Disputing Blog by Karl Bayer, Victoria VanBuren, and Holly Hayes
According to reports, Mary Brennan Stich, Vice-President and Associate General Counsel of Rackspace Hosting, recently used Picture It Settled® in a case that she considered to be a longshot for settlement. In a case study entitled, Picture It Settled® Provides Rackspace with Highly Accurate Predictive Analytics to Help Settle High-Value Longshot Mediation, Stitch addressed the use of predictive analytics outside of the e-discovery realm. She noted “The rise of big data and predictive analytics is now part of practicing law. And in-house counsel are early adopters because these technologies are already being used on the business side of our companies.” According to Stitch, “Picture It Settled predicted the settlement’s final outcome within 6.6% accuracy after just two moves per side. This improved to 3% accuracy after round three. Even the estimates of the next moves by both sides in dollars and time were . . . within 3.5% of the actual moves . . .”
Picture It Settled® was launched in 2013 by a team of attorneys and statisticians led by Disputing contributor Don Philbin. Disputing‘s own Karl Bayer is currently on the company’s Board of Advisors. According to a press release,
Picture It Settled® is Moneyball for negotiation. The behavioral software has learned negotiating patterns from parties to thousands of litigated cases in a wide variety of jurisdictions and claim types. It uses that intelligence to make accurate predictions of where a negotiating round is headed in time for parties to act on that intelligence using the program’s planning tools. The planning tools allow users to fine-tune their target settlement and project what impact a particular move might have on the round before making it. The result is more settlements on more advantageous terms.
Disputing would like to congratulate both Don Philbin and the Picture It Settled® team!
Full article here.
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