New settlement analytics software released
As the eDiscovery industry continues to heat up, new software proliferation has also intensified in recent years, with some of the more advanced analytics tools just hitting the market now. As necessity is the mother of invention, and smaller software developers are becoming more capable of creating best-in-class products, companies have a wide variety of choices when it comes to predictive analytics, document storage and more.
Picture It Settled
Picture It Settled is one of the newer and more advanced analytics tools on the market today, and made waves at the recent Legal Tech NY 2013 conference. This software was created by a variety of attorneys and statisticians, with nationally recognized attorney-mediator Don Philbin leading the charge, and was meant to ease the negotiation process between legal parties in the digital age.
This tool is used to help professionals use neutral networks to optimize settlements through more accurate predictions of opponent behaviors and choices through deep data and predictive analytics capabilities. Philbin and his team went through thousands of cases to discover the general behaviors and negotiation patterns in litigation proceedings, then applied the lessons learned directly into the software.
The developers believe that legal users of the software can benefits from three main components of the tool, including Probabilistic Case Evaluation, Negotiation Move Planning and Settlement Prophet. For the first, Picture It Settled can evaluate the possibilities, probabilities and costs of each potential trial outcome, and can evaluate firms based on the number of cases they have pending.
Negotiation Move Planning capabilities assess the end-game, then informing users of when they should begin the process, what moves should be made and the speed with which actions are taken. Finally, Settlement Prophet enables data crawling that can bring trends to light and help users anticipate potential outcomes through advanced algorithms and regularly updated coding. The software is also secure, as it was written with features from the Southwest Research Institute.
Picture It Settled in practice
Though the software is relatively new, many legal professionals anticipate that it will become commonplace in their practices soon. On its website, Picture It Settled cited Will Pryor, an Adjunct Professor at SMU Law School in Dallas, who said that using the tool to explained predictive analytics in his classes was enlightening and impressive.
Interested parties can try out the software for free until the end of March. Starting in April, it will be offered as a Software-as-a-Service subscription.
Sources:
https://ww1.pictureitsettled.com/
https://www.lawsitesblog.com/2013/02/legaltech-report-picture-it-settled.html”