Data & Analytics: Transforming Corporate Legal Departments
More than ever before, corporate law departments are a significant force in shaping the future of business, and with that responsbility, comes a consistent stream of challenges. But, expert driven, outward looking law departments are not daunted. The data revolution has presented them with an unprecendented opportunity to develop new insight that drives both the practice and business of law.
Data is more than a collection of facts, figures and observations. In today’s information economy, data’s value has been compared to that of oil and natural gas. Data’s value, unlike like those hard commodities, is not driven by scarcity. In fact, it is often quite the opposite. Large quantities of data, so-called big data, have been known to carry the most value, though data need not be big to drive more effective decision making.
Before they can harness the power of data truly transform the legal department, in-house teams will need to create an organizational infrastructure that effectively captures data and converts it to actionable insights. Moreover, they must overcome the challenges inherent in operationalizing data-driven decision making.
Table of Contents
- About the Author
- Understanding the Basics
- Creating the Framework
- Changing the Expectations
- Transforming the Department
- Research Methodology