Predicting Legal Costs on Fertile Ground
In this Law Technology News article, James Michalowicz, managing director at Huron Legal, addresses the use of legal business analytics as a mechanism to predict litigation expense. According to the author, both clients and outside counsel can use modeling to predict costs for specific matter types and thereby create more accurate budgets and better address budget deviations. The data derived for these models can originate from law department and firm historical data or commercially available data repositories. The author cautions that there are obstacles including isolating specific data needed, data integrity and the human perception that cost predictions are not possible due to the uniqueness of each case.
Read the full Law Technology article here.