Photo: Khakimullin Aleksandr via Shutterstock Your Choice: Model Your Litigation, or Overpay
Most law firm pitches are heavy on the lawyers' experiences and record, but leave out a really crucial part of the litigation: its resolution. This article will concern using analytics on litigation resolutions to pick the right counsel and to demonstrate a legal department's value as a profit-generating department, not just a cost center.
November 06, 2020 at 03:06 PM
8 minute read
It's time for some math. Modeling math! No, don't stop reading! Most law firm pitches are heavy on the lawyers' records but leave out a crucial part of the litigation: its resolution. This article is about using analytics to pick the right counsel and demonstrate a legal department's value as a profit-generator, not a cost center. Math is a big part of that.
Every case, plaintiff or defendant, should start with a model that includes expected costs and a target resolution. There is no way to measure success, by which I mean delivering incremental value, if you haven't defined your expectations. You will also lack the tools needed to decide how much to spend, and when or if to settle.
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