Law firms have already found uses for artificial intelligence in litigation, deal-making and even hiring. Now, Am Law 200 firm Thompson Hine is finding a place for predictive analytics in its budgeting process.
The Ohio-based firm has already mandated that its lawyers put together budgets for every business litigation and M&A matter undertaken at the firm. It’s built proprietary software to help the process. And the latest advancement is coming from algorithms built for lawyers in business litigation and M&A that allow them to apply past data to predict the cost of new matters.