数据作为“新型生产要素”的重要性不断提升，中国采取各项措施激发数据的经济效益。预期到2030年，中国数据交易行业市场规模有望达到 5155.9 亿元。数据交易在确权、合规、交易架构等方面都需要律师提供专业服务，部分“先行者”与ALB分享了这一领域的机遇和挑战。
数据是全新的生产要素，是“我们时代的石油”，这一观点已经愈发为公众所熟悉并接受。如果说自2021年起，中国以世界领先的速度搭建起了数据保护相关规则及监管体系，那么在过去两年，中国以同样的“先行”风范，展开了数据资产化领域的制度构建。
在通商律师事务所合伙人邹丹莉律师看来，2022年年底以来，中国在数据资产化顶层制度构建方面经历了三大里程碑事件。首先是2022年12月发布的《关于构建数据基础制度更好发挥数据要素作用的意见》（“数据20条”），“这是数据领域的纲领性文件，核心是创新了数据产权观念，在淡化所有权的情况下，明确了数据之上的收益权和使用权”。
确定基本产权制度后，数据资产化道路随即被打通。2023年8月，财政部发布《企业数据资源相关会计处理暂行规定》，“明确了企业的数据资产如何做固定资产入表”，该规定自2024年起实施。
第三条线索则是2023年10月底国家数据局的挂牌成立。“这是国家层面的数据要素管理协同促进机构，职责之一就是促进数据要素流通。”邹律师指出，至此，数据资产化制度的基础已搭建完成，“在全球范围内也是比较领先的，是政府推动数字经济发展的一个典型案例”。
数据交易现状
不过，虽然数据要素的价值刚刚在国家规则层面被认可，其商业价值却早已存在，针对数据的交易也已极其普遍。尤白璐律师是上海元达律师事务所数据合规组负责人、顾问律师，她指出，根据《2023年中国数据交易市场研究分析报告》，2022年中国数据交易行业市场规模已经达到876.8亿元，全球占比13.4%，在亚洲的占比则高达66.5%。
“不过，数据交易呈现场内场外‘冰火两重天’现象。根据有关研究机构测算，2022年数据要素规范的场内（数据交易所内）交易占比仅为2%～3%。”
地域上，目前数据交易最活跃的是华东和华南地区。尤律师结合上述《报告》解释道：“首先，华东、华南地区金融市场发展较好，而金融行业中如券商、保险公司、银行等是主要的数据需求方；其次，华东、华南地区的互联网行业发展较好，为数据交易市场打下了技术、软硬件等基础。”
此外，《报告》指出，西南地区的数字交易也日益活跃，这是因为“其数据中心基建设施较为完善，并且最具代表性的贵阳数据交易所的交易规模在场内处于龙头地位”。
连越律师事务所合伙人、数据合规团队负责人左昆律师也持续关注着场内场外交易的发展。他指出，部分数据市场，如金融信息、电商交易、短视频流量数据库等，在长久发展中已较为成熟，其他行业则“数据交易仍处于发展阶段，很多交易都是个案、特例，还没能形成广泛适用的产品架构，数据价格、价值的评价、评估体系也还未能在市场主体之间形成广泛共识”。
交易量方面，场外交易情况难以统计，场内交易则“在2023年间长三角、珠三角地区有了较为突出的发展”。左律师介绍道，例如上海数据交易所结合本地资源优势，上架了不少金融业相关数据产品；广州数据交易所关注数据与制造业的结合；“其他如贵阳、深圳、北京等地的数据交易所也都根据自身资源禀赋，结合当地政策环境，推动数据交易发展。”
世辉律师事务所一直在从法律视角支持数据交易所场内交易的发展，包括参与多地地方数据条例的立法支撑，以及数据交易所规则论证，并为上海数交所第一批挂牌项目提供了支持。世辉合伙人王新锐律师告诉ALB，目前在场内交易方面，供给端热情最高的当属国企、银行，此外一些大型民企也参与到了首批交易项目之中。
王律师指出，由于场内数据交易概念仍有较大不确定性，律师的重要角色之一，就是和客户讨论哪些数据适合拿出来做交易，“现在各地数交所上架的，也都是安全性较高的项目”。
“目前有两类数据有一定的争议，一是个人信息，二是部分敏感度较高的政务数据。如果上架往往都需要组织专家进行论证。”他介绍道，“比较容易被挂牌交易或未来作为数据资产入表的，主要是和金融、工业有关的数据，这类数据基本由企业自身产生，权属争议少，已经上架的包括航运交通、企业服务、财税金融、供应链等数据。由于目前挂牌环节对安全性要求较高，先由这些项目‘探探路’，未来再陆续有商业属性更强的数据进入交易环节。”
在协力律师事务所高级合伙人江翔宇律师看来，近期数据资产入表实践的加速发展将推动2024年数据场内交易的活跃。“很多上市公司迅速认识到数据资产入表的价值和意义，已经在开展具体的入表工作，在2024年一季报中将有体现。今年1月财政部印发《关于加强数据资产管理的指导意见》，其中的规定有助于推进国有企业进行数据资产入表。一些非上市国有企业在数据资产入表方面也推进迅速，例如我们团队就协助CBD国际集团全资子公司北京商务中心区信链科技有限公司在上海数交所完成‘企业大数据风险管理平台’数据产品的挂牌。”
“数据资产入表之后，场内数据交易的价值将大大提升，例如强制性合规评估的数据产品在数据交易所挂牌后，挂牌企业本身已经实现了对数据产品的确权，可以快速入表；产品的需求方也可将交易价格快速入表。”江律师解读道。
律师扮演的角色
合规、确权、资产化，这被称为数据要素价值实现的“三部曲”，法律人在三个步骤中都扮演着重要的角色。
首先，在合规及确权方面，受访律师指出，这是目前实践中律师参与度最高的环节。邹丹莉律师解释道：“根据数据20条等定义，数据资产是指合法拥有或者控制、未来能够产生收益的数据资源，其前提是企业或数据权益主体前期对数据的获取、收集等都有明确、合法、充分的授权，律师则可以对相关合法性进行确认。”
江翔宇律师也指出律师在数据交易确权、合规领域扮演的重要角色，他和团队在此领域的研究和实践方面已积累起不少经验，例如每年发布《数据交易合规法律报告》，并“最早参与了上海数据交易所、深圳数据交易所挂牌数据产品的合规评估，参与了上海数交所2021年首批20只产品中6只产品的合规评估，后又参与了多只金融、交通领域数据产品的合规评估”。
数据合规是过去几年最热门的法律服务板块之一，那么，常规数据合规服务和数据交易过程中的合规服务有何异同？王新锐律师指出，如果企业此前是为了应对上市，尤其境外上市展开数据合规项目，相关要求和数交所的要求基本位于同一水平线；而“如果企业的数据合规体系构建相对日常化，未必能够在交易阶段达到必要的合规要求”。
此外，数据交易相关的合规工作还具备一定的特殊性。王律师介绍道：“第一，律师展开的数据合规服务会包括部分数据切分工作，例如将企业数据中争议性较大、风险较高的数据拆分出去。”
“第二，交易相关的合规工作会更多涉及和会计、IT等部门的协调。例如要实现数据入表，需要在会计层面做到和相关成本的对应；此外，很多企业内部数据的管理是去中心化的，数据掌握在不同业务部门手中，想要把部分数据拆分出来入表或交易，也要考虑企业内部是否存在可行的IT技术支持。只有和会计、IT人员共同展开工作，才能真正实现部分数据的确权、合规，继而实现下一步的资产化。”他说。
一旦完成合规及确权，在数据交易阶段，理论上律师也承担着重要角色。邹丹莉律师指出，无论是数据资产交易，还是数据资产化之后的金融化——如用数据资产展开融资，都需要律师就交易结构设计、交易文件起草等提供相应的法律服务，例如邹律师目前和团队就在为一宗数据资产信托的产品结构提供论证支持。
在王新锐律师看来，数据资产化环节的难点同样在于协调各方意见及支持。“数据交易虽然已经有不少可参考的实例，但到项目中基本都需要个案讨论、排除瑕疵、选择匹配的交易所，标准化程度比较低，这也决定了我们工作的特殊性：在每件事上都需要得到其他部门的认可，反过来其他部门也需要律师在法律上的确认。”他说。
挑战重重
如果说数据资产化给律师带来了更多的业务机会，律师在服务过程中也面临着全新的挑战。
挑战之一，在于数据权属、交易等规则的尚不健全。如上所述，数据20条一定程度“绕开”了数据权属问题，但这一核心议题的不清晰仍旧给法律服务带来现实的挑战。尤白璐律师坦言：“数据权属明确才能保护数据权益人权利，更好地激发数据交易活力。由于目前尚未形成清晰的解决方案，更需要律师在实务过程中基于谈判地位以及客户的商业需求进行考量，采用约定的形式在合同中明确，减少发生争议的可能性。”
江翔宇律师对此有着相似观察。“数据20条仅仅是政策性文件，在律师服务中很难作为法律依据，而其中的数据持有权、加工利用权、经营权三权分置的设计虽具有在数据确权上走出新路的意义，但具体内涵和如何适用从严谨的法律维度均不清晰。”
“此外在个人数据的匿名化、去标识化的规定和认识上均存在难以操作的问题，律师也很难出具无保留的法律分析意见。”他补充道。
尤白璐律师也指出：“数据交易相关法律规则尚存在许多空白，数据交易范围、估值定价标准、数据质量、数据责任等一系列要素规制不清，很多红线问题都需要数据律师根据数据合规领域的经验来判断。”
第二重挑战，则在于如何在新情况下适用既有规则。邹丹莉律师举出了公共数据的例子：“例如国有资产的交易规则是否适用于公共数据的交易？公共数据交易收入应该划拨给谁？这些都值得进一步探讨。我们看到有的地方统一设立了公共数据交易中心，这是非常可贵的实践。”
结合数据资产化往往牵涉诸多部门的情况，王新锐律师指出，此类服务的第三大挑战在于对律师团队多元化能力的要求。“律师需要和各方对话，如果看不懂会计准则、听不懂IT语言，沟通就会很费劲。”他说，“因此，企业更倾向于为此类项目寻找了解技术、了解企业内部数据生命周期和数据治理，甚至了解企业内部情况的团队。”他说。
新蓝海板块
2021年中国数据立法“三驾马车”悉数落地后，三年来，不少律所已经在数据合规领域打造出较强的市场领先优势，下一步，这样的优势能否有效“转化”到数据资产化服务领域？
对此，受访数据律师持肯定看法。左昆律师指出，律师主要就是以“合规”切入到数据领域的，在数据采集、处理、流通、入表等各个环节为客户提供合规建设、合规审查、数据确权等服务，根据具体情况灵活地采取尽职调查报告、合规差距分析报告、合规建设规划建议、法律意见书等方式呈现。
“我们认为，合规是数据资产化的必由之路，数据合规服务必然是数据资产相关服务的基础，而数据资产的发展，也促使客户产生提高数据合规水平的积极性。二者当然是相辅相成的。连越所在数据合规服务领域的不懈坚持和已经取得的积极成果，必然有助于我们继续在数据资产服务领域快速发展。”他说。
尤白璐律师也认为，数据合规和资产化服务的相辅相成是由诸多客观规律决定的。“一方面，数据合规贯穿于数据交易的全流程；第二，专业人士展开数据合规评估能够提升数据商业活动的安全性，尤其在目前缺乏完备的规范性文件保障的情况下，起到了‘安全阀’的作用。”
“第三，从数据交易的监管趋势来说，在可预见的未来，为提高数据交易的可信度和透明度，鼓励和支持数据交易市场的创新和发展，政府必然加大对数据安全和隐私保护的监管力度，并逐步搭建起数据资产交易的合规框架体系。”
江翔宇律师同样认可“如果律所在过往服务互联网企业或者做资本市场业务过程中积累了较多的数据安全、数据合规和个人信息保护合规业务经验，一定有助于企业数据资产化服务”，但他也提醒道，“现在数据要素市场发展的背景下，对业务模式的理解增加了新的维度，尤其会计准则的严肃性进一步提高了合规要求，也需要律师不断提高认知和服务水平”。
在世辉，王新锐律师告诉ALB，数据相关服务统一归属在“数据合规”业务部门之下。伴随数字资产化服务给这一部门带来更多想象空间，对于未来律所数据服务的发展，王律师提出了三点建议。
第一，律所的数据服务应该尽量多元化，避免只聚焦于类似IPO数据合规专项、数据出境等某一个领域；第二，数据服务要特别强调“头部客户原则”，服务行业头部客户不但会强化律所的市场影响力，也会让律所在服务头部实践的过程中尽快将服务类型化，提高投入产出比。
最后，数据业务部门内部也要讲求平衡，“需要有一些稳定的、利润率高的业务，来支持一些相对前沿、费时，且短期内没有收益的项目。长期来看，我们相信数据法律服务市场的发展，并且数据领域规则庞杂，是最能体现律师专业能力的领域之一”，王律师说。
With data emerging as a crucial "new type of production factor," China has rolled out various initiatives to tap into its economic potential. It's projected that by 2030, the market value of China's data trading industry will skyrocket to 516 billion yuan ($72 billion). This rapidly growing sector calls for specialized legal services, covering rights confirmation, compliance, and deal structuring. Pioneers in data trading are actively discussing the distinctive opportunities and challenges posed by this evolving field.
Data is increasingly recognized and embraced as a crucial production factor, often likened to the "new oil" fueling the digital economy. Since 2021, China has been leading globally in establishing comprehensive rules and regulatory frameworks for data protection. Building on this momentum, over the past two years, the country has continued to take the forefront in formulating and implementing robust rules and systems for data assetization, solidifying its position in digital economic governance.
According to Zou Danli, partner at Commerce & Finance Law Offices, China has reached three key milestones in top-level design for data assetization since the end of 2022. The first milestone is the promulgation of the Opinions on Building a Data Infrastructure System to Better Play the Role of Data in December 2022. "This document provides a framework for the field of data. Its core innovation lies in the concept of data property rights, which clarifies the right to receive proceeds from data and the right to use data while sidestepping the issue of ownership."
Once the basic property rights system was established, the possibility of data assetization was immediately opened up. In August 2023, the Ministry of Finance issued the Interim Provisions on Accounting Treatment of Enterprise Data Resources, "specifying how the data assets of an enterprise should be recorded as fixed assets in its balance sheet.” The Interim Provisions come into effect in 2024.
The third milestone is the establishment of the National Data Administration at the end of October 2023. "It is a national-level agency for the management and collaborative promotion of data, and one of its responsibilities is to facilitate data flow." With this, Zou says that the foundation for data assetization has been established, and "is rather advanced even at the global level, which is a classic example of government-promoted digital economy development.”
DATA TRADING MARKET
Although the value of data has only recently been recognized at the regulatory level, their commercial value has long been appreciated and transactions targeting data have become extremely common. Dora You, head of data compliance and counsel at Yuanda Winston, points out that according to the 2023 China Data Transaction Market Research and Analysis Report, the size of China's data trading industry reached 87.68 billion yuan in 2022, accounting for 13.4 percent of the global total and 66.5 percent of the market in Asia.
"However, exchange trading and over-the-counter trading paint two completely different pictures. Based on estimates from relevant research institutes, in 2022, proper data trading on data exchanges accounted for only 2 to 3 percent of all transactions."
Geographically, East and South China are the most active when it comes to data trading at present. Referring to the report mentioned above, You explains that "first, the financial markets in East and South China are more advanced, and financial industry players, such as securities brokers, insurance companies and banks, are the main parties requiring data. Second, the Internet industry in East and South China is also quite mature, laying the foundation for the data trading market in terms of technology, software, hardware, etc."
Further, the report mentions that digital trading is becoming increasingly active in Southwest China because "it has relatively robust data centre infrastructure, and the Guiyang Data Exchange, one of the most representative industry players, has a leading position on exchange data trading in terms of trading volume."
In terms of trading volume, while statistics for OTC trading are hard to come by, exchange trading has seen "significant development in the Yangtze River Delta region and the Pearl River Delta region in 2023.” Zuo shares that, for example, the Shanghai Data Exchange has launched many data products related to the financial industry by leveraging local resource advantages, the Guangzhou Data Exchange focuses on the integration of data and the manufacturing industry, while "data exchanges in other cities such as Guiyang, Shenzhen and Beijing are also promoting data trading based on their own unique resources and local policy environment."
Shihui Partners has been providing legal support for the development of trading on data exchanges, including legislative support for the local data regulations in multiple regions, support for the study of data exchange rules, and support for the first batch of projects listed on the Shanghai Data Exchange. Raymond Wang, partner of Shihui, tells ALB that currently, State-owned enterprises and banks are the most enthusiastic on the supply side for exchange trading, while some large private enterprises are also involved in the first batch of trading projects.
Wang says that due to the significant uncertainty in the concept of exchange data trading, one of the important tasks of lawyers is to discuss with clients which data are suitable for trading. "The first batch of projects listed on data exchanges in various regions are also projects that are relatively safe."
"At present, two types of data are highly controversial. One is personal information and the other is public data related to smart cities, also known as government data," says Wang. "The remaining data that are relatively easy to trade or be recorded on the balance sheet are mainly industry- or finance-related, which are mostly generated by enterprises themselves. The data already listed on the market include those for shipping and transport, corporate services, finance and taxation, etc. Given stringent listing requirements at present, these projects are meant as trials to pave the way for data with stronger commercial attributes to gradually enter the trading market in the future."
To Jiang Xiangyu, senior partner of Co-effort Law Firm, the recent acceleration of the pace of recording data assets in the balance sheet will drive activities of exchange data trading in 2024. "Many listed companies have quickly realized the value and significance of recording data assets in their balance sheets and are already carrying out concrete work which will be reflected in first quarter reports of 2024. This January, the Ministry of Finance issued the Guiding Opinions on Strengthening Data Asset Management, which helps to promote the entry of data assets into the balance sheets of SOEs. Some non-listed SOEs have also made rapid progress. For example, our team has assisted Beijing CBD Xinlian Technology, a wholly owned subsidiary of CBD International Group, in completing the listing of a data product called 'Enterprise Big Data Risk Management Platform' on the Shanghai Data Exchange."
"Once data assets are included in the balance sheet, the value of exchange data trading will increase dramatically. For example, after data products subject to mandatory compliance assessment are listed on a data exchange, the listed companies have already achieved confirmation of their ownership of the data products which can be quickly included in balance sheets. Further, those with demand for such products can also quickly include the transaction prices in balance sheets," says Jiang.
ROLE OF LAWYERS
Compliance, rights confirmation, and assetization are known as the "trilogy" of realizing the value of data, and legal professionals play important roles in all three steps.
First, in terms of compliance and rights confirmation, lawyers say that these are currently areas where they are most heavily involved in practice. "According to definitions in the 20 Articles on Data, data assets refer to data resources that are legally owned or controlled and can generate future returns. This is premised on the basis that an enterprise or a data rights holder has clear, lawful and sufficient authorization in the earlier stages for data acquisition and collection. Lawyers can confirm the legality of relevant activities in this respect," says Zou.
Jiang also points to the important role lawyers play in rights confirmation and compliance for data trading. He and his team have accumulated a lot of experience in research and practice in this field. For example, they publish the annual Legal Report on Data Transaction Compliance, and "has been among the first to participate in the compliance assessment of data products listed on the Shanghai Data Exchange and the Shenzhen Data Exchange, including the compliance assessment of six out of the first 20 products of the Shanghai Data Exchange in 2021, and later participated in such assessment of multiple financial and transport data products.”
Data compliance has been one of the most popular legal services areas in the past few years. So, what are the similarities and differences between regular data compliance services and that for data trading? According to Wang, if a company has previously carried out data compliance work for the purpose of listing, especially overseas listing, relevant requirements would be on par with the basic requirements of a data exchange; however, "if a company's data compliance system is built for more routine purpose, it may not necessarily meet the compliance requirements for data trading.”
In addition, compliance work related to data trading also has certain peculiarities. "First, the data compliance services provided by lawyers will include some data segmentation work, such as separating controversial and high-risk data from enterprise data," says Wang.
"Second, trading-related compliance work involves more coordination with accounting, IT and other departments. For example, to record data assets in the balance sheet, those assets must correspond to relevant costs in accounting terms. In addition, the management of internal data in many enterprises is decentralized, with data being held by different business units. Therefore, if you want to include only some data in balance sheets or use them for transactions, you also need to consider whether there is feasible IT technical support within the enterprise. Only by working together with accounting and IT departments can we truly confirm the ownership of some data and achieve compliance, and from there we can move onto the next step of assetization."
Once compliance and rights confirmation are completed, lawyers should also play an important role in the trading stage. Zou says that whether it is data asset trading or financial operation after data assetization, such as using data assets for fund-raising, lawyers are needed to provide corresponding legal services for deal structuring, transaction document drafting, etc. For example, Zou and her team are currently supporting the study of the product structure of a data asset trust.
In Wang's view, the difficulty of data assetization also lies in coordinating the opinions of, and winning support from, all sides. "At present, there is a lack of mature precedents in data trading. Most deals require case-by-case discussions, which also makes our work special: we need approval from other departments in every matter, and in turn, other departments also need the approval of lawyers."
FULL OF CHALLENGES
Although data assetization has brought more business opportunities for lawyers, they also face new challenges in providing services.
One of the challenges is that the rules for data ownership and trading are not yet robust enough. Although the 20 Articles on Data has to some extent sidestepped the issue of data ownership, the lack of clarity on this core issue still poses practical challenges to legal services. Dora You admits: "Clear ownership of data is necessary to protect the rights of data rights holders and better stimulate the vitality of data trading. As no clear-cut solution has been found yet, in practice, lawyers need to clarify relevant matters by agreement in contracts to lower the possibility of disputes."
Jiang has similar observations. "The 20 Articles on Data is only a policy document which is difficult to rely on as legal basis by lawyers. Although the design of separation of data ownership, right of data processing and use and right of data operation is significant in the sense of creating a new way for confirming data rights, what it actually means and how to apply it are not clear from a legal perspective."
"In addition, there are practical difficulties in the provisions and understanding of anonymization and de identification of personal data. So lawyers also find it hard to provide definitive legal analysis and opinions."
Dora You also points out that "there are still many gaps in the laws and regulations on data trading, and matters such as the scope of data trading, valuation and pricing standards, data quality and data responsibility are not clearly regulated. Data lawyers have to base their judgment of many red line issues on their experience in the field of data compliance."
The second challenge lies in how to apply existing rules to new situations. Zou gives the example of public data. "For example, are the transaction rules on State-owned assets applicable to transactions of public data? To whom should the revenue from public data transactions be allocated? These are all questions that worth further study. We have seen that some places have established uniform public data trading centres, which is a very valuable practice."
Considering that data assetization often involves multiple departments, Wang thinks that the third major challenge of such services lies in the requirement for diversified capabilities of a lawyer's team. "Lawyers need to have conversations with all parties, and if they don't understand accounting standards or IT knowledge, communication can be difficult. Therefore, for such projects, companies prefer legal teams that understand technology, internal data lifecycle and data governance, and even internal business situations."
NEW BLUE OCEAN
After the implementation of the three key pieces of data legislation in China in 2021, many firms have gained market leadership in the field of data compliance over the past three years. Can such advantages be effectively translated to the field of data assetization in the next step?
The data lawyers interviewed believe so. According to Zuo, lawyers mostly enter the field of data through "compliance.” They provide clients with services such as compliance system building, compliance review and data rights confirmation in various stages such as data collection, processing, flow and balance sheet recording, which are presented in forms such as due diligence reports, compliance gap analysis reports, compliance system planning, legal opinions, etc.
"We believe compliance is the inevitable path for data assetization, and data compliance services are inevitably the foundation of data asset-related services. The development of data assets also incentivizes clients to raise their data compliance level. The two are complementary. The unwavering hard work of our firm and the positive achievements we have made in the field of data compliance will undoubtedly help us continue to develop rapidly in the field of data asset services," says Zuo.
Dora You also thinks that the complementarity between data compliance and data assetization is determined by many objective factors. "First, data compliance runs through the entire process of data trading. Second, having data compliance assessments conducted by professionals can enhance the safety of data-related commercial activities and serve as a 'safety valve' especially in the current environment where there is a lack of comprehensive regulatory documents."
"Third, judging by the regulatory trends of data trading, in the foreseeable future, to improve the credibility and transparency of data trading, the government is sure to step up regulatory efforts on data security and privacy protection, and gradually establish a compliance framework for data asset trading."
Jiang also agrees that "if a firm has accumulated rich experience in data security, data compliance and personal information protection and compliance in the past, such experience will certainly be helpful for enterprise data asset services.” However, he also cautions that "how the data market is developing at the moment has added new dimensions to the understanding of business models. In particular, the serious nature of accounting standards has further raised the bar of compliance, which requires lawyers to continuously enhance their knowledge and services.”
Wang shares with ALB that data-related services are all under the "data compliance" practice group in Shihui. As digital assetization creates more room for imagination to this practice group, he has three suggestions for the future development of law firms' data services.
First, a firm should diversify its data services as much as possible, and avoid focusing solely on any specific area such as IPO data compliance or data export. Second, particular emphasis shall be placed on the "principle of top clients" in data services. Serving top industry clients not only reinforces the market influence of a firm, but also enables the firm to more quickly standardize services and improve input-output ratio in the service process.
Finally, the data practice group must also strive for internal balance. "We need stable, high profit margin business to support projects that are more cutting-edge and time-consuming and that do not generate returns in the short term. In the long run, we are confident in the development of the data legal services market, and the complex rules in the data field will make it one of the areas that best showcase the professional competency of lawyers," says Wang.
