Partner Jonathan Judge and his Corporate Counsel article, “Using AI to Improve Legal Case Valuations,” were featured among emerging litigation trends of using technology concepts and tools to enhance client service.
Tools such as MagnitudeSM, which combines artificial intelligence (AI) with Monte Carlo simulation, may help litigators create more meaningful estimates and enhance the case valuation process.
“The reason we get [case] valuations wrong is because we are human, and while humans are brilliant at reasoning — including assessing individual components of a case — we are dreadful at counting and tabulating. There can easily be hundreds of different ways the components of a case combine together to reach a particular final verdict,” Jonathan said. “Because we have no practical way of discovering them all, much less counting them, what we do instead is conceive a rough, overall estimate, trying to be mindful of the case components we have identified.”
He added, “AI can explore millions of potential outcomes at a breathtaking pace. Programmed in a legally correct way, AI is an ideal solution to our problem, and it works equally well for intellectual property and other types of commercial cases as it does for tort cases like our example above.”
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Learn more about MagnitudeSM here.