Sky analytics london_lawcamp_2012
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The document discusses how a company's original $500,000 estimate for a lawsuit ballooned to an actual final cost of over $2.4 million. It then argues that in the future, clients will demand better tools for managing legal costs using metrics and benchmarks. Legal metrics can measure matters against others, compare attorney performance, identify cost drivers, and ultimately provide measurable value to clients rather than subjective assessments. The document poses whether law firms will innovate by embracing legal metrics or resist the inevitable changes they will bring.
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- 2. It all started with a lawsuit my company filed in 2004...
- 3. Let’s just say our lawsuit did not meet its budget estimates. $2,443,068 $500,000 Original Estimate Final Cost
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- 9. How does my attorney compare with others? Very favorably!
- 10. ...And what exactly am I paying for? My legal matter
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- 13. You’re forgetting something! The value of the services.
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