The legal sector is turning to smart technology to help it see into the future.
Australian law firm Gilbert + Tobin is piloting prescriptive analytics software to help it improve outcomes for its clients.
The corporate and commercial law firm has signed on to use Veriluma’s prescriptive analytics algorithm across areas of legal risk prediction. Trialling of the pilot application will commence in the first quarter of 2017.
Prescriptive analytics determines what is most likely to happen. Taking into account facts, data, opinion and experience, it anticipates what will happen, when and why. Veriluma says although most types of analytics aim to assist and improve in the decision making process, only prescriptive analytics delivers a preferred course of action.
“This data will enhance our approach to managing large quantities of data and capturing insights to help clients gain a better understanding of what is driving outcomes and advice,” said Petra Stirling, Gilbert + Tobin’s head of legal capability & transformation.
The technology aims to help lawyers assess the risks of cases ahead of time, and the likely judgements and settlements that can be expected.
Elizabeth Whitelock, Veriluma CEO, said, “Legal action often deals in areas of delicacy and changing information. Law firms looking to gain an edge in efficiency and success will increasingly look to how prescriptive analytics can merge qualitative and quantitative data to provide better client outcomes.
“Veriluma’s prescriptive analytic capability is particularly powerful in the legal services industry as it allows facts and opinions to come together to provide firms, like Gilbert + Tobin, the ability to access the risks of cases ahead of time, as well as the likely judgements and settlements that can be expected.”
The software can be used across a range of industries including banking and financial services, government, defence and national security, insurance, legal, health, pharmaceutical and resources. Veriluma says in complex decision making situations, the ability to comprehensively manage incomplete or uncertain inputs is highly valuable for businesses, governments and individuals.