Fox Rothschild LLP is proud to announce that The College of Law Practice Management has named the firm and its Knowledge Management and Innovation Team, led by Chief Knowledge and Innovation Officer Catherine M. Monte, among this year’s InnovAction Award honorees.
The annual awards program celebrates legal innovation that is novel, disruptive and provides demonstrable value to the industry.
“As Fox Rothschild experienced exponential growth over the past decade, it became clear that a central and consistent matter classification system could generate meaningful analytics to assist the firm in staffing, pricing and experience,” said Monte. “We are honored to be among the recipients of this award and to be part of moving the needle forward in legal innovation.”
The firm’s KM & Innovation Department spearheaded the initiative, which harnessed cutting-edge AI technology to build a matter classification scheme that could be retroactively applied to historical matters as well as automatically applied to new matters.
The project relied on critical legal, analytical and data science skill sets from key players throughout the firm alongside complementary expertise from HBR Consulting. HBR Consulting provides law firms and corporate law departments with strategic guidance, operational improvement and technology solutions that drive innovation.
Department members on the project utilized years of experience, an in-depth understanding of the legal industry and knowledge of the firm’s client base to mine internal firm data and determine the unique, custom structure of the classification scheme. Once the historical data was compiled, a predictive model and machine learning workflow was designed and deployed to auto-classify matters in the firm’s new intelligence system, Foundation.
The firm is already realizing potential benefits to advance its strategies in both the practice and business of law, including:
- gaining insight into the nature, composition and trends in matters handled;
- identifying areas of experience and laying the groundwork for more advanced analytics that can be used for forecasting and risk management;
- and easily finding comparable matters for analysis when analyzing pricing or fee arrangements
Original source can be found here.