Salesforce UK and Ireland: Untapped potential – Why law firms must embrace data
Data has revolutionised the way companies operate. When used intelligently and securely, data simplifies company operations, informs decision-making and fosters stronger relationships with customers. Yet the legal industry struggles to follow suit. Just last year, Forbes asked the question, ‘Why Is Law So Slow to Use Data?’ – suggesting that law has much more work to do when it comes to using data to its full potential.
There is a wealth of untapped potential and possibility for the legal industry in the digital age – from the automation of time-heavy processes to developing client relationships. Firms that embrace digital transformation and make data central to their service offering will find themselves able to attract and retain a stronger, more lucrative client base in the years to come.
Why is data essential for law firms?
Client expectations are evolving. Led by innovation in other sectors, clients now make data central to their decision-making process. Law will be no different. Clients will soon be expecting counsel to support their decision-making with data. The legal industry must use data to develop a more nuanced understanding of their clients and their needs. Firms need a full, 360-degree view of the client – encompassing relationships, billables, and future opportunities. Data-powered decision-making is the norm for most industries, and it is time for legal to adapt accordingly.
Deeper understanding through data
Data provides law firms with a much deeper understanding of their clients – offering new insight into their immediate needs, long-term priorities, and any potential pitfalls. Firms providing their clients with deeper, actionable insights backed up by data will have a considerable advantage over their competitors.
To be able to deliver these insights, legal teams need connected data. Connected data breaks down the silos that exist within firms by creating one secure, centralised data hub accessible across the business. Every channel combines to provides a greater depth of understanding of the client, enabling greater collaboration across teams. Every team – from Legal Counsel to Business Development – will have a complete picture of the customer and their needs.
Building proactive partnerships
Data prediction shifts the role of counsel to be more proactive, utilising a wealth of data to identify imminent and future legal needs of a client. For example, data-led analysis of market trends and predictions may suggest that a client is likely to sell high-value assets soon – possibly before the client has reached the same conclusion.
Firms that have thoroughly embedded data into their operational processes can provide actionable insights to underpin client decision-making. The role of counsel becomes more proactive, offering guidance and becoming a more predictive and cost-effective partner to their clients. This change is especially relevant for firms acting as the primary legal adviser for major enterprises and high net-worth clients. Equipped with the right data, firms can shift to a more predictive, holistic service model – identifying and mitigating major risks, gauging performance, and adding a new dimension to their client relationships.
Creating efficiency and opportunity
Automation and AI technologies have advanced significantly over the last few years, enabling companies to streamline and automate time and resource-heavy operations. When paired with AI, data can simplify the internal operations of a law firm. Data provides the traditionally labour-intensive industry with the long-overdue opportunity to streamline and create new operational efficiencies.
These technologies can facilitate time-consuming tasks, such as producing documents, guiding clients through step-by-step processes, and research. When equipped with the right data, teams can pull relevant results from a database, look for rulings in a specific area, and identify possible inconsistencies. In the Sales process, automation and AI can help teams prioritise leads, suggest next steps, and automate the sending of routine documents. Automation and AI enable firms to allocate time more productively and efficiently.
Building law firms of the future
Data will not displace human intelligence in the legal sector. But the firms that combine their human intelligence with data will be able to offer richer, unified insight and advice that goes deeper. The rapid acceleration of AI and automation will change the structure and skills required in the industry, as research becomes the domain of AI, supervised by people. Finally, the breaking down of silos within a firm itself is becoming a global, agile firm that can offer a unique, personalised service to clients – building a relationship with the ‘market of one’.
By embracing digital transformation, legal firms can become client-centric businesses on every level. Salesforce enables legal firms to harness the potential of data. As a platform, Salesforce helps companies to create rich, unified experiences for clients no matter their scale, size and requirements. It drives growth through digital transformation and data acceleration – using AI to interpret unprecedented volumes of critical information at speed and scale. Our Client 360 approach enables law firms to unite their essential human expertise with advanced data science to create the personalised, pro-active law firms of the future.
Discover how Salesforce helps law firms use data to become more connected, collaborative and client-centric.
