- Microsoft has agreed to join a growing coalition of legal departments looking to standardize legal data for machine learning environments
- More and more legal departments are talking about making data-driven decisions with their outside counsel
- Bodhala does precisely that with the power of our industry-leading data set and analytics
Over at Bloomberg’s Big Law Business, Roy Strom reports Microsoft has begun rolling out a new standard for legal taxonomy developed by the Standards Advancement for the Legal Industry (SALI) Alliance.
Although now in a pilot program, the move is an effort to standardize all legal matters facing the tech giant in hopes of taking control of legal spend.
Here’s a killer quote that caught our eye:
“We are more and more asked to think about how we enable our teams to make data-driven decisions about how they engage with outside counsel and how they do their work,”
– Rebecca Benevides, Director of Legal Business
Benevides noted that SALI taxonomy will help Microsoft legal teams by creating cleaner data models to leverage.
Preach! We hear this from clients and in discussions with industry leaders every week. And an implementation at this scale will almost certainly lead to greater adoption of a data-driven mentality across the market.
Bodhala is a groundbreaking legal technology platform created by lawyers to transform the half-a-trillion dollar global legal industry. Our platform refines organizational processes by empowering your legal team with deeper insights that allow you to better analyze, interpret and optimize outside counsel spend, trailblazing a new era of legal market intelligence.
We’re built on data – and how we develop it, how we utilize it and how we analyze it for the benefit of our customers sets us apart. Our proprietary benchmarking metrics and rate review algorithms generate detailed insights into every aspect of legal spend. An intuitive dashboard puts the information you need to make more cost-effective decisions about legal service providers at your fingertips, effectively boosting efficiency and reducing your bottom line.
Anyone who works at the intersection of Big Law and Big Business knows there’s a shift underway. Just recently the Wall Street Journal cited our data to show how the legal industry is changing at a lightning pace. Check it out!
We’d love the opportunity to help your company follow Microsoft’s lead. Shoot us a message and let’s talk about how your existing data can make sense of your spend.