Of acronyms, $$$ and BigLaw
If there's one thing I've learned in the past year and a half of blawgging, it's that acronyms mean big $$$ for law firms.
Take the first one such I learned: EDD, or electronic data discovery. Whether you're a plaintiff paying mucho beaucoup dollars to discover something or you're working to hide it, EDD means money.
Then I learned KM or knowledge management. With apologies to my Law.com colleagues and KM experts Ron Friedmann and Joy London, KM is a boring buzz phrase the legal industry uses to describe what is to me a very sexy thing: Solutions (high-tech and low-tech) for corralling the data that lawyers develop, analyze, describe, present, sell and trade. Yup, I'm a geek. Mmmmm, data.
Now today I see a new acronym. Bruce MacEwen is blawgging about BI -- and warning that "what you don't know can hurt you." What is he on about? BI, as it turns out, is neither a bodily function nor an infection. BI is the dubious acronym for "business intelligence." And MacEwen not only apologizes for the use of the acronym, but makes a compelling case for why you should care:
"In law-firm land, BI can analyze the profitability of entire practice groups, of offices, of clients, of individual lawyers, and of individual matters."
What do you think? More here.
Posted by Laurel Newby on January 23, 2006 at 03:07 PM | Permalink
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