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Legal Solutions - New Domain for Business Analysis - Part I

Yesterday, I just read a newspaper article stating lawyers are now in demand. And joining in house has become a rage. May be I am working with a law firm but I am seeing many young people are opting for law degrees. Good for the country I guess, and consequently for all sectors.

But these lawyers and law firms need tools or solutions not only for performing daily grind like billing, time sheet, case management but for analytics also. Nowadays, law firms are aggressively pitching for clients as revenues of law firms are dependent on high volume and high cost work. A law firm cannot sustain for long with high volume-low cost work alone or vice versa. Definitely, the law firm needs a right mix of both. The question is how? The answer is legal solutions.

Further, lawyers may be technology savvy, who use cool and sophisticated gadgets to research and make presentations. But when it comes to using workflow systems and document management systems, they becomes lazy. Comes with territory I guess. This is corroborated by various law firms (I will provide the source later). And add to that, each law firm and each lawyer has an independent style of handling day-to-day operations. This opens a new market or domain with huge gap and therefore huge potentials and huge returns to whoever provides appropriate solutions.

At law firms, legal workflow and document management solutions are being used. However, these solutions were being used only to monitor work, deadlines, and documents. They are used for some amount of analytics but the analytics is still being used for performance appraisals and not for business development or pitching. The pitching is still being done using data obtained from various sources. Of course, when you do research about new company you do research. But when you have to give, for example, types of subject matter handled, types of clients handled, and their analytics, one should not rely on taking excel dumps and then manually sorting them through. 

For these and many other reasons, legal solutions or tools are now occupying a big place and so is a need for professionals with business analysis experience in this domain.

This post is only introduction. Next post will be on various legal solutions available and players in market. 
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  1. Richard C. Lambert19 March 2016 at 13:34

    I am seeing many young people are opting for law degrees. Good for the country I guess, and consequently for all sectors. Infrastructure Wiring

    ReplyDelete

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