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SOURCE Picture It Settled
Negotiation Moves Predicted Within 3.5% in New Case Study Released for LegalTech and ReInvent Law New York
SAN ANTONIO, Jan. 30, 2014 /PRNewswire/ -- Picture It Settled® has released a new case study demonstrating the improved accuracy of its settlement projections in advance of LegalTech New York and ReInvent Law New York next week.
Mary Brennan Stich, VP and Associate General Counsel of Rackspace Hosting, recently used Picture It Settled® in a case that she considered a longshot for settlement.
According to Stich, "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 . . . ."
Stich notes in the case study titled, Picture It Settled® Provides Rackspace with Highly Accurate Predictive Analytics to Help Settle High-Value Longshot Mediation, that: "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."
She concludes that: "The results produced by Picture It Settled were extraordinary, providing clear evidence that metrics and analytics can be extremely accurate and predictive as a complement to experience, instinct and intuition which are usually a litigator's primary tools. Frankly, the fact that Picture It Settled showed a reasonable chance of settlement kept us at the negotiation table longer. . . We ended up closing a case that we thought had a very low chance of being resolved by agreement."
These case findings are consistent with an earlier case study of an intellectual property case where Picture It Settled® predicted the final settlement within 3.5% after only two of what became 17 rounds.
Picture It Settled® president Don Philbin will be in New York next week for LegalTech New York and ReInvent Law New York. Philbin's ReInvent Law London presentation on Picture It Settled® is available at http://reinventlawchannel.com/don-philbin/.
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.
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