Just as other industries have been enhanced by the evolution of technology and particularly data-driven processes, litigators also have the potential to benefit from drawing on a wealth of data to maximize successful outcomes in their work.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
Just as other industries have been enhanced by the evolution of technology and particularly data-driven processes, litigators also have the potential to benefit from drawing on a wealth of data to maximize successful outcomes in their work.
In a new piece of analysis by LCM, investment manager Hugo Marshall, argues that utilizing data does not remove the importance of the individual expertise litigators bring, but rather enhances it. By using large data-sets to look at broader patterns within cases and outcomes, litigators can view each of their own individual cases through a wider lens, and gain a high degree of certainty when it comes to predicting the outcomes of future proceedings.
While Mr Marshall does not disregard the clear limitations of data when viewed by itself, he highlights that it can be used by funders to more accurately assess financial risk, by law firms to define the most successful strategy, and by companies looking to decide if they want to pursue litigation and what their most secure options are.
Mr Marshall also points out that while firms should leverage their own proprietary data, they should be open to taking advantage of third-party data that can inform their own risk analysis and probability forecasting. LCM works with litigation analytics platform, Solomonic, to do just that.
