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Data and dialogue: a relationship redefined
Modern Lawyer
Vol. 2 - Iss. 3 pp. 53–56
Oct 2018
Traditionally clients have focused on the hourly rates in trying to reduce external legal spend. Looking at a decade of fees and spend shows that focusing on price has not brought any gains for clients. Lawyers' fees have gradually risen and clients ended up paying more than they did before. Fuelled by these poor results, a small group of avant garde clients have started to employ data analysis techniques on external law firms' billing. Focusing on efficiency, backed by data analytics, these companies have achieved remarkable savings of up to 25% on their legal spend. This focus on efficiency might fundamentally transform the legal industry.