Lisa Mayo, Ballard Spahr’s director of data and analytics, explores the future of law firm innovation, from predictive analytics to developing client value departments. Mayo emphasizes the importance of data maturity and the role of artificial intelligence (AI), machine learning, and analytics in predicting business evolution. She highlights the need for firms to have a strong data foundation and the potential of leveraging third-party data to gain a complete picture of clients. Mayo also mentions the significance of data literacy and the shift towards law firm departments operating as independent consultants. She believes that generative AI will be a game changer for the industry in 2024. Overall, she emphasizes that data maturity is an ongoing process that requires continuous effort and offers valuable insights for law firms to succeed in the future.
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