In a groundbreaking move, the law firm Perkins Coie has leveraged the power of data analytics to enhance client services and bolster its market positioning. The firm's recent initiative, utilizing the Litera Foundation knowledge management platform, has positioned it as a frontrunner in the legal industry’s shift towards more dynamic and informed service models.

The Litera Foundation recently recognized innovative law firms through its inaugural Foundation Innovation Awards. These awards spotlight firms that creatively use the platform to maximize client value, and Perkins Coie stood out as a finalist for its exceptional use of data-driven tools.

Perkins Coie’s project involved integrating two Litera solutions—Foundation Scoping and Foundation—to draw actionable insights from pricing trends and timecard data analytics. This integration has empowered the firm to refine its pricing models and improve matter management significantly. The initiative was particularly impactful for their Emerging Companies & Venture Capital practice, enabling the team to devise a more effective pricing strategy by categorizing transaction types and identifying trends.

With the help of Foundation Scoping’s natural language processing capabilities, Perkins Coie could analyze and categorize extensive data sets, overcoming challenges like estimating the present-day value of historical work and ensuring data integrity. This meticulous data handling has led to a deeper understanding of key activities by deal type, which is essential for tailored client service.

Julio Sanchez, Senior Pricing Manager at Perkins Coie, highlighted the benefits of this synergy between data tools and legal expertise. "By integrating Foundation Scoping and Foundation, we are transforming how we scope, price, and manage matters. This not only allows us to respond more swiftly and accurately to client requests for proposals but also enhances our internal benchmarks, supporting more partners with actionable data," he stated.

The success of this initiative is paving the way for a firmwide dashboard, which aims to help the lawyers at Perkins Coie leverage robust data analytics to align better with client needs and efficiency goals. Such tools enable the firm to offer more efficient, value-based alternative fee arrangements that resonate well with client expectations and market demands.

Perkins Coie’s commitment to harnessing data strategically stands as a testament to the potential of technology in revolutionizing legal services. For those interested in how data-driven strategies can transform legal practice, Perkins Coie’s use case will be featured in an upcoming business of law eBook. Legal professionals and firms eager to understand the impact of such innovations can pre-register for the eBook or connect with the Litera team for a detailed analysis of their current tech-stack.

The Perkins Coie story is a compelling example of how embracing technological advancements and data insight can lead to enhanced efficiency and client satisfaction in the legal sector.