation by Firm Size
  • 60. Medtronic: IP Litigation By Size
    90% of Medtronic’s IP Lit is handled by firms of 40 or more; 65% by 100 or more.
    Overall, 86% of all litigation is handled by firms of 40 or more, and 40% is handled by firms of 500 or more attorneys.
  • 61. Additional Considerations
    One of Medtronic’s greatest needs is IP Lit, something Aon didn’t have
    Has retained a Dallas-based litigation boutique for IP Litigation in Texas, and retained an AmLaw 50 firm based in Dallas for IP Transactions.
    Is there a pattern of Aon retaining certain firms in specific markets? Medtronic?
    Which firms did Aon historically retain in certain jurisdictions, and for what practice areas?
    How often did Aon change outside counsel? Is there a pattern? How often does Medtronic appear to change outside counsel?
  • 62. Medtronic / Aon: Additional Insight
    Medtronic’s primary outside counsel had intermittent patterns of picking up work in additional areas of representation.
    As for Aon, there is a history of firms handling more than one area of work.
    With Mr. Findlay now at Medtronic, is possible that Medtronic will now begin retaining firms for more than one primary area of representation?
    If so, it will dramatically increase the competitive landscape for the IP Litigation, but also offers additional opportunities for client development.
  • 63. Patent Lit: Collected Rates & Demand
  • 64. Medtronic: Final Thoughts
    How should we construct our team and pitch based in part on what we’ve been able to determine?
  • 65. Intuition vs. Analytical Reasoning
    Intelligent Information decision making
    Intuition-based decision making
    Analytical reasoning decision making
    Intuition
    Information
    Knowledge to Act
    Knowledge
    • Fast - quick, snap shot judgments
    • 66. Fragile - subject to psychological biases
    • 67. Subconscious, not auditable, hard to justify, inconsistent
    • 68. Allows for accurate judgments backed up by data
    • 69. Time consuming, expensive
    • 70. Risk of not “seeing the forest for the trees”
    to Act
    Channeled
    Channeled
    Knowledge to Act
    Connected
    Contextualized
    Contextualized
    Connected
    Trusted
    Trusted
    51