How We Help Clients
Business Intelligence & Strategy
LMx Business Intelligence analytics-based solutions use data science and visual design to deliver unparalleled insight and actionable takeaways to our clients. We use a scientific approach to identify and leverage core competencies, evaluate market positions, forecast revenue, and collaborate with our clients to develop growth strategy and increase client engagement.
Our analytics team of Ph.D. and M.S. statisticians are experts at developing customized analytics that solve the unique and complex business challenges facing the legal industry.
Internal Firm Analysis
LMx analyzes our clients’ internal data to generate a comprehensive understanding of historical performance broken down by practice area, client industry, and other pertinent categories. We deliver insights about client-revenue leverage, the firm’s top clients with respect to revenue and growth, and the distinguishing characteristics of high performing practice groups and partners. These insights help our clients to standardize and improve service delivery, profitability and efficiency.
Legal Market Analysis
We break down the U.S. legal market by client type, practice area, geography and industry. We deliver information and analysis about specific legal markets’ relative positions and growth potential based on external spend. We also summarize these markets’ industry spending patterns and highlight the distinctive business sectors in their key markets. Clients use our results to evaluate current market share, focus business development efforts and develop overall growth strategy.
Project Atlas helps clients navigate potential merger opportunities to identify those most likely to enhance their core competencies and value proposition. Traditional assessments used to identify and evaluate combination targets rely on a narrow range of data (e.g., Revenue Per Lawyer) evaluated within a static framework that does not allow for sophisticated analysis. Project Atlas eschews this approach in favor of a comprehensive data-driven process of “thoughtful elimination.”
Revenue Forecasting Model
Our revenue forecasting analysis equates a law firm to a financial portfolio. We study the relationship between various tranches of firm work and key economic trends. Then we design a statistical model of the firm’s historical performance and its practices and use this to forecast future returns. The results uncover the economic forces that most strongly impact financial performance at specific law firms and empower our clients to diversify their practice area offerings to hedge against market fluctuations.
Predictive Wins Model
The LMx Predictive Wins Model analyzes data from our plaintiff counsel clients on the characteristics of their former and existing clients, defendants, and defendants’ legal counsel. Our clients use this information to predict whether a matter outcome will be favorable, the duration of a matter, and the settlement size. Our plaintiff counsel clients use the results to gain insight into the drivers of these outcomes and their connection to revenue, strategic market expansion, resource allocation and business development.