Corporate legal departments are being deluged with data. Legal analytics allow this data to be harnessed in a useful fashion. Ian Lopez of Legaltech News discusses 5 areas where this technology is helping legal professionals. Read more.
The start of a new year is a time for planning and strategy. In the oft-quoted words of Michael Porter, “The essence of strategy is deciding what not to do.” William Henderson and Evan Parker discuss five strategies of successful law firms and how the application of Porter’s maxim and the Herfindahl index to law firm practice areas yields a predictor of profitability. Read more.
Chief executives and GCs have often had difficulty placing a precise value on what legal does for the company. Innovative legal teams are now changing this, and describing exactly how they contribute to the success of the business. It is not all about budget cuts and costs, but rather about the collection of detailed metrics that show how legal is simplifying processes to improve customer service, implementing software to get deals done more quickly, and streamlining operations to better manage workloads and outcomes. Read more.
Being “agile” means more than flexible working policies, such as working from home. It is operating in an efficient, rapid and responsive way to deliver services in the way and time the client needs it. The LexisNexis Future of Law blog explores 6 compelling reasons for the legal sector to go agile and practical ways to make it work in a law firm setting. Read more.
A recent survey showed that cybercriminals are increasingly targeting enterprise data managed by corporate attorneys. The category of data most often breached in 2016 was employee data, which was compromised at 48 percent of companies, but next in line was IP data (stolen at 35 percent of companies), and “legal data” (data from cases and communications between in-house and outside counsel) was taken in 12 percent of breaches. The increased risk of cybertheft means in-house attorneys have to take greater precautions and be all the more alert against threats. Read more.