Managing Litigation and Benchmarking Through Big Data
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Predictive Modeling—the Next Frontier
All of the approaches above are important and possible based on technology and services currently available, but legal departments also need to be looking to what’s next: Using data to make predictions about how a matter is going to progress and its eventual outcome.
Predictive modeling can provide significant benefits for assessing the likely length, costs and outcome of lawsuits filed against a company, as well as what to expect in the deposition and discovery process. By anticipating hard costs (such as legal fees and the settlement/award amount) and soft costs (such as the impact on personnel and brand reputation), corporate counsel are in a better position to make informed decisions on how best to proceed with a particular case at inception.
It’s not a shocking statement to say that the legal industry is generally behind when it comes to technology. But the time has come to embrace a new world in which litigation is heavily influenced by datasets, analytics and statistical modeling. Smart companies are seeking out progressive law firms that are breaking from the historical reactive approach. They want legal representation that is continuously looking around the corner for what’s next—particularly when it comes to managing litigation and using advanced metrics to show the legal department’s value.
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