Lex Machina hosted a webcast on Competitive Intelligence on April 15, 2021. The webcast was moderated by Neil Magenheim, Sales Director at Lex Machina, with guest speaker Jordan Fowler, Director of Business Development at Beck Redden. The discussion covered several important topics related to the crucial role Legal Analytics can play in achieving effective competitive intelligence. Neil and Jordan discussed how Legal Analytics enables strategic analysis of the history and behavior of clients, prospects, and business competitors.
“Legal Analytics is huge because . . . data gathering is really challenging,” Jordan Fowler observed. “It’s hard to have the time you would need to pore over what your competitors are doing, what you’re doing, what your clients and prospects are doing in a normal business day. So I think Legal Analytics shaves some of that precious time off of the data gathering.”
“That’s what Lex Machina, that’s what Legal Analytics is all about,” agreed Neil Magenheim. “Getting the data quickly to allow you to assess the data, tell stories behind the data, to position yourselves accordingly based on that specific task at hand.”
“It gives you more of a role of a strategic advisor, because then you are able to absorb the data and present it in a way that’s going to inspire some sort of action, or present it in a way that tells a compelling story or shares a narrative that’s going to be important for whatever pursuit or project that we’re working on,” Jordan Fowler added. “So I think it takes the data mining out of the role, and allows you to hone those skills of analysis that I think do take time to learn to cultivate, but make the business development function really valuable.”