Data-driven” is a term that’s often used in many situations these days. Data-driven thinking is a competitive advantage that allows organizations to act faster and smarter. These ideas raise deeper questions.
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- Which problems should I focus on for a data-driven approach?
- What are the most common strategies for business and marketing using data?
- Do you know of any new roles that can help us accomplish these tasks like data scientists?
- What is the data journey?
These questions were discussed with me recently by three CMBDOs (chief marketing and business development officers) from top law firms: Dawn Orel, Adam Severson (Baker Donelson), and Lisa Simon (Lewis Roca). Here is a portion of our conversation.
What are your evolving data requirements for your company? How can you use data strategically to support these needs?
Dawn Orel, (DO):Clients expect faster and more precise responses. In general, turn-around times have increased, which requires automation and data. You also need to have access to a lot of experience information about the litigation cases (e.g. judges, parties, experience) as well as deal work.
Adam Severson AS: My professional bones are in sales so show the money. I begin my data journey by tracking the flow of revenue. This includes how and where we were hired, and the type of matters we deal with. We also examine revenue trends and relationships in the data — for instance, we explore what it means that corporate work is trending down while labor is up.
The data from the above questions can tell you a lot about the nature of your client relationship by looking at the questions. If we cross-serve clients well, our chances of becoming trusted advisors are high. Individual engagements tell a different story and will require a tailored approach. It is easier than ever to collect this data. It used to take a lot longer to produce a top 100 client list or diversity scorecards, or a matter writing report, than it does today. This is due to increased transparency, better tools, and data availability.
Lisa Simon (LS).My journey to data started over five years ago when I was involved in client stickiness studies. This study examined the relationship between client retention and growth. This gave me the confidence and drive to use data in many different ways, such as pricing and client happiness assessment. Our team is currently categorizing client data with the standard codes.
Data is becoming increasingly important in which areas? What are the key use cases for data? Are you using playbooks?
DO: We do many data projects on pricing, timekeeper levels, matter cycle time measurement and area of law. This includes slicing, dicing, and industry, practice, and client segments. This allows us see where there are gaps and strengths that can be used to inform future pricing strategies.
We monitor case patterns and data trends on the client side. This allows us to alert the client to issues that may not be obvious to them. A client might have been charged with 30 charges in the labor and employment sector in one year. The high percentage of claims relates to that claim type. It is important to share this information as it could indicate the need for further investigation or training. This has made a strong impression on clients.
We also create visual client dashboards that make it easier for clients to understand the information. We create dashboards that show the practice trends of our top 1000 clients over a five-year period. Then we look at the clients in a specific industry to gain insights. For example, we research client stickiness and types of services provided. (e.g., we provide four service areas to one client. Why can’t we do it for another? This allows us to conduct further research on client relationships, contacts, and client management. It helps clients target. Interactive bubble charts make it easy to click through to see more details and compare the options.
AS We have been using client-specific scorescards to have meaningful conversations with our clients and lawyers. Scorecards allow us to focus on the real issues by providing a fact-based approach to team composition, revenue trends and financial hygiene. The legal industry is both episodic and dependent — legal work is derived from events https://mikehostilo.org/. It is possible to look at revenue from these conversations and understand what drives legal work. This helps us to focus on client needs and how we can best serve them. This allows us to do opportunity and relationship mapping, which will provide more structure and discipline in the process.