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Empowering the future of legal decision-making
© LexPredict 2012-2016
@lexpredict
www.lexpredict.com
contact@lexpredict.co...
Learning to see data as a strategic business asset
Developing a Legal Data Strategy
What is a data strategy?
What about a ...
How can you sustain
a data strategy?
How can you get started?
Time for discussion
Questions
What is a data strategy?
Statement and Framework
Data Strategy: Defined
A data strategy is a top-down mission statement acknowledging
the value of ...
D > I > K > W
From Data Strategy to Wisdom
Data
Information
Knowledge
Wisdom
Direct record of fact,
signal, symbol
Indirec...
When is Data Valuable?
even when it’s not
LOW HIGH
HIGHLOW
IMPACT
FREQUENCY
High-frequency, high-impact activities are the...
When is Data Valuable?
even when it’s not
LOW HIGH
HIGHLOW
IMPACT
FREQUENCY
Off-diagonal activities are often opportunitie...
When is Data Valuable?
even when it’s not
LOW HIGH
HIGHLOW
IMPACT
FREQUENCY
Low-frequency, low-impact activities are typic...
(other than the marketing department)
What makes data “big?”
Variety
Many different “types” of data.
Velocity
Rate of data...
Context is Data
metadata is data too
Metadata is data or context about
data.
For example, when and where an
order was plac...
What is a legal data strategy?
Legal Data Strategy
Claim: The role of legal is to facilitate business activities and
transactions and to help manage and ...
Unstructured Data
Data is often unstructured, resulting in serious barriers
to accessing the potential information or know...
justifying strategies and contextualizing trends
Legal data strategy for corporate
50
40
80
60
2012 2013 2014 2015
Are we ...
data-driven approach to answering these questions
Risk management for corporate
RISK
MANAGEMENT
What
it is?
Where
does
it ...
Clients are increasingly looking to their outside counsel
to justify quality and fees and to handle increasing
quantity.
S...
Process improvement for law firms
Agile
Many legal activities don’t fit into the
traditional waterfall project management
...
What does a data strategy enable?
five reasons to care
Why should you build a data strategy?
1. Ability to measure, monitor, and manage your resources and s...
How do you start a data strategy?
Identify achievable, iterative projects
Taking your first (small) steps
Successful data strategy implementations often beg...
Taking bigger
first steps
Software
Assessment
Problem identification
Current state analysis
Goal-setting
RFP Design
Respon...
How do you sustain a data strategy?
believe in your Chief Data Officer
Internalize data leadership
Understands the core business
Experience in other C-suite r...
Don’t let your employees and executives imagine a world without data
Embed and habitualize data
Everywhere
Mobile-friendly...
Commit publicly
communicate and compete
Compete
Message externally
Message internally
Develop brand
One of the most effect...
Training for Legal Professionals
Invest in your resources for the future
OnlineCourse Name On-Site Typical Size Customizab...
LexPredict: Developing a Data Strategy
https://www.lexpredict.com
@lexpredict
Thank you for reading.
Empowering the future of legal decision-making
LexPredict Background
Importing best-in-class processes
and technologies fr...
Spanning the breadth of business
LexPredict Offerings
Consulting Services
Process, technology, data, and strategy
Data Pro...
Empowering the future of legal decision-making
© LexPredict 2012-2016
@lexpredict
www.lexpredict.com
contact@lexpredict.com
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Developing a Legal Data Strategy: Learning to see data as a strategic business asset

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LexPredict presentation on Developing a Legal Data Strategy: Learning to see data as a strategic business asset. The talk focused on helping 1) corporate legal, risk, and compliance and 2) law firms and legal service providers.

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Developing a Legal Data Strategy: Learning to see data as a strategic business asset

  1. 1. Empowering the future of legal decision-making © LexPredict 2012-2016 @lexpredict www.lexpredict.com contact@lexpredict.com Developing a Legal Data Strategy prepared for: Public Distribution prepared on: Aug 2016
  2. 2. Learning to see data as a strategic business asset Developing a Legal Data Strategy What is a data strategy? What about a legal data strategy? What does data strategy enable?
  3. 3. How can you sustain a data strategy? How can you get started? Time for discussion Questions
  4. 4. What is a data strategy?
  5. 5. Statement and Framework Data Strategy: Defined A data strategy is a top-down mission statement acknowledging the value of an organization’s data combined with a framework for developing data-related capabilities. While data strategies are built on lists of principles and technologies, they address much more: strategic communication and change management, process improvement, knowledge management, and risk management, to name a few.
  6. 6. D > I > K > W From Data Strategy to Wisdom Data Information Knowledge Wisdom Direct record of fact, signal, symbol Indirect record or description Interpretation of information Actionable inference or heuristic Data-Information-Knowledge-Wisdom Data Readings from a temperature sensor in Tahoe. Information The average temperature in the month of December is 32.2F. Knowledge Snow is likely to accumulate in December. Wisdom January is a good month to plan a ski trip to Tahoe.
  7. 7. When is Data Valuable? even when it’s not LOW HIGH HIGHLOW IMPACT FREQUENCY High-frequency, high-impact activities are the best use case for data • Systematic understanding and treatment • Standardized reporting and statistical treatment • Potential for automation and prediction
  8. 8. When is Data Valuable? even when it’s not LOW HIGH HIGHLOW IMPACT FREQUENCY Off-diagonal activities are often opportunities for competitive innovation and forward-thinking • High-frequency, low-impact • Small efficiencies add up • Low-frequency, high-impact • Model thinking • Positioned for future growth
  9. 9. When is Data Valuable? even when it’s not LOW HIGH HIGHLOW IMPACT FREQUENCY Low-frequency, low-impact activities are typically not good fits for data capabilities However! 1. How do you justify this lack of investment without data? 2. How do you know when the frequency or impact has changed?
  10. 10. (other than the marketing department) What makes data “big?” Variety Many different “types” of data. Velocity Rate of data production or collection. Volume Total quantity of data. “Linked” Networked or relational. Note Data doesn’t have to be big to be valuable!
  11. 11. Context is Data metadata is data too Metadata is data or context about data. For example, when and where an order was placed may be more valuable than what the order actually was.
  12. 12. What is a legal data strategy?
  13. 13. Legal Data Strategy Claim: The role of legal is to facilitate business activities and transactions and to help manage and value risk. If you accept this, then a legal data strategy should focus on developing data capabilities to improve the quality and efficiency of these tasks.
  14. 14. Unstructured Data Data is often unstructured, resulting in serious barriers to accessing the potential information or knowledge within. This is especially true of legal data. Common examples of legal data include: • Structured • Timekeeper/billing records • Docket records • Litigation or ADR outcomes • Unstructured • Court filings • Contracts • Deposition transcripts unlocking the potential hidden within Legal Data ? ? ? ?
  15. 15. justifying strategies and contextualizing trends Legal data strategy for corporate 50 40 80 60 2012 2013 2014 2015 Are we seeing more wrongful termination disputes in Texas over the last four years? What percentage have we been losing? Justifying For every ten transactions or matters that the department handles: • How many should we expect to execute or win? • How much should we expect in liability? • How successful are dispute resolution strategies? Example: ADR What percent of cases results in a liability >$100K? Mediate Do Not Mediate Contextualizing
  16. 16. data-driven approach to answering these questions Risk management for corporate RISK MANAGEMENT What it is? Where does it occur? Who Does it? Contractors Workplace Work-related travel Customer location Why does it occur? Employees Customers When does It occur? Reactive Proactive
  17. 17. Clients are increasingly looking to their outside counsel to justify quality and fees and to handle increasing quantity. Some clients are even asking firms to bid through RFP processes or work under alternative fee arrangements (AFA). Sophisticated firms are turning to technologies like case modeling and legal project management to meet these demands. Those that successfully implement find themselves better able to maintain margins and win business. quality and quantity Legal data strategy for law firms 0 100 Regulatory Delay Probability of Approval
  18. 18. Process improvement for law firms Agile Many legal activities don’t fit into the traditional waterfall project management approach. “Agile” methodologies, originally designed for software development, are well- suited to activities like litigation or compliance. By recording strategy, duration, effort, and success across many matters, firms can leave their competition in the dust through data- driven project management. Lean While well-understood in business generally, Lean methodologies are relatively new to the legal sector. For non-billable activities or engagements on AFA, Lean can help identify and eliminate sources of waste, improving margins and client satisfaction. Key tenets of Lean are measurement and self-assessment, two core principles of a data strategy.
  19. 19. What does a data strategy enable?
  20. 20. five reasons to care Why should you build a data strategy? 1. Ability to measure, monitor, and manage your resources and service providers. 2. Ability to model and improve the processes you execute. 3. Ability to allocate tasks across internal and external resources and assess cost and quality. 4. Ability to allocate tasks across risk management strategies like ADR and assess cost and quality. 5. Ability to justify and contextualize department or firm performance to the board or clients.
  21. 21. How do you start a data strategy?
  22. 22. Identify achievable, iterative projects Taking your first (small) steps Successful data strategy implementations often begin with small wins. Wins often come from well-selected early adopters, achievable goal-setting, visible use cases, and an open, iterative approach. DESIGN PLAN BUILD TEST ASSESS
  23. 23. Taking bigger first steps Software Assessment Problem identification Current state analysis Goal-setting RFP Design Response evaluation Implementation In some cases, data strategy implementations align with larger organization implementation or refresh cycles. These technology implementations present much broader, faster opportunities to enact a data strategy. However, much more effort and experience is typically required up-front than the small steps approach.
  24. 24. How do you sustain a data strategy?
  25. 25. believe in your Chief Data Officer Internalize data leadership Understands the core business Experience in other C-suite roles Open-minded and non-dogmatic Values data governance
  26. 26. Don’t let your employees and executives imagine a world without data Embed and habitualize data Everywhere Mobile-friendly, accessible- everywhere Flexible Enable self-service, ad-hoc reporting Design Design with the user in mind; UI/UX matter
  27. 27. Commit publicly communicate and compete Compete Message externally Message internally Develop brand One of the most effective ways to sustain a data strategy is to commit publicly after organically developing and internally communicating a “brand” message. A successful data strategy brand enables firms to compete, both in terms of pricing power and breadth of competency.
  28. 28. Training for Legal Professionals Invest in your resources for the future OnlineCourse Name On-Site Typical Size Customizable Introduction to Data Science Advanced Analytics Introduction to Legal Project Management Introduction to Process Improvement/Lean Navigating the Legal Technology Landscape Learn more at https://training.lexpredict.com/. Blockchain for Legal Professionals Introduction to Finance and Accounting Introduction to Legal RFPs 5-20 5-10 5-20 5-20 5-20 5-10 5-10 5-20
  29. 29. LexPredict: Developing a Data Strategy https://www.lexpredict.com @lexpredict Thank you for reading.
  30. 30. Empowering the future of legal decision-making LexPredict Background Importing best-in-class processes and technologies from leading global industries LexPredict is an enterprise legal technology and consulting firm, specializing in the application of best-in-class processes and technologies from the technology, financial services, and logistics industries to the practice of law, compliance, insurance, and risk management. We focus on the goals of prediction, optimization, and risk management to enable holistic organizational changes that empower legal decision-making. These changes span people and processes, software and data, and execution and education.
  31. 31. Spanning the breadth of business LexPredict Offerings Consulting Services Process, technology, data, and strategy Data Products Historical and real-time data products Training Programs Standard and custom training on-site and online Communication Services Change management and marketing Software Services Custom legal and statistical software solutions
  32. 32. Empowering the future of legal decision-making © LexPredict 2012-2016 @lexpredict www.lexpredict.com contact@lexpredict.com

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