tom.arthur The value of data to the rate review process
The adage of “garbage in garbage out” certainly applies to the effective use of law department data
Scott Springer, InsideCounsel
The general counsel assumes many roles: overseers of corporate governance and compliance, outside counsel supervision and tactical and managerial oversight of their own law department functions. Faced with continued pressure to increase efficiencies and cost reductions while delivering more value, general counsel need to champion the benefits of enhanced data analytics to ensure their law departments meet internal customer needs. Increasingly, they are turning to new methods of research and reporting when looking at outside counsel costs.
Fortunately — and perhaps somewhat daunting — for law departments, there are abundant opportunities to utilize data analytics to assist with cost containment opportunities. According to HBR Consulting’s 2013 Law Department Survey, data-driven analysis is used for:
Alternative fee arrangements (82%)
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