As we progress into 2017-18, it's becoming increasingly evident that data analytics is the next wave of technological change for in-house counsel, and law firm management. In particular, these analytics, from matter management, e-discovery and elsewhere, are being formalized through the process of "business intelligence" (BI), an integrated approach of technology and best practices for the processing of data.
Given the changing expectations of legal matters, BI is necessary. As Scott Forman, Attorney at Littler Mendelson P.C., wrote for online legal publication: Corporate Counsel - January 2017, "Garnering the data necessary to compare a legal department's efforts with others isn't easy, as most actionable information isn't public. But finding ways to leverage that kind of data is becoming more important, if in-house counsel want to provide new metrics to company leaders and strategically manage potentially damaging litigation—before and after it starts."
But are corporate counsel and law firm partners getting the most out of their metrics? One survey found a mixed bag in that 63 percent of law firms said they collect e-discovery metrics by manual entries in spreadsheets.
SIRC has developed an Open Reporting Business Intelligence Tool (eORBIT), which will help IT / Legal team(s) capture and measure important metrics over a designated period of time.