The Open Banking regime was imposed on the biggest UK banks with a requirement to allow tech start-ups to directly access their data. Could this ever be replicated in the legal sector? Should law firms become the first movers and collaborate to create an open initiative whereby clients and firms alike benefit from access to data?
• Can firms clean, structure and enrich current legal data to provide invaluable industry insights to clients and redefine existing relationships on the value they deliver?
• What are the data insights that clients are most interested in and how should firms track that?
• Who do firms need to recruit to mine and structure their data? Are the existing employees apt for the job?
• Can firms disaggregate client data to provide valuable insights on previous outcomes?
• Can firms take this further and send algorithms into firms to aggregate learnings and support the industry much like the open banking regime in financial services?
• Will this lead to firms in direct competition collaborating for the benefit of the client (and consolidation of the market)?