Joe Borstein recently interviewed Raj Goyle at Above the Law about Bodhala and the evolving legal space. Here is an excerpt:
A complete lack of data hurts the legal profession and the market. Bodhala has used data in innovative ways –saving a client $1.2M per year by allocating its spend more efficiently, helping a major law firm identify and win business in practice areas using data targeting, etc.
Lawyers have a hard time justifying their value because of this data vacuum. No one has confidence in how to rank different lawyers, matters, firms, etc. We have more data on buying socks on Amazon than we do about lawyers.
Clients feel gouged. GCs get stink eye from the C-Suite because no one trusts their budgets. Young law partners at firms resent gray haired partners. And so on.
But things will change very fast. Clients and firms realize enormous data is trapped in silos. Smart firms will use data to win more business and smart companies will use data to optimize their spend.
Those who don’t may find themselves playing a very expensive game of catch-up, like Walmart is with Amazon, or risk becoming obsolete, like Borders bookstore.