Using legal data for strategic law firm planning is no longer reserved for BigLaw. With the improved access to litigation data from numerous vendors in the exploding legal tech ecosystem, solo practitioners, small law firms, and regional and midsize firms can take advantage of insights from data to position themselves as leaders and market movers in their respective practice areas and jurisdictions. In “How Attorneys Can Use Legal Data for Business Development and Intelligence,” we looked at how attorneys interested in incorporating legal data into their marketing toolkit can begin by using a series of simple reports to view their clients’ and competitors’ litigation data. This allows firms to find new business opportunities and better understand their real market share. Then, in Part 2 of this series, “How Attorneys Can Use Legal Data for Legal Recruiting,” we looked at some practical applications of litigation data in the recruiting process and detailed some fundamental questions firms should ask and answer before determining which laterals to hire. In this third and final article, we’ll touch on how firms of all sizes can use litigation analytics to spot trends impacting their most important revenue streams and continuously monitor what’s happening in specific practice areas to strategically position themselves for the future. We’ll also discuss how to combine insights from litigation trends with lessons learned from previous articles to determine where to focus your marketing efforts for the greatest return. Uncovering Opportunities and Diagnosing Weaknesses in Your Markets For law firms, it’s critical to gather intelligence about real-time trends that are creating sharp and sudden changes as well as longer-term trends affecting the overall health of your markets. Short-Term Trends A great example of how firms can use short-term trends to shore up their practices and prepare for downturns comes from the dramatic decline

By embracing legal tech, firms are stepping into the future and preserving the integrity and success of their practices. As another wave of COVID-19 ravages the U.S., forcing at-home work to extend even further, the legal industry continues to feel the disruption. As in any industry that relies on collaboration, communication and transparency, the pandemic has forced legal professionals to find new strategies to manage their work. Adding to these challenges, cyberattacks remain a looming threat. As guardians of clients’ personal and confidential information, legal professionals face an array of complex risks that can be difficult to navigate in such a volatile environment. The good news is that legal tech programs can prove valuable in helping you manage and protect your law practice. The Rise of Legal Tech and the Evolving Law Firm Fueled by increasing investor interest and client demand, legal tech is on the rise. That is prompting a reassessment of everything from research, contract and case management to data security, intake, invoicing and more. Innovative legal tech works to increase accuracy and efficiency, allowing firms to improve workflow and capture new business. Efficient matter management, research, contract analysis and other services can boost productivity, providing a competitive advantage. For example, rather than sorting through mountains of paperwork with the risk of something being misplaced or missed, legal tech solutions can automate all sorts of lower-end, repetitive tasks. This leaves more time to focus on clients instead of spending potentially billable time on internal responsibilities. Notably, firms that fully leverage technology may actually see an increase in profitability at much higher rates than others since the pandemic began. Simply, the traditional practice of law is rapidly modernizing. Data Security Is Top Priority Understandably, a major concern for law firms and legal professionals is data privacy and security. Amid

Although the pandemic has affected the legal industry in a multitude of ways, there’s no question that the surge in demand for estate and end-of-life planning legal services stems from the realization that no one is invincible in the face of COVID-19. Estate Planning Pointers Amid a public health crisis, everyone is vulnerable — not just the elderly. Even young people need to get their affairs organized and document their wishes if they were to experience long-term disability, incapacity or death — and so do their lawyers. Updating Your Estate Planning Documents There’s no time like the present for lawyers to practice what they preach. Reviewing and updating your own estate planning documents to reflect your current personal and family situation gives you the peace of mind that you and your loved ones are protected. Further, impending federal tax law changes may merit strategic adjustments. I recently spoke with Peggy Sheahan Knee, principal of the Knee Law Firm and LexisNexis Practical Guidance contributing author, who said the pandemic was a game-changer for her law practice. “I was absolutely shocked at how many people reached out to us about not having documents like health-care proxies, advanced directives and durable power of attorney,” she said. “In the past, I found people were generally resistant to the idea.” Not anymore — clients are more than ready to talk through scenarios and pull together the paperwork. Many of the calls she receives are from worried parents of minor children who previously had no estate planning documentation. With the realization that no one is safe in the COVID-19 era, planning for the worst while hoping for the best is the responsible thing to do. Should Your Firm Handle Your Will? Choosing a Service Provider According to Knee, it’s critical to have a will in place.