Mass tort litigation is highly complex, with unique considerations to be taken into account when determining case-relevant data, creating applicable predictive models, and negotiating and determining settlement amounts. In fact, the crux of the role of data in managing a mass tort is perhaps most about helping the legal team make better decisions. Here are three ways in which data analytics are enhancing the decision-making power of plaintiff’s attorneys in mass tort litigation.
- Having data is not enough—it is how you use it that matters. At its core, a data set is just a collection of observations. Its true value lies in how you look at and use it, via analytics. Analytics present data in such a way that trends can be spotted which can lead to a better understanding of the overall situation. And, when it comes to revealing those trends, more data doesn’t always mean better insights. In the right hands, employing sound analytical techniques will shed the necessary light on the situation and yield meaningful insights for the case.
- Computing power enables data analysts to do more than ever before. Whether it is taking a new piece of information and calculating its relevancy to the existing mass tort or building a better predictive model, the ability to analyze data on more granular levels across larger data sets puts more power in attorneys’ hands. An example of this is how many applications are now able to quickly summarize vast amounts of data “on the fly” and allow the attorney to easily assess the results of multiple scenarios.
- New analytics techniques are now impacting how insights are presented. Instead of endless tables and pages of columns of numbers, data visualization tools enable analysts to present data sets in more accessible formats such as graphics, maps and charts that are more impactful for non-data scientists. As a result, analytics is effectively bridging the gap between statisticians and attorneys.
Ultimately, data analytics is really a language that helps attorneys to better understand and leverage the facts that are being presented. Data visualization and the unveiling of trends that are relevant to the litigation allow plaintiff’s attorneys to make more informed decisions about reducing risks and maximizing settlement outcomes — all for the ultimate benefit of the injured parties.
Mark works with Verus’ clients on analytics-based projects that range from research, to concept, implementation and success measurement. Mark’s extensive list of engagements include the design of analytical dashboards, the development of forecasting platforms … MORE