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Let’s count some signs that we are embarking on the Decade of Data

The gradual move toward more and better data for general counsel has continued of late, or even picked up. We might be in the first year of a Decade of Data, given the developments and potentialities of the kind summarized below.

  1. Real Rate Report of TyMetrix on billing rates of law firms and costs of matters (See my post of June 2, 2010: hourly rates of US partners; and June 3, 2010: “standard billing rate” is illusory.).

  2. Litigation Monitor of HubbardOne on lawsuits by corporation and law firm.

  3. General Counsel Metrics global benchmarks from hitherto unimaginable numbers of participating law departments (See my post of June 13, 2010: unbalance representation by regions; and June 8, 2010: a colorful peak at the report.).

  4. ACC Value Challenge evaluation scores of law firms (See my post of April 25, 2009: after-action reviews in ACC Value Challenge; and April 29, 2009: ACC Value challenge.).

  5. Real-time availability of hours billed to matters (See my post of June 3, 2010: GE authors foresee and commend immediate billing information.).

  6. Task-based billing codes expanding to more practice areas and an international set (See my post of Dec. 21, 2008: UTBMS with 8 references.).

In this Decade of Data, ample supplies of new numbers and data mining techniques will enable the legal industry to see more accurately the real contours of performance.