Partner Jonathan Judge was quoted on MagnitudeSM, a new artificial intelligence litigation tool he created, which combines trial lawyer insight with Monte Carlo simulation to produce meaningful estimates and help clients better understand the true settlement value of a case.
After gathering data on a claim’s likelihood of different outcomes, he codes those potential findings into Magnitude and runs various simulations to determine which outcomes are most likely, and how these possible outcomes combine to provide an overall value for the claim.
“We use our interviewing skills to break down a case into its components and various questions a jury would have to decide, and we talk about how likely each of these individual possibilities are,” Jonathan said. “Once we go through that, we use Magnitude to figure out how these individual possibilities combine together to estimate the various possible outcomes for the case.”
While attorneys have always evaluated claims and determined multiple outcomes before making a decision, Jonathan said it is difficult for an individual or even a group of lawyers to consider every possible outcome for large-scale matters.
“People estimate the value of a case and sometimes they don’t know,” he said. “We started to ask ourselves how many combinations are there in these cases, and we were finding there were tens of thousands of combinations. It became clear to us why” people were struggling with this. “It isn’t doable.”
Jonathan believes that simulation tools will ultimately become the norm for valuing cases, but notes that some lawyers may be hesitant to leverage the tool at first.
“But I think once they figure out what [we’re] doing, they’ll welcome it and clients will welcome it,” he said. “Right now lawyers are under a lot of pressure to put value on these cases and that’s difficult to do with complex claims.”
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