ASX-listed software company Veriluma announced this week that it has begun working with Gilbert + Tobin to trial the application of its prescriptive analytics software in the legal profession.
According to the software provider, “prescriptive analytics answers the question, ‘What is likely to happen?’”. The software can analyse facts, data, opinion and experience to project the likely outcomes and risks associated with any given decision. Veriluma said its key point of difference from other forms of analytics is its ability to provide a preferred course of action.
Petra Stirling, head of legal capability and transformation at Gilbert + Tobin, said the trial is part of the firm’s commitment to exploring risk prediction and staying at the cutting edge of legal technology.
“This data will enhance our approach to managing large quantities of data and capturing insights to help clients gain a better understanding of what is driving outcomes and advice,” Ms Stirling said.
Veriluma’s CEO, Elizabeth Whitelock, added, “Legal action often deals in areas of delicacy and changing information. Law firms looking to gain an edge in efficiency and success will increasingly look to how prescriptive analytics can merge qualitative and quantitative data to provide better client outcomes.
“Veriluma’s prescriptive analytic capability is particularly powerful in the legal services industry as it allows facts and opinions to come together to provide firms, like Gilbert + Tobin, the ability to access the risks of cases ahead of time, as well as the likely judgments and settlements that can be expected.”
The software trial is set to commence in the first quarter of 2017.
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