Tim Murphy spoke to the Financial Post on how law firms are using data analytics

Tim Murphy spoke to the Financial Post on how law firms are using data analytics

The Ryerson University/ LexisNexis conference “Lawyering in the 21st Century” emphasized that change is coming rapidly and data analytics and better management of information will help law firms be more efficient and provide better, faster service.

The Financial Post piece used McMillan LLP as one example of how law firms are using data analysts. McMillan’s data scientist analyzes the firm’s dockets, personnel assignments, timing, and document flow. The idea is to see if there are ways the firm can more accurately determine its own costs and margins.

“Most law firms have this information. What they’re not doing is analyzing it systematically,” says Tim Murphy, a partner with McMillan in Toronto.

To read Playing the numbers game: 21st Century law will be based on math and data analytics go to the Financial Post.