Image: Picture It Settled, LLC
San Antonio-based Picture It Settled, LLC, launched at LegalTech New York its namesake web-based software, which uses predictive analytics to aid litigators in negotiating settlements.
Picture It Settled draws on a database of thousands of settled cases and uses neural networks, probability theory, and behavioral patterns to predict when parties are likely to settle and for what amount. The database combines thousands of cases contributed by mediators, lawyers, and companies with anonymous cases drawn from data entered into smartphone apps for Android, Apple, and BlackBerry that provided users with settlement infographics using an algorithm during the product's development stage. Cases cover most jurisdictions and range from employment and personal injury to intellectual property and construction claims.
The application offers three key features:
Scenario planning: litigators estimate best- and worst-case scenarios and compare the results with the probability of a range of outcomes resulting from multiple trials.
Negotiation move planning: calculates the amount and recommended timing of offers to narrow the targeted settlement.
Settlement Prophet: graphs projections of the likely outcome in time and money of a particular round. The accuracy of a prediction increases as more data is added, the company states.
Picture It Settled is available via subscription as a software-as-a-service for no charge until March 31. Standard subscription pricing will begin in April.
Michael Roach is LTN's associate editor. Send email.