In her latest column with the Thomson Reuters Legal Executive Institute, Dr Paola Cecchi-Dimeglio advises on how law firms can maximise insights from their big data by using diagnostic and descriptive analytics.
Dr Cecchi-Dimeglio says that descriptive analytics explain what has happened within the firm previously, while diagnostic analytics reveal why it happened, and by using both will allow a firm to gain more information about past performance.
Dr Cecchi-Dimeglio notes that: “Overall, firms need to understand the return on investment in using diagnostic and descriptive analytics — what is the firm getting out of it? What changes or investment were they able to make using this data and what dividends did that pay?”
“The biggest victory for any firm is their ability to show a measurable return on investment by the use of this data. And that is translated into increasing the number of new clients that the firm has, getting more business from their existing clients, and producing work more efficiently and at a lower cost to benefit their clients and the firm itself.”
Read the full blog post here.
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Dr Paola Cecchi-Dimeglio, a behavioral economist and senior research fellow for Harvard Law School’s Center on the Legal Profession and the Harvard Kennedy School. If you missed Dr. Paola’s previous columns you can catch-up at the links below.
Ask Dr. Paola: The ethics of using behavioral scientific data to change behavior at law firms
Ask Dr. Paola: Do I Need to Use Data Analytics in My Law Firm?
Ask Dr. Paola: How Can I Best Incentivize My Firm’s Lawyers toward Better Performance?
