How Can Analytics Help Law Firms Evaluate Personal Injury Claims?

Law firms have the difficult task of calculating the value of personal injury cases. Making the wrong prediction about the outcome of a legal case can be costly for a law firm. The rise of data analytics has helped lawyers monitor customer behaviors and make more informed decisions. Law firms can use analytics to learn more about specific types of cases and make better predictions about their outcomes. Take a look at how analytics help law firms evaluate personal injury cases.

Analytics Helps Predict Payouts

Clients want to know the maximum compensation they can win from a personal injury claim. Lawyers can use predictive analytics to determine how much an injury lawsuit will pay out based on previous cases heard by the same judge. Analytics provides lawyers with fact-based information that helps determine if a case is worth taking legal action for. Big data is helpful in court because it provides the research a lawyer needs to substantiate their statements. Injury lawyers can also use analytics to learn about a specific judge and tailor their arguments to win a favorable outcome.

The process of collecting a large amount of data and applying statistical models to uncover valuable insights is known as business analytics. This process uses historical data to gain insights to evaluate a business and generate new business value. There are four types of business analytics that law firms can use to solve business challenges and increase efficiency, productivity, and revenue. These include descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Exactly what is diagnostic analytics? Also called discovery analytics, this type of analysis is enabled by machine learning and detects patterns and correlations in data without being prompted. Diagnostic analytics uses probabilities, data mining, and correlations to discover root causes and correlations that lawyers can use to determine the next steps moving forward.

Big Data and Case Selection

Law firms receive a lot of inquiries from potential clients seeking legal representation across the personal injury practice area. Big data helps law firms gain insights into the types of cases that usually win so they can select strong cases that will win and refuse cases that are less likely to win. Analytics helps lawyers review previous cases and find information that will help solve current cases. Using historical data helps personal injury lawyers build cases based on past judgments to form strong arguments. This, in turn, improves the chances of winning the lawsuit in court.

Property owners are obligated to ensure a safe environment and use clear warning signs to indicate dangerous conditions to prevent people from getting injured. In the event a property owner fails to exercise reasonable care and maintenance, they can be held liable for the serious injuries sustained in a fall accident. The experienced slip-and-fall attorneys at Conrad Law Offices have years of experience helping victims win the maximum compensation for medical bills, lost wages, pain, suffering, and other damages. During a free consultation, a slip and fall lawyer will review the injury claim to determine the best legal options to win fall victims fair compensation. Common causes of slip-and-fall accidents include poor lighting; slippery floors; uneven sidewalks, walkways, and parking lots; and hazardous conditions such as damaged stairs or cracked floors.

Big Data and the Human Connection

Personal injury lawyers can use analytics to learn about their client’s community and form arguments that will appeal to judges and juries. Appealing to the human connection helps win a more favorable verdict. Using big data, lawyers can gain insights into the economic situation of a particular town and make stronger arguments for fair compensation for lost wages. Juries aren’t allowed to involve emotions to make decisions but rather make fact-based decisions. A personal injury lawyer can leverage the insights from analytics to present the most pertinent facts to juries, such as the amounts of medical bills, lost wages, and pain and suffering. This type of information helps juries resonate with injury victims and make more informed decisions.

Analytics helps law firms predict payouts, make case selections, and create a human connection to win the most favorable outcomes.