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Analyst Insight: Calculating the Value of Legal Research Efficiency

“The fees and time associated with legal research represent a Cost of Goods Sold for legal services that affects firm profitability. Excess research time, in particular, while often monetized in hourly billings, nevertheless generates losses in the form of write-offs and lost potential revenue. Increasing the efficiency of legal research practices often offers the means to avoid these scenarios and increase the workload capacity of associate attorneys, which potentially offers to help increase revenue per attorney and, in some scenarios, reduce overhead. This report reviews these principles to build on Blue Hill’s prior analysis to provide additional context related to the larger impact of research efficiency on the profitability of a law firm.”

“Attorney productivity, and the efficiency with which matters are completed, becomes a critical component not only of competitive differentiation, but of the ultimate business success of the firm. Conceptually, these dynamics aren’t foreign concepts for law firms. The same ideas are the foundation for “NewLaw” business models and proposals for new legal technology investments. Rather, the larger challenge lies in uncovering a meaningful basis to understand how process efficiency relates to larger firm business needs and profitability.”

Read the full Analyst Insight report