Labor-intensive and time-consuming, that’s how research connected to litigated claims files is often described.
Executive SummaryLearning that an insurance case before a particular judge will take over two years to get to summary judgment is a valuable insight that carriers can uncover from a legal analytics platform, helping the carrier with the ultimate litigation question: Do we fight or do we settle? According to Lex Machina executive Owen Byrd, the platform also delivers insights into a carrier's own case handling, information about law firm successes to vet new firm appointments and competitive intelligence about how the insurer stacks up against other carriers.
Time is a commodity, and if a case requires researching applicable laws, venues, judges and jury awards, the cost can be exorbitant. But analytics may prove to be the tipping point, offering research results in a matter of minutes.
According to Owen Byrd, Lex Machina’s general counsel and chief evangelist, “Legal analytics is very different from traditional legal research.”
He explained that legal analytics takes the underlying raw information from cases, including docket entries, documents, briefs and opinions, and creates data-driven insights into the behaviors of organizations and people in the litigation ecosystem.
Byrd likened the concept to analysis used to assist professional baseball teams highlighted by the book and subsequent movie “Moneyball.”