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Special o;ers for members of the State Bar of Arizona
and other metrics can guide profitability decision-making. Firms in all fields use business intelligence (“BI”) tools to varying
degrees to make sense of real-time structured data to inform quick decision-making,
better client understanding, find billing and
invoice patterns, and analyze their human
Specifically, law firms and corporate legal
departments can use their own data to predict costs, negotiate prices, and even gauge
attorney success. Data-driven outcomes can
reduce firm costs, especially in the area of
alternatives to traditional hourly fee structures. 4 For example, one firm implemented
BI tools to track partner and other billable
time to determine how price and human
capital affect client billing. 5
But how do firms go about implement-
ing a BI tool, and what does that mean?
BI tools provide data visualization and
often interactive data dashboards, so that
data can be viewed in real time and in
picture form. While data scientists provide
sophisticated services, dashboards allow
non-data-savvy professionals to become data
analysts, as anyone can pull up a dashboard
and shape a visualization toward their niche.
BI tools sit within a broad spectrum, from
open-source statistical computing platforms
(such as R) to glossy interactive visualiza-
tion dashboarding tools (such as Tableau
and Spotfire) to more traditional statistical
analytic programs (such as SPSS and SAS)
to well-known tools from well-known
developers (such as Oracle, Microsoft, and
LexisNexis). IT research and advisory firm
Gartner provides a comprehensive guide to
the BI tools market in its Magic Quadrant
BIG DATA RESOURCES FOR THE BUSINESS OF LAWYERING
R: An open-source programming language and environment for statistical computing and data mining,
great at graphics and visualization. https://www.r-project.org/
Tableau: An interactive data visualization dashboarding tool, making it easy to see your data.
Similar to Tableau, Spotfire is data visualization and analytics software that makes it easy to see
what’s in your data. http://spotfire.tibco.com/
SAS is a statistical computing package capable of advanced business intelligence analytics.
It typically requires a programmer, but also has a user interface. www.sas.com
A bit more user-friendly, but not as sophisticated as SAS, IBM’s SPSS is also a statistical
computing package that can easily handle business intelligence analytics. http://www-01.ibm.com/
Oracle BI is a very popular suite of enterprise-level business intelligence analytics tools.
Microsoft has Power BI, a dashboard creation tool to help with visualizing what is in your data.
LexisNexis has InterAction Business Edge that can compress multiple data sources to aid in law firm
business development. http://www.lexisnexis.com/intelligence/business-edge.page