Law Department Management Blog
In the world of claims management, predictive analytics has blossomed lately, at least according to an article in Lit. Mgt., Spring 2012 at 44. “Predictive analytics is the analysis of data through statistical or mathematical techniques that results in meaningful relationships being identified in the data.” Informed by predictive analytics, claims managers can make better decisions. In the authors’ apt wording, predictive analytics can help claims staff “allocate the right case to the right law firm at the right price.”
Litigation management presents more complexity than claims management, so the tractability of predictive analytics is lower. The return, however, on effective analysis may be higher. At this time, the authors point out, few law firms think in terms of data mining and analysis; worse, the authors don’t even mention law departments as sources of data mining. For predictive analytics to pay off, generous sets of data need to be available and law departments may in fact have an edge.