In 2017, the renowned news and opinion magazine The Economist stated that oil is no longer the world's most valuable resource. It is data. As a multidimensional asset essential to fast and informed decision-making and risk assessment, data has been proven to run the world in the modern era, though the legal industry lags, presenting an opportunity for those firms seeking growth.
As technology advances, the value of data and data literacy increases, changing the definition of what it truly means to be "data-driven." Today, companies and enterprises apply data-driven approaches (i.e., using artificial intelligence (AI) in their day-to-day operations). McKinsey forecasts that by 2025, data optimization will be the standard in most, if not all, workplaces. Companies from various industries will begin applying data-driven approaches and innovative data techniques to resolve work challenges in hours, days, or weeks.
Kerri Coby White, author of The Law Firm Growth Machine and co-founder of leading consulting firm KerriJames, believes it is time for the legal space to ride the wave of innovation and embrace data and analytics. With over a decade of working with law firms to accelerate their growth and extensive experience in business development and marketing, Kerri has witnessed firsthand how data has revolutionized how companies, regardless of industry, operate.
Kerri shared, "Being in the industry for years, what I have found is that everybody in the industry talks about data in silos. Each department, from the lawyers themselves to the marketing and Intake teams, have valuable data. But nobody is tying it all together." Recognizing this gap, Kerri started talking to attorneys about centralizing, visualizing, and analyzing their data for growth. "The most successful companies in the world are data-driven. If lawyers want to compete, they need to become data-driven law firms," Kerri added.
Initially a marketing agency that boasts of successful partnerships with the leading law firms in the United States, KerriJames found a way to provide intake solutions to law firms for managing their leads. Kerri and her team developed a customized software tool that gathers massive amounts of valuable data to help firms make data-driven solutions. KerriJames collects and analyzes vast amounts of data and classifies them into descriptive, diagnostic, predictive, and prescriptive categories to see a fuller picture of the circumstance to discern what happened, why it happened, what might happen, and how best to position the firm for success.
Lawyers have grown accustomed to competing against only attorneys but as alternative business structures allow for partnership amongst a diverse population of specialists, the industry is poised for change. Lawyers will now contend with the influence of marketing, technology, and financial shareholders who historically adapt more readily to shifting trends including the application of data. However, Kerri is optimistic about the industry that typically outperforms other sectors, “A new crop of tech savvy and innovative attorneys stand ready to face the challenge.”
In its mission to help small and large law firms further their growth, especially in terms of profits and return on investment (ROI), KerriJames offers multiple services designed to meet firms where they are on their journey to grow a practice that is built to sell.
The thought leader emphasized, "Firms already have data. It's only a matter of working with the available data, centralizing it, and collaborating between teams. Jim Barksdale, the former CEO of Netscape, said it best: If we have data, let's look at the data. If all we have are opinions, let's go with mine." Ultimately, KerriJames continues collaborating with law firms to help them understand data and data structures to propel their growth. No longer will law firms need to rely on simple opinions.
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