Legal Technology: Forecasting Case Value, Outcomes and Firm Performance
Vice President, Strategy and Innovation at Litify
EVP & Head of Corporate Development at Esquire Bank
While case timelines and outcomes may prove challenging for law firms, legal technology can empower attorneys by forecasting case value and outcome, as well as informing firm performance. Additionally, employing the right legal technology and case management solution can enable the firm’s ability to analyze historical financial data and current business health, resulting in improved performance.
3 Essential Considerations for Selecting Legal Technology
What are the three essential considerations for selecting legal technology that informs law firm financial health and forecasting?
- Legal technology should connect to, access, and transfer information in real-time.
- Legal technology should view your entire case inventory and inform you what works and what doesn’t.
- Legal technology should provide a historical look at cases for better quality assurance.
Overall, access to information is crucial – the right solution will connect to a firm’s financial data and provide a clear view of where the firm stands at any given moment. This data can help law firm administrators gain insights and learnings, leading to accurate forecasting and decision-making about firm performance, processes and case strategies going forward.
According to Dov Slansky, vice president of strategy and innovation for Litify, legal technology can make a law firm “like a fast-food place…you know when you walk in, what you’re getting. You know exactly how it’s going to be.” He added, “How do you take the learning from what you have and be able to forecast that when I get a case of a certain type, it’s going to take me this long to deliver it, and I’m going to do these actions along the way. Looking over your entire case inventory is key to get there.”
Case assets and timing may be out of a law firm’s control, but a firm’s planning, informed decision-making, and response are not. Watch the 4-minute video about legal technology, featuring Dov Slansky, vice president of strategy and innovation at Litify.
Interested in More Resources?
For more resources about law firm technology, view this video about “How Leveraging Technology Can Help Law Firms Analyze Outcomes and Maximize Case Value”. You can also read this blog about the “4 Keys to Leveraging Technology for Law Firm Growth”.