Leveraging Analytics to Tell the Story They Want ... and More
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Transcript of Leveraging Analytics to Tell the Story They Want ... and More
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LEVERAGING ANALYTICS TO TELL THE STORYTHEY WANT … AND MOREAndy Peterson – DWT De NovoChristian Zust – Bryan Cave
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#LMAP32
LEARNING OUTCOMES
1. Analyze opportunities to leverage data to demonstrate your firm’s value
2. Identify ways to improve the stories uncovered through data analysis
3. Formulate strategies to protect the stories at both client and firm levels
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#LMAP33
THE BRYAN CAVE STORY
Potential Litigation Client• Transactional client with no history using Bryan Cave for
litigation• Reputation for dismissals or nominal settlements, even on
complex matters
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#LMAP34
FINDING THE OPPORTUNITY
Have your client define success• Engaged GC early to understand how they define success
- Interested in seeing if there is a better way to control overall costs+ Enjoyed reputation as tough litigators+ No noteworthy issues with particular counsel+ Little interaction with counsel+ Settlement costs currently minimal
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#LMAP35
UNDERSTANDING WHERE TO ADD VALUE
Break “success” into its component parts• Total Cost of Resolution (TCR) Components
- Outside counsel spend- Settlement costs- Expenses
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#LMAP36
FINDING THE STORY
Gather data related to each component
• Data Sources- Financial dashboard- Experience database- Document management
system- Attorney memory
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#LMAP37
TELLING THE STORY
Turn findings into something easily digestible
Legal Fees63%
Settlement Costs33%
Expenses4%
Bryan Cave - TCR $94,500
Legal Fees92%
Settlement Costs
4%
Expenses4%
Baseline - TCR $120,000
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#LMAP38
IMPROVING THE CLIENT’S STORY
Demonstrate the value of your story by incorporating it into the relationship
• Common suggestions:- Tweaks to streamline processes- Changes in team composition/structure- Increased collaboration and smarter reporting/alerting
• Structured a TCR based approach to litigation:- Improving case assessments to include risk weighting- Scrutinizing demand v. next round of defense fees- Enhancing data collection and analysis methodologies - Developing key performance indicators (KPIs) and scorecards to ensure
quality
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#LMAP39
PROTECT THE STORY – CLIENT LEVEL
Implement improvements that deepen institutional knowledge while positively impacting metrics
• Formed specialized teams to respond to certain high risk or highly repeatable issues
• Formulated key performance indicators that impact TCR• Customized solutions focused on improving performance
against KPIs
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#LMAP310
PROTECT THE STORY – FIRM LEVEL
Ingrain the firm’s story in the attorneys’ memory and connect their individual performance to that story
• Story shared for preservation and continued business development
• Associate training programs created• Smarter reporting created showing each attorney their
performance as it relates to KPIs
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#LMAP311
INDIVIDUAL PERFORMANCE SUMMARY
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#LMAP312
THE DWT STORY
Existing payments client• Wanted an international survey of current and emerging
payments regulatory issues• Wanted it displayed in a “heat map”• Wanted it … from a lawyer (gulp)
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#LMAP313
THE DATA
COUNTRIES28US
CanadaChinaUAE
Bahrain…
ISSUES28
Honor-all-cards ruleCard transaction fraud/data-security
Interest rates and feesGrace periods
Rewards or loyalty programs…
WINDOWS2
CurrentEmerging
WORDS
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STRUCTURE
Quantitative Qualitative
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#LMAP315
TIME GOES BY
Lawyers do the research• Mid-six figures in in DWT billings• Even more in local counsel billings• $0k in Andy billings
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#LMAP316
THE END(ISH) RESULT
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#LMAP317
THE END(ISH) RESULT
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#LMAP318
THE END(ISH) RESULT
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#LMAP319
THE END(ISH) RESULT
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#LMAP320
“SCOPE CREEP” AKA “HERO OPPORTUNITY”
Canit
doX?
#CIDX(not everything in this presentation is true)
(but follow me @designbuildLGL)
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#LMAP321
#CIDX: SPLIT CURRENT AND EMERGING?
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#LMAP322
#CIDX: SPLIT CURRENT AND EMERGING?
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#LMAP323
#CIDX: SPLIT CURRENT AND EMERGING?
#CIDX ??
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#LMAP324
#CIDX: CLICK-THROUGH TO SURVEY RESULTS
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#LMAP325
#CIDX: CLICK-THROUGH TO SURVEY RESULTS
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#LMAP326
#CIDX: CLICK-THROUGH TO SURVEY RESULTS
#CIDX ??
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#LMAP327
#CIDX: CLICK-THROUGH TO FULL TEXT
OF THE REGULATIONON THE WEBTRANSLATED INTO ENGLISH?
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#LMAP328
#CIDX: CLICK-THROUGH TO FULL TEXT
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#LMAP329
#CIDX: CLICK-THROUGH TO FULL TEXT
#CIDX ??
(sort of)
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#LMAP330
WHAT’S NEXT
The heat map lives on*• Used by global cards team to keep a finger on the pulse of
pertinent events affecting the card business in 28 jurisdictions• *The client is replicating the whole thing, using our data
structure and visualization, in QlikView• They will ask us and local counsel to update the data on
some regular basis• DWT can apply this structure to other similar efforts (e.g. 50-
state surveys)
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#LMAP331
BEST PRACTICES
Tips to uncover, institute, improve and protect your story:• Engage client early to understand their vision for success• Get the opportunity into the right hands right away• Break “success” down into its component parts• Analyze historical performance as it relates to those parts to
develop your story• Don’t just tell the story – look for ways to improve it• Implement structural changes to improve and protect your
story at both client and firm level
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#LMAP332
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