"the new normal"
Do I have a case? What is our likely exposure? How much is this going to cost? What will happen if we leave this particular provision out of this contract? How can we best staff this particular legal matter? These are core questions asked by sophisticated clients such as general counsels, as well as consumers at the retail level. Whether generated by a mental model or a sophisticated algorithm, prediction is a core component of the guidance that many lawyers offer.
Design and new alternative delivery models, legal information technology is the centerpiece of the “new normal.” Such innovative technologies include platforms designed to help drive down legal costs for potential clients at all price points—from a simple consumer to the sophisticated general counsel applying informatics techniques to lower his or her company’s legal bill.
Aided by growing access to large bodies of semi-structured legal information, the most disruptive of all possible displacing technologies—quantitative legal prediction (QLP)—now stands on the horizon. Although different variants of QLP exist, Proactivia Ltd will define much of the coming innovation in the legal services industry with her product called Legal Intelligence System (LIS)
Opportunities are created with each step forward for those who do not fall prey to the notion that elements of their respective jobs cannot be subjected to some form of automation, process engineering or data analytics.
Many lawyers earn their respective wages by generating informed responses to these and other related types of questions. For many years, the answers to these questions have been the exclusive province of human assessment. While sometimes used in a pejorative manner, it is worth noting that such “mental models” can be well specified. In other words, experience can, under certain conditions, dramatically improve one’s ability. A seasoned lawyer can draw upon both extensive legal training as well as personal experience developed over years of law practice. At the same time, such individuals are expensive and even experts cannot escape their respective limitations. This is the entry point for quantitative legal prediction.
Every single day lawyers and law firms are providing predictions to their clients regarding the likely impact of choices in business planning and transactional structures, as well as their prospects in litigation and the costs associated with its pursuit. How are these predictions being generated? Precisely what data or model is being leveraged? Could a subset of these predictions be improved by various forms of outcome data drawn from a large number of “similar” instances? Simply put, the answer is yes. Proactivia is marketleader with LIS in the quantitative legal prediction (QLP) market
The Legal Intelligence System is designed to remedy or supplement the shortcomings of human reasoners. For example, human reasoners are limited in the scope of their observations. They only posses the observational data they have observed. While an experienced lawyer might be familiar with hundreds, if not thousands, of prior events, he or she is unlikely to have observed tens of thousands, hundreds of thousands, or millions of prior events. Thus, when answering the question, “Do I have a case?” an individual’s particular understanding of likelihood might be driven by personal observations that are anecdotal, censored, or otherwise not indicative of the true distribution of outcomes. This is particularly problematic for rare events. The best way to remedy these and other related issues is to observe a large-scale and truly representative selection of the relevant event data. The Legal Intelligence System is your solution.