We’re excited to share UniCourt CEO, Josh Blandi’s latest article published in Legal Business World. Josh’s newest article, Using Litigation Trends for Strategic Law Practice Planning, builds on his first article in Legal Business World, Powering Business Development with Court Data, which discussed ways law firms and litigation support companies can using court data to bolster their business development efforts. Josh’s latest article details how law firms can leverage litigation trends to take advantage of practice areas on the rise and prepare for downturns by scaling down the size of their practice.
Here below is an excerpt from the introduction of Josh’s article:
Law practice planning is vital to law firm growth. For lawyers, knowing the litigation trends impacting their practice areas can enhance strategic law practice planning and business development decisions. From identifying lucrative practice areas, to implementing associate career development planning, to managing reductions in staff based on downturns in certain practice areas, litigation trends can equip firms with the insights necessary to make data-driven decisions.
In this article, we will discuss the importance of law practice planning for running a successful legal practice. We’ll also detail specific examples of how lawyers can use litigation trends to implement strategic planning processes within their firms.
Law Practice Planning
Litigation trends can help lawyers plan, grow, and scale-down certain practice areas within their firms. Not only can they determine which practice areas to develop – and thus, how to staff accordingly – but they can also develop new competencies in lucrative areas of the law.
Firms can also use this type of information to help associates identify new areas of professional interest, thus grooming them to become future breadwinners for the firm. Associates who identify particular practice areas that intrigue them can not only gain valuable, hands-on legal training by cultivating a practice in those areas, but can also, over time, build out a profitable niche to expand the firm’s practice areas and expertise.
Preparing for upticks and downturns in the litigation landscape
Legal analytics and litigation trends can help lawyers decide how to staff or downsize (to cut costs) as needed before it is too late – that is, before another firm snaps up the bulk of business in an area and before expending valuable resources to maintain a large staff.
In fact, substantial changes in the law impact the vitality of certain practice areas, which can, in turn, directly affect a firm’s profitability. Understanding these changes is critical for lawyers looking to develop – and staff – only the most thriving practice areas.
A notable example is a recent downturn in Texas patent filings related to the landmark Supreme Court case TC Heartland. While the Eastern District of Texas used to be the hub for patent filings, SCOTUS limited where patent owners can file in a May 22, 2017 ruling, thus driving the bulk of cases to Delaware.
You can read the full article here on Legal Business World.