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Predictive Analytics
Lex Machina: a LegalTech Model for Success
December 9, 2014
In tech, it’s common for “cool” consumer facing products to get all the attention (look, drones!). LegalTech is no exception....
December 9, 2014
In tech, it’s common for “cool” consumer facing products to get all the attention (look, drones!). LegalTech is no exception....
Automatically Making Sense of Data
December 6, 2014
While the availability and size of data sets across a wide range of sources, from medical to scientific to commercial, continues...
December 6, 2014
While the availability and size of data sets across a wide range of sources, from medical to scientific to commercial, continues...
Katz and Bommarito: The Three Forms of (Legal) Prediction: Experts, Crowds and Algorithms
December 6, 2014
Daniel Martin Katz and Michael Bommarito of Michigan State University and the ReInvent Law Lab have posted slides of their presentation entitled The Three Forms of (Legal) Prediction: Experts, Crowds and Algorithms, given 19 November 2014 at Chicago Legal Innovation and Technology Meetup, in Chicago, Illinois, USA. Among the topics covered in the presentation are: Katz’s research on quantitative legal prediction The Supreme Court Forecasting Project Katz, Bommarito, and Blackman’s...
December 6, 2014
Daniel Martin Katz and Michael Bommarito of Michigan State University and the ReInvent Law Lab have posted slides of their presentation entitled The Three Forms of (Legal) Prediction: Experts, Crowds and Algorithms, given 19 November 2014 at Chicago Legal Innovation and Technology Meetup, in Chicago, Illinois, USA. Among the topics covered in the presentation are: Katz’s research on quantitative legal prediction The Supreme Court Forecasting Project Katz, Bommarito, and Blackman’s...
Rage Against The Machines [VIDEO]
December 5, 2014
This is an excerpted chapter from “The Signal and the Noise: Why So Many Predictions Fail — but Some Don’t” by Nate Silver, editor in chief of FiveThirtyEight. The book was published in September 2012 by Penguin Press, and this chapter was the inspiration for “The Man vs. The Machine,” a short documentary film directed by Frank Marshall and produced by FiveThirtyEight and ESPN Films.
December 5, 2014
This is an excerpted chapter from “The Signal and the Noise: Why So Many Predictions Fail — but Some Don’t” by Nate Silver, editor in chief of FiveThirtyEight. The book was published in September 2012 by Penguin Press, and this chapter was the inspiration for “The Man vs. The Machine,” a short documentary film directed by Frank Marshall and produced by FiveThirtyEight and ESPN Films.
IBM’s Watson Coming to a Firm Near You
December 3, 2014
IBM's Watson may play a part in helping firms better manage pricing. Early this year, IBM sunk $1 billion into creating a new business unit, the IBM Watson Group, to develop and commercialize Watson in several specific industries, including legal. Rich Holada, vice president of transformations for the legal industry in the IBM Watson Group, said the unit is targeting three sets of customers: large law firms, legal service providers, and corporate law departments. Holada stresses that Watson is not a product,...
December 3, 2014
IBM's Watson may play a part in helping firms better manage pricing. Early this year, IBM sunk $1 billion into creating a new business unit, the IBM Watson Group, to develop and commercialize Watson in several specific industries, including legal. Rich Holada, vice president of transformations for the legal industry in the IBM Watson Group, said the unit is targeting three sets of customers: large law firms, legal service providers, and corporate law departments. Holada stresses that Watson is not a product,...
Predicting Legal Costs on Fertile Ground
December 2, 2014
Probably the most fertile ground for the use of legal business analytics relates to predicting costs for litigation matters. It can be done, within reason. The concept makes sense— e-billing has been around for a long time, there is much available data, why not use it? Predictability of outside spending is a top law department pain point, as is controlling costs. Analytics can help predict and manage three components of spending: billing rates, staffing and productivity. The most common is billing...
December 2, 2014
Probably the most fertile ground for the use of legal business analytics relates to predicting costs for litigation matters. It can be done, within reason. The concept makes sense— e-billing has been around for a long time, there is much available data, why not use it? Predictability of outside spending is a top law department pain point, as is controlling costs. Analytics can help predict and manage three components of spending: billing rates, staffing and productivity. The most common is billing...
How Litigation Financiers Value A Claim
December 2, 2014
When pricing a litigation claim (sometimes referred to as a litigation-related asset), there are four primary components...
December 2, 2014
When pricing a litigation claim (sometimes referred to as a litigation-related asset), there are four primary components...
Law Firm Billing Gets Smart With Tech
December 1, 2014
For law firms to get smart about bidding on work they need a legal management infrastructure with deep knowledge and understanding of their matters, staffing resources, billing rates and spending data. This knowledge infrastructure, or business intelligence, goes beyond a stand-alone matter management application to include historical and real-time information on billing rates, invoices and costs, and incorporates a facility to calculate alternative fee arrangements and use third-party data to compare...
December 1, 2014
For law firms to get smart about bidding on work they need a legal management infrastructure with deep knowledge and understanding of their matters, staffing resources, billing rates and spending data. This knowledge infrastructure, or business intelligence, goes beyond a stand-alone matter management application to include historical and real-time information on billing rates, invoices and costs, and incorporates a facility to calculate alternative fee arrangements and use third-party data to compare...
Artificial Intelligence and Predicting Supreme Court Outcomes
December 1, 2014
In a recent post over at Concurring Opinions, Harry Surden (Colorado) concludes with the following prediction: "In the not too distant future, such data-driven approaches to engaging in legal prediction are likely to become more common within law. Outside of law, data analytics and machine-learning have been transforming industries ranging from medicine to finance, and it is unlikely that law will remain as comparatively untouched by such sweeping changes as it remains today."
December 1, 2014
In a recent post over at Concurring Opinions, Harry Surden (Colorado) concludes with the following prediction: "In the not too distant future, such data-driven approaches to engaging in legal prediction are likely to become more common within law. Outside of law, data analytics and machine-learning have been transforming industries ranging from medicine to finance, and it is unlikely that law will remain as comparatively untouched by such sweeping changes as it remains today."
Innovation and Emerging Legal Technology
November 24, 2014
This past Thursday Ron Dolin and I spole on a panel at the 19th Annual Thomson Reuters Legal Executive Institute Law Firm Leaders Forum. Above are Ron’s slides which many of you might find interesting. Below is a modified version of my presentation Five Observations Regarding Technology and the Legal Industry (which I gave at the LegalWeek Corporate Counsel Forum last month). Picture It Settled - Moneyball for Negotiation - mentioned at Katz deck slide 87. Thanks!
November 24, 2014
This past Thursday Ron Dolin and I spole on a panel at the 19th Annual Thomson Reuters Legal Executive Institute Law Firm Leaders Forum. Above are Ron’s slides which many of you might find interesting. Below is a modified version of my presentation Five Observations Regarding Technology and the Legal Industry (which I gave at the LegalWeek Corporate Counsel Forum last month). Picture It Settled - Moneyball for Negotiation - mentioned at Katz deck slide 87. Thanks!
