A “prescriptive analytics” test with leading Australian law firm Gilbert + Tobin is being developed with a software provider to help predict legal risk based on both data and the expertise of leading lawyers.
The software provider, Veriluma, is seeking to “encode the mindset” of senior lawyers as part of the pilot program.
Prescriptive analytics is a form of forward-looking analytics that helps assess future outcomes, rather than using ‘traditional analytics’, which help decision-making rather than actually providing the preferred course of action.
CIO reported Veriluma, who said: “[The pilot] has the potential to bridge the gap between data and expertise and draw on the strengths of both,” said Petra Stirling, G+T’s head of legal capability and transformation. “The aim is to test the theory that a discreet portion of expertise can be made available to experts who are less mature in their experience.”
The pilot draws from public or firm-held data as well as the encoded expertise of senior lawyers and allows G+T to quickly develop a preliminary view of the probable success of a transaction or legal case. And as new information becomes available over time – through a process of due diligence or a forensic analysis of systems for instance – it can be fed into the model to adjust the prediction.
“What our software is doing is really tapping into human reasoning,” explains Veriluma CEO Elizabeth Whitelock. “From a lawyers perspective in the legal world you’re tapping into legal expertise. You’re taking all the things they would maybe do and spends hours and weeks and months doing, and putting it into a system that allows us to repeat that human decision process.
The law firm wants to be able to streamline the advice-giving process for clients in order to not only provide accurate advice and help assess the best possible outcome, but also to provide a service that can be readily replicated in other circumstances and for other advice.
The software is also intended to help the lawyers focus more on the more complex, strategic areas of commercial litigation and other legal areas of work.[/vc_column_text][/vc_column][/vc_row]