10 Mar 2023
Product Spotlight: Lexis® Verdict & Settlement Analyzer
This post was originally published in November 2019 and was updated in March 2023.
You can put away the crystal ball and tea leaves—Lexis® Verdict & Settlement Analyzer uses innovative analytics tools to help attorneys make data-driven decisions about their case. By analyzing statistics like possible award and case outcomes, you can calculate if it makes financial sense for you to take a new case.
That can be a handy tool for law firms looking to work more efficiently, maximize their ROI, and make decisions in their client's best interest.
What Are Legal Analytics?
Other industries have been using analytics to power their strategies, and now those same concepts have entered the legal sector.
Put simply, the idea behind quantitative analytics is to use massive data sets to spot trends, pinpoint key details and predict the future with a relative degree of accuracy.
Learn More About Legal Analytics
How Can Verdict & Settlement Analytics Data Help?
You’re given access to a massive trove of prior verdict and settlement data where you can pull similar cases in your jurisdiction into an analytics dasboard. These dashboards are loaded with interactive charts and graphs to help you quickly recognize trends and spikes, and let you pull in even more details when you hover over relevant sections.
From there, you’re able to use the verdict awards and out-of-court settlement figures contained in those reports to do your own analysis, using big data to fuel your decision-making.
Here are just a few examples of the analytics data you can use:
• The number of cases a year for a particular subject or injury
• The number of cases a year by resolution
• The awards in US dollars by resolution
• The percentage of cases by resolution
How to Use Legal Analytics in Verdict & Settlement Analyzer
From a practical standpoint, this wealth of analytics data can enhance your legal practice in a few key areas. It helps you value your potential case after scanning similar verdicts and settlements. You're also able to assess risk and guide client expections.
Verdict & Settlement Analyzer serves up more than just analytics data, you get other valuable content from a range of legal research sources. You can use these assets to develop strong, holistic legal strategies.
Finally, the quantitative analytics you get with this resource can give you a powerful advantage when it comes time to negotiate a settlement. Since you’ll have a good idea of what similar cases have been awarded, you will be able to establish a strong baseline to enhance your negotiating position.
Where the Analytics Data Comes From
As with any analytics tool, data is everything. Lexis Verdict & Settlement Analyzer mines a library of verdict, settlement and related documents to help you make more informed decisions.
The massive online LexisNexis database is filled with authoritative content, including:
• The rich ALM® Jury Verdicts collection
• Millions of expert witness records in Lexis® Expert Research On-Demand
• Mealey’s® litigation news reports going back to 1984
But massive data sets are only part of the story. You also get powerful filtering tools to help zero in on cases like yours. No tunnel-vision analysis here—quickly locate key data and jumpstart your legal strategy.
How to Use Verdict & Settlement Analytics Data in Your Firm
Attorneys have said that the data they received from the Verdict & Settlement Analyzer tool has been incredibly valuable in helping them with key legal tasks—including negotiating and case valuation. If you could use that insight for your firm, learn more about Verdict & Settlement Analyzer and Lexis analytics tools.