Everyone has heard the saying, “Data is the new oil.” But does that saying hold true in law, or is the promise of data-driven decision-making in our industry just more marketing hype?
To explore this question, I sat down with Catherine Krow, the Founder and CEO of Digitory Legal. Digitory is an award-winning cost analytics platform that brings data-driven pricing and cost management to law. Catherine — a former Orrick litigation partner and self-professed data geek — founded Digitory because she believes “nothing moves the needle in our industry faster or more effectively than actionable data.”
What is “actionable” cost data?
Actionable data is data that delivers decision-grade insight. According to Catherine, in the billing context, that means cost data with four key attributes: (1) granular enough to reveal scope and unit costs for each task, (2) well-labeled, (3) accurately and consistently coded, and (4) connected to context. “It is the ‘why’ behind the numbers,” she says.
She explains, “Actionable cost data can reveal the value, or lack of it, within legal spend, pinpoint opportunities for process improvement, and improve communication around expectations and costs. It also can help law firms and in-house counsel predict the price of complex work with an unprecedented level of precision.”
You can read more of the interview here.
BigHand Impact Analytics combines strategic advice and change management expertise with AI-enabled data analytics to transform legal billing data into DEI success. The solution allows firms to identify opportunities for career advancing work, supports DEI initiatives, and focuses on areas where time recording needs to be improved - ultimately creating a smoother billing and collection process, with better data insights.
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