Data-Driven Legal Guidance with Ed Walters

November 26th, 2022|Categories: ELP, Emerging Litigation & Risk, HB Emerging Law Notes, Podcasts|Tags: , , , , , , , , , |

Today we’re going to talk about the weather. But only for a minute. Mostly we’re going to talk about the use of big data in the practice of law. There is a reason IBM acquired the digital assets of The Weather Channel, and it's not because they are climate nerds. They bought it to put weather data to work to “operationalize [the] understanding of the impact of weather on business outcomes.” Think about the economic impact of snowstorms, hurricanes, and even less dramatic weather conditions, or the impact on the durability of manufacturing or building materials as temperatures rise or fall outside the norm. While we all crave meteorological precision, we also crave precision when making legal and business decisions. Clients ask questions like these all the time: What is our case worth? What size award will we get? Where should I file? Will the judge grant summary judgment? Should I even bring this suit?  Lawyers will draw on experience to offer their best advice, providing ranges followed by caveats and usually preceded by the most lawyerly of lawyer answers: “It depends.”  As my guest points out, lawyers also get business-related questions. Business-related answers may begin with "it depends," but must end with a number. When a CEO asks how much revenue your project will generate, "more" is not the [...]