Why You Should Leverage Outside Counsel Data to Help Your Organization

Collecting outside counsel data alone is insufficient; it must be effectively utilized,  as Mitratech’s Lauren Burnside writes in a recent blog post.

Mitratech has gathered key insights from recent legal conferences that include the importance of harnessing outside counsel data, determining relevant data types, prioritizing data collection, and leveraging the information for strategic decision-making.

The importance of outside counsel data. Collecting data on outside counsel offers valuable perspectives on performance, efficiency, and cost-effectiveness. This data-driven approach enables organizations to make informed decisions, allocate resources wisely, and optimize legal operations. Beyond firm rates and regional coverage, crucial data points include the proposed team’s court connections, fee estimates, and diversity among timekeepers. 

Types of outside counsel data.  Outside counsel data includes baseline data and qualitative and relationship data. Baseline data — such as hours billed, matter descriptions, and legal fees — provides insights into the scope and nature of legal work. Qualitative and relationship data includes feedback surveys, performance reviews, and client testimonials, offering a nuanced understanding of service quality and internal client satisfaction. Distinguishing between these data types allows legal ops to evaluate both quantitative metrics and qualitative aspects comprehensively, leading to balanced decision-making.

Data relevance and priorities. Legal ops must prioritize collecting information aligned with their department’s strategic objectives. Identifying key questions and stakeholders helps ensure efficiency, focus efforts, and avoid irrelevant data. This targeted approach ensures that the data collected drives meaningful insights and supports decision-making processes.

Efficiency and collaboration in data management. Collected data should enhance operational efficiency and foster collaboration between in-house teams and external partners. By analyzing trends, identifying improvement areas, and constructively sharing feedback, organizations can optimize legal workflows and achieve greater transparency. 

Data-driven decision-making. Leveraging outside counsel data informs strategic decision-making and drives positive organizational outcomes. Adopting a data-driven approach provides a competitive edge, mitigates risks, and optimizes legal spend. The key takeaway is clear: Don’t just collect the data, use it effectively.