Data is key to solid returns and commercial results. Otherwise, you’re gambling.
The legal market stands to make better decisions for continued growth using data instead of instinct, and will reap stronger results.
After all, most sectors have relied on data for direction and decision-making for forever, so why not legal?
A Professional/Personal Perspective
Data was key to my ability to successfully turn around divisions of two companies more than two decades ago during my previous career in the broadcast industry.
By delving into data, uncovering market and competitor vulnerabilities and capitalizing on them, audience numbers soared and the competition of both entities was outranked in six and 19 months respectively.
Commercially, rates for both businesses increased dramatically and corporate investment followed suit.
Quality, not Quantity Data
In my experience, managing quality data means knowing where to look for it, peeling away distractions and false leads, focusing on what’s real, and seeing what isn’t there.
It’s not magic; you have to do your homework – and it’s hard, tedious work and often boring. Until you hit the mother lode.
For the legal industry that relies on evidence to support arguments, using data as the foundation for direction and decisions is a sure-fire accelerant for value creation and market growth.
This post was sparked by my friend, Mark Cohen’s article in Forbes and what he says is true.
Heather Suttie is an internationally recognized legal market strategy and management consultant to leaders of premier law firms and legal service providers worldwide.
For 25 years, she has accelerated performance within law firms and legal service businesses — Global to Solo | BigLaw to NewLaw — by providing consultative direction on legal business strategy, market strategy, management strategy, and client strategy. The result is a distinctive one-of-one legal market position and sustained competitive advantage culminating in greater market share, revenue and profits.