Revolutionize Your Negotiations with Picture It Settled® Predictive Analytics Software
Negotiation between legal parties has historically been a process dominated by uncertainty, guessing games and anxiety. However, today’s professionals can make strategic decisions based on deep data and predictive analytics to improve conventional wisdom and correct cognitive errors in judgment. Using neural networks to examine the behavior of negotiators in thousands of cases, Picture It Settled® can predict what an opponent will do, thereby saving time and money while optimizing settlements. Picture It Settled does not replace lawyers – instead, it is a critically important resource that gives them a distinct edge in the negotiation process.
Created with Deep Data from Thousands of Cases
Picture It Settled® software was created by a team of attorneys and statisticians led by Don Philbin, a nationally recognized attorney-mediator. Philbin assembled a team of attorneys, statisticians and scientists from the Southwest Research Institute® to develop the technology. The intelligent software has learned negotiation strategy from deep data and negotiation patterns in several thousand litigated cases, ranging from fender benders to intellectual property disputes in locations from tiny counties, large cities and everything in between.
Picture It Settled® Key Benefits
- Saves time and money
- Helps optimize settlement
- Reduces negotiation errors
- Mitigates cognitive bias
- Allows for mid-course correction
- Easy to use
- Required data can be entered in just a few minutes
- Predictions made with 80% accuracy and improve when additional offer data is entered
Legal professionals can benefit from its three key features:
Probabilistic Case Evaluation
Probabilistic case evaluations not only consider the range of potential trial outcomes, but weigh those outcomes by their probability and their cost.
Possibilities – high, medium, low, and zero are starting points for the range of possible trial outcomes
Probabilities – attaching percentages to each possible trial outcome begins to weigh the likelihood of each possibility occurring
Costs – the impact of transaction costs are an important component of case evaluation
Single Shot – probabilistic case evaluations look different to the party with one case than they do to the portfolio player with many cases
Negotiation Move Planning
Successful negotiations are a dance. The bid (offer) and ask (demand) prices signal moves and are often accompanied by other signaling information. Some dances move faster than others, but short-circuiting the dance often results in impasse.
End Game – probabilistic case assessments guide the negotiation end game – if the case assessment is unrealistic, negotiations will likely veer off to impasse
Start – deciding when and where to anchor negotiations is strategic – will it be reasonable enough to have weight yet leave room for the dance?
Moves – negotiation dances average seven steps per party, but range from three to 54 in our data set
Cadence – concession plans built on successfully negotiated cases can be modified to fit the experience and expectations of the negotiator
Real time forecasts improve the negotiator’s aim and improve results. Wouldn’t you like to know where this round is headed? Get projections in time and money.
Data – the neural networks crawl over deep data in thousands of cases to isolate trends and anticipate future moves
Algorithms – patent-pending algorithms analyze negotiating behavior against other cases and what we know about reciprocating behavior within a negotiating round
Evolution – the system continually learns from new data
Security – the software was written with security features by Southwest Research Institute®, a well-known applied research organization and is layered with Gazzang for health and financial record type security levels