Performance benchmarks made possible based on verdict and settlement data

LexisNexis says its Verdict & Settlement Analyzer provides information about outcomes of previous similar cases. As described in Legal Tech. News, Oct. 2010 at 17, the software matches the characteristics of a case input to it against its database and lays out key comparisons: “how similar cases have been resolved, and the amount awarded by method of resolution for any particular jurisdiction; the range of possible outcomes” and more. Based on this sketchy description, let me venture two thoughts.

First, it seems as if a litigation manager in a law department could use Analyzer to benchmark the performance of a litigation firm retained by that department. The comparisons would justify a premium or explain a holdback; they could set performance parameters for a fixed fee; and they could clarify bonus arrangements for phases of cases.

Second, if the data available is as plentiful and robust as advertised, we have yet another example of law department performance data made available and transparent (See my post of June 16, 2010: the Decade of Data.).