In an increasingly digital world, the role of data in transforming business practices is indisputable. However, the impact of data extends far beyond just accelerating business processes or driving evidence-based decision-making. Much like the apocryphal Henry Ford quote that people would have simply asked for faster horses — there seems to be a similar underestimation of the comprehensive changes that data can bring to business.
What’s intriguing about these transformations are not merely technology aspects. A recent report released by Law.com Compass Pacesetter Research on innovation in Data Governance rather reveals aspects beyond technology. The conversations with clients, particularly those purchasing professional services such as legal services, have significantly revolved around the prominence of data privacy regulations and cybersecurity concerns. However, the researchers have discovered something foundational during their study.
As the world transitions to more digital-driven pathways, it emerges that law firms must encompass expertise in all principal components of data governance. Embracing a more comprehensive understanding of data beyond its technological implications can significantly reshape the approach to legal services and, thereby, the entire landscape of the legal profession.